Thinking about getting a mortgage or remortgaging? A mortgage broker could save you time and money and make the entire process less stressful. Mortgage Adviser James Watson explains the wider benefits.
When it comes to arranging a mortgage, some people wonder whether they should go directly to a lender or speak to a broker. Many people are tempted to take what they think might be the more straightforward route and go direct to a lender. However, in today’s fast-moving market, the value of a good mortgage broker has never been clearer.
We’ve recently seen mortgage rates move quickly – in some cases rising by more than 1.5% in just a matter of weeks. Timing is critical.
If you approach a lender directly, you may have to wait several weeks just to get an appointment. By the time you’re offered a deal, the market may have already shifted – and not necessarily in your favour.
A broker is actively monitoring the market every day. We can often act within 48 hours to secure a rate, which could save you thousands of pounds in interest over the life of your mortgage. On a personal level, I’m monitoring rates constantly from first thing in the morning to last thing at night.
Access to the whole market
Another key point to consider is that lenders can only offer you their own products. However, there are over 100 lenders in the UK, all with different criteria, rates and fee structures.
A rate that looks low at first glance may not necessarily be the most competitive option. We often see clients comparing deals online that seem cheaper, but when you factor in product fees, they don’t always stack up.
As a broker, our job is to:
- Compare a wide range of lenders
- Assess affordability across different criteria
- Recommend a solution tailored specifically to your circumstances
It’s not just about finding the lowest rate – it’s about finding the right deal for you that works for your personal circumstances, including your future plans.
Market changes
Securing a mortgage offer isn’t the end of the journey. The average property purchase now takes around five months to complete. During that time, the market can change and sometimes for the better.
A good broker will:
- Continue to monitor rates after your offer is issued
- Switch you to a better deal if one becomes available
- Ensure you’re still getting the most suitable product right up until completion
Handling the paperwork
Applying for a mortgage involves a significant amount of paperwork. We take that stress off your shoulders by:
- Guiding you on what documents are needed
- Reviewing everything before it’s submitted
- Presenting your application clearly to the lender
- Liaising with solicitors and lenders throughout the process
We will take care of all this for you, and our admin team will give you regular progress updates.
Starting early
One of the biggest advantages of working with a broker is the ability to plan ahead. For remortgages, we typically start speaking to clients six to seven months before their deal ends. For purchases, there’s really no such thing as “too early.”
Many first-time buyers now come to us a year or even two years before they plan to buy. That means we can give them an idea of how much they can borrow. It also enables them to put the right financial plan in place.
In a complex mortgage market, having an expert on your side can make a significant difference – not just in terms of cost, but also in reducing stress and giving you confidence in your decisions.
