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Even with mortgage comparison sites and automated mortgage application systems, getting a mortgage can be daunting without the help of a specialist mortgage broker. But what does a mortgage broker actually do? Are they worth the money and will they really help you get a better mortgage rate? Read on to find out....
What Does a Mortgage Broker Do?
A mortgage broker acts as your representative with potential mortgage lenders. Their role is to assess your financial situation, understand your goals, and find a mortgage product that suits your needs. Unlike dealing directly with a bank, a mortgage broker has access to a wide range of lenders and can compare options across the market.
This means they’re not limited to a single set of products, giving you access to deals that might not be available to the public. They also work for you so will have your interests at heart when searching for the best mortgage deal.
Why Use a Mortgage Broker?
Whether you're looking for a brand new mortgage or remortgage, it can seem like the easiest option to go to your bank, building society or existing mortgage lender but you won't always get the best deal. Here's how a mortgage broker can help...
1. Expert Advice Tailored to You
Every mortgage journey is unique. Whether you’re a first-time buyer, remortgaging, or investing in a buy-to-let property, a mortgage broker takes the time to understand your specific circumstances. This personalised approach ensures you get advice tailored to your needs, helping you make informed decisions based on what's important to you and your family.
2. Whole-of-Market Access
When you go directly to a bank you’re limited to their products. A mortgage broker, on the other hand, has access to a broader range of lenders, including high-street banks, building societies, and specialist providers. This whole-of-market access means you’re more likely to find a competitive rate and terms that suit your situation rather than relying on a bank or online mortgage comparison site.
Many mortgage lenders don't advertise on comparison sites and also many deals are available with large high-street lenders which don't appear in search results. Your mortgage broker will be able to search the entire market, giving you more options.
3. Time and Stress Savings
Researching mortgages, comparing deals, and filling out applications can be time-consuming and complex. At Castlegate, your mortgage broker does the legwork for you - from finding the best deals to managing all the paperwork and then chasing the right people for progress reports. We can even help you find a great solicitor and we'll work with them to make sure that your mortgage goes through as quickly and smoothly as possible, keeping you informed at every step.
4. Help with Complex Situations
If you have a more complicated financial situation, such as being self-employed, having bad credit, or needing a specialist product, a broker’s expertise can be invaluable. They know which lenders are more likely to approve applications in these scenarios and can help you present your case in the best possible light. This personal approach leads to a higher acceptance rate and lower mortgage payments than you would often get if you source the mortgage yourself.
5. Negotiation Power
Mortgage brokers often have established relationships with lenders, which can give them leverage when negotiating on your behalf. This could mean lower interest rates, faster approval times or access to a wider panel of lenders if your circumstances are unusual. Our mortgage advisors have spent years building relationships with mortgage companies and we know their eligibility criteria which gives you insider information before you even make an application.
The Process of Working with a Mortgage Broker
Step 1: Initial Consultation with a Mortgage Broker
Your journey begins with a simple conversation. Your broker will ask about your financial situation, income, outgoings, current obligations and future plans to get a clear understanding of what you need. We'll use this first meeting to explain the mortgage application process and our commitment to you
Step 2: Research and Recommendations
Based on the information you provide, your broker will search the market for the best options. They’ll present a shortlist of products and explain the pros and cons of each, empowering you to make an informed choice.
Step 3: Application and Support
Once you’ve decided on a mortgage, your mortgage broker will guide you through the application process. They’ll liaise with the lender, handle any additional paperwork, and keep you updated every step of the way.
At Castlegate, our experienced team of administrators will also work with your solicitors and estate agent to make sure that your property purchase runs smoothly. We'll give you updates throughout the process, saving you hassle chasing down the details.
Step 4: Completion and Beyond
After your mortgage is approved and your purchase is complete, it doesn't mean you're on your own. A good mortgage broker will be there for the future - reminding you when it’s time to remortgage, helping with future property plans or just being on hand for helpful advice as and when you need it.
Why It Pays to Use a Mortgage Broker
Using a mortgage broker isn’t just about convenience—it’s about getting the best advice and the best mortgage deal possible. With their expertise and access to the entire market, they can often secure rates and terms that you wouldn’t find on your own.
Brokers can also save you from costly mistakes. They can identify hidden fees in a mortgage deal, help you avoid penalties for overpaying or help you identify things in the future should your circumstances change. Their guidance ensures you’re not only getting a great deal today but also setting yourself up for long-term financial success.
Talk to Us for FREE Mortgage Advice
When it comes to securing a mortgage, working with a broker can make all the difference. At Castlegate Financial Services, our expert team is dedicated to helping you find the perfect mortgage for your needs. With a focus on personalised advice and support, we’re here to make your financial journey hassle-free - every step of the way.
Get in touch with us today to see how we can help you find the best mortgage deal.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Castlegate Financial Services Limited is authorised and regulated by the Financial Conduct Authority. Our firm reference number is 621597. You can check this on the Financial Services Register by visiting the FCA’s website www.fca.org.uk/register