What is a Mortgage Broker and Do I Need One?

Buying a property can often feel like a lengthy, complex process. And that’s because it is – with many moving parts and lots of conversations to be had. But amidst the (exciting!) chaos, an important decision must be made: securing your mortgage. One sure way to make this slice of the home-buying process easier is to work with a qualified and experienced mortgage broker. They can guide you through the process and keep your interests at the forefront.

What is a mortgage advisor?

A mortgage advisor – often called a mortgage broker – is a professional who provides advice and guidance on mortgage deals available in the market. They can help you find suitable mortgage products for your needs, taking into account your financial situation, credit score, goals and more.

Why would you use a mortgage advisor? Well, most people do. One survey found that 90% of mortgages in the UK use an intermediary (also known as a mortgage broker). That’s because there are some great benefits – we’ll get to those in a minute.

What does a mortgage advisor do?

A mortgage advisor is there to make your life easier. That means looking for suitable mortgages, applying for the mortgage and dotting the i’s and crossing the t’s on the paperwork. They alleviate some stress during the mortgage process, while making sure you have the right deal for you and your borrowing goals.

Your dedicated mortgage advisor is also on hand to advise you – that means answering any questions you may have and giving you expert advice about how to be approved for a mortgage. From the very beginning, they can help you work out your mortgage affordability, so you know how much you can spend on a house. And from analysing your finances to sifting through all the deals, your advisor will then guide you through the mortgage side of the purchase process once you’re ready to move. They’ll be by your side until the keys are in your hands.

Is a mortgage advisor right for me?

Ultimately, it’s your call. The vast majority of mortgages happen with a mortgage advisor as it can make buying a house run smoothly or help you feel confident when remortgaging. You don’t have to use an advisor, and you may decide to find your own mortgage by talking to the bank you currently use, for example. The disadvantage to using the bank as a lender is that you may be limited in options and, therefore, won’t have access to more suitable deals for your needs.

There are a few key benefits of working with a mortgage advisor:

• They crunch the figures for you to determine how much you can afford to spend on a home.

• Advisors have access to deals you might not be able to find.

• They have expertise so you won’t feel alone when deciding on a mortgage deal.

• Brokers handle the paperwork, so you don’t have to worry about jargon or missing a box that should’ve been ticked.

• They can help you protect your home and lifestyle with life insurance and income protection.

• Using an advisor is very convenient as you won’t need to worry about finding your own lender and comparing hundreds of mortgage deals.

The downsides to using an advisor are slim, with the main hesitancy being the cost. Buying a house is an expensive time, and some people don’t want to spend any more than they have to. However, a mortgage advisor may be more affordable than you think. For reference, with Purplebricks Mortgages, our fee is up to 1% but a typical fee is £299. The actual amount you pay will depend on your circumstances.

Some mortgage advisors are restricted to using certain mortgage products or lenders, which narrows down your options. At Purplebricks Mortgages, our advisors have access to thousands of deals from many different lenders, meaning they’re not tied down to a handful of options. Because of that, they have access to more mortgage deals available to suit your needs.

Find your mortgage advisor

Our trusted mortgage brokers and advisors can guide you through the process, and help you find a deal that’s right for you. From remortgaging to finding a mortgage for your first home purchase, they can help you wherever you are in the journey. To start making more informed decisions when it comes to buying a home or remortgaging, get in touch today.