What to expect from a Morgage Broker

Mrs_ted

FTB here and besides a Mortgage broker applying for the mortgage on your behalf and checking all the paperwork, what else do they do?


I have 2 brokers, both recommended to me. One charges (he is a friends relative), the other Mortgage who I have never met but it pleasant to deal with doesn't charge customers. Have no idea who to go with at present!

macarena123

As well as the above, a broker will (or should) give you advice on the best products, etc, to suit your needs. They can also help identify any potential weaknesses in your application, and steer you towards a lender who will be suitable and look favourably on your case.

On top of that, a good broker can be your liaison with the lender, the
solicitor and the estate agent, to reassure them that your application is progressing.

I can't answer your question above as to who to go for, but if you are paying a fee I would recommend a broker who is paid at the point you get the formal offer - that way they are incentivised ;-)

ACG

We generally look at your application and have an idea of who will/wont accept it. We do the research and find the products that closest match what you want (this doesnt always mean the cheapest rates... some people want longer fixes or offset for examples).
We then speak to those lenders to check you meet their criteria.

Then we get the application in, all packaged up with everything they should need (some lenders are fussy and want the kitchen sink). So it should go through smoothly.

We make you aware of how to protect your mortgage and ensure financially speaking you and your family are secure.

We keep you updated and offer a helping hand so to speak - a bit of support. Make sure everything is moving forward.

We also write you a report to explain why we chose who we did with a copy of the research, so you can see we did a good job.

I suppose really though, we take the work off you, find you a decent rate and offer support if you want it.