Welcome to today’s episode - Use a trusted Mortgage Broker or DIY

It’s a common consideration – often driven by a number of different things like “we’ve always banked with ABC Bank, so we thought it was best to go and see them and get a mortgage”, or "I thought it might cost me more if I use a broker!".

It’s a topic I’ve been keen to talk about on the podcast as I’ve seen it from all 3 sides:

• I worked for Abbey National (now Santander) for 5 years, several as a branch Mortgage Advisor
• I’m now a whole of market Mortgage Broker and run MHC Mortgage & Protection Ltd
• I’ve organised mortgages myself directly and via a broker I really believe that if you understand all the pros and cons, it’s a fairly simply choice to make.

I use the term trusted Mortgage Broker – this is very important along with them being Whole of Market – i.e. can organise mortgages with lenders across the whole market.

We have another podcast episode that talks about choosing the right mortgage broker for you and choosing one that’s can support you through your mortgage life – but for now, I think it’s obvious why you’d want a GOOD one!

Let’s consider your situation now, you need to organise a mortgage to buy your first home, buy your next home or remortgage at the end of your current rate.

Do you:

1.       go straight to your bank, or

2.       find another bank to help,  or

3.       do you use a mortgage broker

Consider the question again in a slightly different way

What’s precious to you?

TIME | MONEY | LOW STRESS LEVELS | NO HASSLE | FEELING SUPPORTED NOW and Future | PEACE of MIND

Benefits of using a broker

Time

o   After an initial call – often under an hour – they’ll get some docs then go away and research your options and report back.

• Includes leg work of discussing with lenders if needed – no need for you to spend researching lender rates, policy, criteria etc
• No wasted time – if you go to a bank and they don’t accept you, you have to start again elsewhere from scratch!
• Rarely difficult to get an appointment – much harder in banks – often telephone only appointment
• Get an agreement in principle from a lender – no need for you to sit on the phone for an hour
• Submit the application for you – submit your docs,
• Brokers spend time chasing solicitors and lenders for updates and to ensure things progress – you’re not using your time

Money

• Understanding your options – One stop shop – not just one, they can recommend the most suitable for you
• You may pay a broker fee – we charge £199 at MHC Mortgage & Protection Ltd – but even over a 2 year period, that’s only £16.58 per month – a good broker may save you hundreds, possibly thousands of £s over the course of your mortgage.
• Commission–lenders factor this into their pricing, in the same way that they factor the costs of their overheads (branch network into their pricing of rates). Therefore, most lenders now offer the same rates directly to customers as via brokers. (There may be the occasional exclusive product available by going direct, whilst there may also be the occasional exclusive product available via the broker channel)

"DEFINITELY NOT A SILLY QUESTION!" Feature

Q  - How easy is it for me to book a diary with you as a mortgage...