The pros and cons...

When you research the process for applying for a mortgage, google churns out rates tables and comparison tools that are useful to get a general overview of the deals available to you. But remember, they are not bespoke to you, are probably not whole-of-market (and be careful of sponsored products and ads). Before you part with a big chunk of money, you need to speak with an expert, either at the bank or a mortgage expert.

Mortgage Broker

Using a mortgage broker gives you access to a huge range of different mortgage lenders, some big, some small. If you have a more complicated financial situation, we have the expertise to make sure you use a lender that will view your circumstances favourably. Ultimately, we find the cheapest deal available for your circumstances and manage your application from start to finish with care.

There are lots of other reasons why people tend to use a mortgage broker instead of going directly to a bank (or a building society). These can include;

• Mortgage brokers can give you access to a wider range of products (you’re more likely to end up with a favourable interest rate or deal than you would otherwise get with a specific lender as mortgage advisers may have access to broker-exclusive deals)
• Brokers can work around your schedule, save you time and negotiate deals on your behalf
• Mortgage advisers can help you with all the paperwork needed for a mortgage application, plus, they can offer help with other factors such as solicitors, wills and protection
• They are experts in their field and therefore can offer expert advice and have often seen lots of different cases so can share knowledge on bespoke situations
• Using a broker could be the difference between mortgage approval and mortgage refusal if you fall into a ‘higher risk’ category such as bad credit, you’re looking for self-employed mortgage, you're an expat, retired or looking for a mortgage with low income

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Bank

You may feel it is easier to use a bank if you already have experience of how the mortgage market works, a healthy deposit and are confident you can’t get a better deal elsewhere. However, we would always advise checking this with a broker as you may be surprised!

Banks (or building societies) may have a relatively small amount of fees compared to a mortgage broker. However, it's important to keep in mind the overall amount you will pay for your mortgage in the long run if you apply through a broker. Most mortgage brokers will charge an initial fee to cover their time, but you could be saving a huge amount of money in the long term if they find you a better deal.

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Contact us 👇

go2mortgages are a family business based in Cheltenham, based on thirty years (+) experience. We provide advice on mortgages and insurances to clients nationally across all of the UK. Reach out to Liam, Phil or any one of the wonderful team on 01242 237866 or email on liam@go2-mortgages.co.uk , phil@go2-mortgages.co.uk

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