What's a Mortgage BrokerWhat is a mortgage broker?
Our role is to act as a kind of broker of agents and to ensure that you are always directed to a mortgage broker who can best advise you on your particular situation. How does a mortgage broker work? Sometimes we are asked which services a broker actually offers, because some borrower have the feeling that they can get a mortgage easy and do all this themselves directly at the banks.
You go directly to your bench and they just are offering you their wares, maybe you go next door or go into some local branches on the main road, but that's not scraping the interface with all the lenders out there who don't have a main road attendance but are offering best rate and flexibility criterias.
It is NEVER the case that a bench is always the best - the top position on the table is a constantly evolving setting, and so the main road does not necessarily have the best offers. Work with your broker and mostly they work from a "panel" of creditors, usually in the main road, but tight.
Lots of these agents turn away many otherwise credible borrower because they do not have direct contact with the right creditors. Out of the thousand shops out there, they don't let you know which is the best for YOU. This good price deserves the charge? Which advantages does the use of a mortgage broker have?
Browse the entire store. Not only will this mean brokerage, they will look at every UK creditor and all their wares. As you can see, some bankers "double price" - this means that they provide brokerage services at one rates and directly at another rates. The majority of creditors will only tell you about the transactions they do directly, and most brokerage firms will only tell you about the intermediate goods they can set up for you.
Ensure that you get the best mortgage overall, not just a good one. Provide special choices if you've been rejected. Borrower rejected by one or a few creditors or even rejected by another broker may still be able to find the financing they need - it's just that where they've been looking so far, they've been in the wrong places.
Sadly, the reality is that some brokerage firms only interact with neat and easily placed clients and not with the tough ones, sometimes because they don't have the necessary recourse to specialized creditors, but more often because they don't have the right people. Shall I hire a mortgage broker? IF you are looking to value re-mortgage and are 100%+ loans (LTV), then your only option is to return to your present lending institution and see what products tranfer agreements they have available.
When you don't use us, make sure you ask your broker some important questions: Will they have full coverage of the entire mart? Ask again: Is this the whole real deal or just a single one? Are they going to provide you with the full spectrum of brokerage and brokerage services? Are you currently employed and will you have enough spare to prioritize your job interview?