When we were searching for our mortgage on our forever home six years ago, we went through a mortgage broker. It did make the process so much easier. I was self employed and didn’t have enough years under my belt at the time to be taken seriously by lots of mortgage providers. I was a little insulted to be counted as a “dependent” even though I was earning! It did seem to complicate matters picking out a mortgage on our own. But the mortgage broker worked their magic and found a solution that worked perfectly for us!

A Mortgage Suited to Your Needs

An independent mortgage broker like Drake Mortgages really can simplify the process. They are specialists in their field so make light work of giving you a shortlist of potential options. When you try and do it yourself it can be a bit of a minefield. You might not know where to start or you keep getting knock-backs from lenders. A mortgage broker can look at your needs and can find the most suitable options.

Saves Time

Going through lots of different mortgage companies takes time. A mortgage broker can speed up the process. If you don’t have enough time to invest researching suitable mortgages its worthwhile seeing what a mortgage broker comes up with on your behalf.  Then they can also take care of the paperwork for you! Filling in paperwork can be very time consuming so if you are letting things like that get in the way of finding your dream home, maybe its time to get a broker.

Removes The Stress

Buying a home is a big investment decision you don’t want to leave anything to chance. If you don’t have enough financial knowledge its hard to know where to start when it comes to suitable mortgages. It can be very stressful and confusing.

Avoids Mistakes

Complicated jargon and too many terms and conditions means you might miss something important when you go solo picking a mortgage! We made the mistake of choosing our own mortgage product when our fixed term ran out. Thereby missing out on the sage advise of our previous mortgage broker.

We had thought we could make over-payments going forward. But my husband picked a product that meant you couldn’t do that anymore without a sizable penalty! So, our plans to work towards clearing our mortgage quicker were scuppered until our next fixed period runs out. It was a real knock for our hopes of earlier financial freedom. With a broker we could have told them our priorities and avoided that costly mistake.

What To Ask

If you have decided to use a mortgage broker make sure you ask about their charges, some apply a set fee whilst others get commission from the company you end up getting your mortgage from. Another important question to ask is the number of lenders they deal with. You want to make sure your happy with your choice and they aren’t restricted to only a few select lenders.

On the subject of mortgages you might also enjoy reading my article how to help your child on the property ladder?