What do mortgage brokers do and should I get one?
Whenever you buy a property, whether it’s the first or subsequent time, it’s likely you will use the services of a mortgage broker. Although it is possible to apply for a mortgage directly with the lender without use of mortgage brokers, doing so means you can access a number of deals on the market without having to spend time liaising with multiple finance companies.
Mortgage brokers have the financial expertise and access to mortgage lenders to ensure you can get the best possible deal for your particular circumstances. They will have access to a wide number of lenders, and will recommend which of those will be most likely to accept your application, how much they will allow you to borrow, the likely APR and so on. This service will save you a considerable amount of time than if you were to access the market yourself.
Do mortgage brokers charge fees?
There are different payment options for mortgage brokers. Many will apply their fee to your mortgage deal which you will be responsible for paying once you have taken out a mortgage product. They will also charge commission to the lender. Some mortgage brokers will only charge the lender and offer the applicant the brokerage service free of charge.
An easy way to think of it is an introduction agency! The broker is the agent, putting you in touch with multiple matches, for you to select the best pick.
It’s worth exploring the market to see who will offer you the best deal. Your Prosperity offer brokerage free of charge to applicants, making money from commission from lenders solely. We believe that taking out a mortgage shouldn’t cost more than it needs to!
With our expert financial advisors getting you the best possible deal for your mortgage, you effectively save twice.