Why use a broker?

chile_paul

We're just considering moving house and wanted to understand what the pro's and con's are of using a broker.

Last time around we used L&C and to be fair they made the process seem quite smooth - I'm not sure the deal was the best (fixed for 5 years at 5% interest rate) but I'm not sure anybody could have predicted what happened to interest rates at the time and as first time buyers we had asked for certainty to help with budgeting.

6 years on from buying the first house and considerably smarter on money matters thanks to this brilliant website and we're working out the best route to go. Considering the brilliant mortgage finder tool on here I'm not sure what benefit we'll get from a broker.

Both myself and my partner have good credit records, we've got a 40% deposit for the property we want to buy - so it should all be straight forward.

Are there any risks that we're not seeing of doing this ourselves directly via a provider?

ACG

Our job isnt limited to finding you the best rate. This is no reflection on you but any fool can find the best rates, if that was our job I dont think there would be many mortgage brokers.

Our job is to find the best deals, check the criteria, ensure the application runs smoothly and deal with anything that goes wrong.

amnblog

It's about:

Understanding your position
Understanding your objectives
Identifying the optimum lender
Identifying the optimum product
Securing the lending
Dealing with issues
Making it happen smoothly


From what I see of the market you are hard pressed to obtain even a 7 out of 10 in each of those areas by going direct.

DpchMd

My broker instantly knew which lender would be suitable for me and saved me from bouncing around several lenders, which would have cost time and money.

If your finances are relatively standard and uncomplicated, and your credit history spotless, you can probably go direct with the best rate.