Why should you use a broker when choosing a mortgage?

Posted on Monday, December 7, 2015

In our latest blog, Robert Dibb from Advoco Financial, the Flatman Partnership’s recommended broker, tells us the benefits of using a broker when choosing a mortgage.

With all the information readily available at our fingertips, it’s easy to see why people would choose to search through the various mortgage rates available, and find the best offer for themselves, when buying a property. However, using a broker can bring a lot more advantages than just finding the best rate.

The introduction of the Mortage Market Review (MMR) earlier this year has meant huge changes for mortgages and how they are processed and approved. Instead of just looking at your income, mortgage lenders now have to consider your overall financial health, taking a much closer look at your outgoings. This means that you, and your bank, have to jump through many more hoops to secure a mortgage.

These big changes, and increased paperwork and administration, can mean a much slower process and more work for you! However, using a broker speeds up the process. We know how banks want the information necessary for mortgage applications presented and processed. We can format and package it correctly for a much smoother process.

That’s not the only timesaving advantage - most people, with their own busy jobs and lives, don’t have time to ring the bank every day to chase their application. Brokers have a team of people chasing for information from both sides to speed up the process. This is part of our job, and takes away that responsibility from you.

There’s also the other core benefit of using a broker – we obviously provide financial advice on mortgage products, mortgage rates and what bank is best for you and your individual situation. We will source you the most suitable product, with access to the a wide range of  mortgage lenders together with many exclusive products that aren’t readily available to the general public.   

We can guide you through the sales process from your initial enquiry right up until the day you move in, saving you from numerous appointments, chasing, paperwork and phone calls!

To find out more about using a broker, visit Advoco Financial

Your property may be repossessed if you do not keep up repayments on your mortgage. 

When using a broker, there will be a fee for the advice given, the exact amount will depend upon your circumstances, but we estimate it will be £495.