DO YOU NEED A MORTGAGE BROKER? FIVE REASONS WHY YOU MIGHT
BUYING A HOME IS AN EXCITING TIME, but we’d be lying if we said mortgage applications matched the fun of finding a property, planning your decor, choosing furniture, or exploring the neighbourhood.
For most people, mortgages make buying a home possible, but they are pure paperwork and process. Buried beneath all those different interest rates is a mind-boggling array of loan types, lending criteria and internal procedures. There is an awful lot to know.
The mortgage market is surprisingly large, and high street lenders are just the tip of the iceberg. Alongside the banks and building societies, you walk past every day, there are hundreds of alternatives, many of whom only deal through brokers.
There’s certainly no harm in approaching your bank to see if they have a mortgage for you, but you’ll only know if you’re getting the best possible deal by talking to an independent broker as well. Think of it as shopping around without having to shop around.