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Mortgage brokers: How to choose the right one

Last updated: 18th November 2019

Choosing the right mortgage broker can be a daunting and confusing task. How do you know where to look and what to look for? Well that’s exactly what we’re going to help you with.

We’re going to give you all the tips and advice you need to help you choose the right mortgage broker for you.

Why work with a mortgage broker?

Firstly, using a mortgage broker can save you a lot of time, effort and stress. Not to mention, money.

A broker can establish what you want, and go and find the best deal for you. With multiple lenders and an ever-growing number of mortgage products available, understanding them all can be a minefield.

And some lenders won’t deal with you directly – so a broker will have access to deals that you won’t find yourself.

Secondly, if you take out a mortgage using a mortgage broker and you aren’t happy with the mortgage product or it turns out to not be quite right for you, you have the right to complain. There’s recourse. So it adds that little bit of extra security. Whereas doing it yourself, you might be stuck with the wrong mortgage product until it’s up for renewal. And that might be a long time!

Can I not just find my own mortgage product?

Of course you can.

If you’re confident you can find the right product to suit your needs, there’s absolutely no reason why you can’t find your own mortgage. However, as we mentioned above, some products won’t be available to you, as there are numerous lenders on the market that only deal with mortgage brokers – so you won’t be able to access these deals without one.

There are also fees to consider. You might not use a mortgage broker to avoid paying their fee, but they could actually save you money by having access to products with a lower interest rate.

Or if you went directly to a lender, there may be product fees you’ll need to pay.

There can be pros and cons to both scenarios, so it’s important to do your research.

Getting to know your mortgage broker

As with many new relationships, sit down and have a chat with your mortgage broker. If they’re a decent enough broker, you should get a free introductory call where you can pick their brains and see if they’re a suitable fit for you.

Find out what their knowledge is of the mortgage market. We have a tendency to rely too much on our computers which just give us the facts, so this is your chance to see if they know what’s going on away from the computer.

Also ask about their track record. Are they used to dealing with buy-to-let landlords? Have a look on their website and see if they have testimonials, or see if they’re on Trustpilot or Google reviews where you can view first-hand experience from past clients. This will give you an understanding as to whether they’re suitable for you or not.

An understanding of the buy-to-let market is a must. Do they know which lenders are more familiar with the buy-to-let process? Can they move quickly? If you’re wanting to move quick on purchases, it’s important that you have a broker that understands the market.

Questions to ask your potential broker

If you don’t ask questions you won’t get the answers you need, so don’t be afraid of asking your potential broker how ever many questions you need to, to be 100% sure that they’re the right broker for you.

  • What is included in the service they offer?
  • Do they charge a fee?
  • When are those fees charged?

Using a mortgage broker, or a decent one at least, will cost you. So you 100% need to find out what you’re actually going to get for your money, how much they charge and whether you have to pay these fees up front or after you’ve used their services.

  • Do they know what’s happening with the limited company buy-to-let market, is it growing?
  • How are the rental stress calculations affecting the market?

These are certainly two questions that your mortgage broker should know the answers to, especially those who specialise in buy-to-let. If they say that they’re not sure or they’ll have to look into it, then walk away. Chances are they’ll come back to you with the complete wrong answer and they’re not the kind of broker/company you want to work with.

  • Are you whole of market?

This is probably the most important question to ask your potential mortgage broker. Some mortgage advisers and brokers will only recommend mortgages that are available from a select number of lenders. And, if you speak to an adviser from a bank or building society they will try and push their own product range onto you, even if there’s a better, more suitable product out there for you.

So there you have it

Hopefully we’ve given you enough wisdom and advice to give you the knowledge you need when it comes to finding the perfect mortgage broker for you. And, if you’re completely new to the buy-to-let world and you’re not 100% sure on what a buy-to-let mortgage is, we’ve got a number of resources on our website and YouTube channel that explain it all.

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