Find a mortgage broker (+3 tips)
In this blog, we will cover how to find a mortgage broker, where to find a mortgage broker and what you can expect a mortgage broker to do for you after you have found one.
How to find a mortgage broker?
You can find a good mortgage broker online these days as most mortgage brokers are registered with review sites such as Trustpilot and feefo. This makes validating any claims they make as to the quality of their service much easier to validate.
You can also find a mortgage broker by asking your friends and family members for recommendations on what mortgage brokers they feel will be good and may be able to help you.
If all of that fails then finding a mortgage broker may be as simple as searching online on Google. You are sure to find a host of mortgage brokers and some may even have their ratings attached to the search results.
Depending on your personal circumstances you may be looking for a particular type of mortgage broker which has specialist knowledge and will be able to advise you accordingly.
If you are self-employed or have bad credit then you will certainly be seeking a particular type of mortgage broker who may be able to help you get mortgages for those types of situations.
Finding a bad credit mortgage broker or finding a self-employed mortgage broker isn’t much harder either. Performing a simple google search will review a list of bad credit mortgage brokers or self-employed mortgage brokers along with their ratings(if available).
Not all mortgage brokers are the same. Some mortgage brokers may charge fees whilst others won’t. Some mortgage brokers will be specialist in a particular area of the mortgage market and others won’t.
If you are looking for fee-free mortgage brokers then performing a search for fee-free mortgage brokers may help you drum up a list of mortgage brokers who are fee-free.
Finding a mortgage broker on a comparison site
There are a few comparison websites such as unbiased which will help you find a mortgage broker. You can use a comparison site to find a mortgage broker if you are satisfied and confident in how they have vetted the mortgage brokers who are available on their platforms.
How to find a local mortgage broker
Mortgages are now more of a digital product and can be advised on by mortgage brokers from anywhere in the UK who are regulated.
You don’t necessarily need to find a mortgage broker in your local region when looking for a mortgage broker as they may not necessarily offer much value than a mortgage broker in a different region.
What to consider when finding a mortgage broker
Do they have any availability to deal with your case?
Some mortgage brokers will take on new clients although they don’t have the capacity to deal with any new clients and there isn’t really any way of you knowing for sure. Asking the mortgage broker you have found of how busy he or she is and when they can expect to look at your case and offer mortgage advice is very important as it will have an impact on how fast you will be able to complete on your mortgage and home purchase.
Is the mortgage broker you have found regulated?
When looking to find a mortgage broker you must ensure the mortgage broker is regulated by the FCA if the mortgage product you are looking for is a regulated product. Most mortgage products are regulated products except in the case of buy to let mortgages.
You can check if the mortgage broker you have found is regulated by checking the FCA register.
does the mortgage broker you have found charge any fees?
Not all mortgage brokers charge fees. Some mortgage brokers will simply use the procuration fee paid to them by the mortgage lender as sufficient compensation. If you set out to find a mortgage broker who doesn’t charge fees then make sure you ask the mortgage broker about this when looking.
Does the mortgage broker you have found offer whole of market advice?
Not all mortgage brokers offer whole of market advice as they may not have access to certain products. This can limit the number of products you are advised on and could potentially impact on the suitability of the mortgage product you end up receiving. When you set out to find a mortgage broker you should always ask if they offer whole of market advice.
How do I find a good mortgage broker?
You can find a good mortgage broker by searching online and reading the reviews of the various mortgage brokers who are available online or by asking your family and friends for a recommendation to a good mortgage broker.
Who pays a mortgage broker?
Some mortgage brokers may charge you a fee for using their services but in almost all cases the mortgage broker you have found will also receive a procuration fee from the mortgage lender.
There are also mortgage brokers who don’t charge any fees. You can find a mortgage broker who doesn’t charge any fee online.
Is it better to get a mortgage from a bank or a broker?
In most cases getting a mortgage from a mortgage broker is much better than a mortgage from a bank. This is because mortgage brokers have access to a much wider pool of mortgage products than any one bank. A bank will usually only advise on the mortgage products that it offers but a mortgage broker can advise on all the mortgage products on the market.
What can a mortgage broker do for me?
One you find a mortgage broker, below are the list of things a mortgage broker can do for you.
A mortgage broker can review your finances to see how much you can borrow.
A mortgage broker can advise you on your mortgage options.
A mortgage broker can help you fill in your mortgage in principle application.
A mortgage broker can liaise with the mortgage lender on your behalf.
A mortgage broker can submit your full mortgage application to et a mortgage offer
A mortgage broker can liaise with your conveyancer and the seller’s conveyancer on your behalf.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.