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Is it best to use a local broker?

cjd08
cjd08 Posts: 9 Forumite
First Post First Anniversary
edited 6 February 2021 at 10:20AM in Mortgages & endowments
My wife and I are first time buyers trying to decide on a mortgage broker. In my head I would think it's best to use a local broker, as I guess they would know the local market and could give us advice on certain things particular to the area, whereas someone not familiar with the area wouldn't be able to. Or do brokers generally not really give that type of local advice anyway and do I just want someone that can find me the best deal?

Comments

  • ACG
    ACG Posts: 24,746 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You do not need a broker to find the best deal, anyone can do that with a little bit of research. 
    A local broker cant really offer much more than another broker in a different area - so it does not matter if the broker is near you or the other end of the country. There are slight exceptions to that, for example properties made from non standard constructions in the local area but things like that crop up rarely. 

    A brokers job is to of course find you a good deal, but also prevent any issues from happening or if they do crop up then to deal with them on your behalf and just take the stress and confusion away. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You would use a local broker if you wanted a face to face service (unlikely in the current situation).
    Other than that I can see no benefit.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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