One thing that most people can agree on is that mortgages are both crucial and can be confusing.  There are so many options, variations and details to them that the average person can easily become baffled by it all, and for most people their home is their biggest asset is important to get the right finance for your personal circumstances.

That’s where an experiences London mortgage broker comes in – this is the person who helps you get the best mortgage and also completely understand what you are signing up for.  Let’s look at what a mortgage broker does.

Basics of a mortgage broker

The job of the mortgage broker is to help you understand the process of getting a mortgage, whether it is a first-time buyer or a re-mortgage.  They aim to get you the best deal and walk you through the complicated and sometimes daunting prospect of taking one of these specialist types of loans.  They will help with areas such as mortgage rates (or interest rates) and the terms of the deal.

Mortgage brokers come in three types:

  • Brokers who work with just one lender
  • Brokers who can recommend from a panel of lenders
  • Brokers who are independent and can work with any lender

Each has its advantages to consider.  For example, if you want to go with a specific mortgage company, you can use a broker for that lender and get their help with the process.  If you want to work with a broker dealing with say UK based banks, then you can choose a broker handling this.  Or if you have no preference and are more interesting in the deal and terms, then an independent broker can be a good option.

Does it cost?

One of the big concerns people have about using a mortgage broker is that it is going to significantly add to the already expensive business of buying a house.  But in most cases, this isn’t true.  That’s because mortgage brokers do charge a fee but that comes from the lender when the new mortgage is completed, not from you the borrower.

Some mortgage brokers may charge an additional fee on top of this payment, but they will disclose this at the start of the process.  Then it is up to you if you want to pay this extra money for their help and assistance or not, but often the savings you make on the mortgage deals they can find for you outweigh any fee they charge.

Benefits of using a mortgage broker

The main reason for using is the help and advice that they can offer.  While mortgage companies or banks will always do what they can for you, they are often dealing with a lot of clients at once and only offer their own products. An experiences London mortgage broker can offer dedicated support for you to help you get the right deal and understand it completely.

For independent mortgage brokers, they are not tied to any particular lender and can offer impartial advice.  That means they can compare the benefits of all of the mortgages on offer and help you find the best one.  And brokers can often get a better deal than when you approach a lender yourself because they deal with them regularly.

Rosebank Mortgage Brokers are specialists in finding the right financing for your personal circumstances, everyone has different needs, and financial goals and getting the right mortgage product can make a real difference to your day to day finances and long-term plans. From first time London buyers to landlords and re-mortgage deals our specialist team can match your requirements to the right mortgage for you.