What is a Mortgage Broker and How Can They Help?

Sian at Planet Mortgages

23 September 2021
By Sian

Looking to purchase a property? An experienced mortgage broker can help you secure your dream home and find you the best rates available.

Couple signing forms to secure their new home
Buying a property can often feel like a lengthy, complex process. With hundreds of lenders offering various mortgage deals, it can be difficult to determine what the best option for you is. An experienced mortgage broker can guide you through the process and ensure that your needs, preferences and best interests are being catered for. We’ve compiled some useful information on mortgage brokers and how they can help make the homebuying process easier.  

What is a mortgage broker?

A mortgage broker acts as an intermediary between a borrower and a mortgage provider. After gaining an understanding of the borrower's financial situation, a mortgage broker will use their extensive knowledge and great connections to seek out the best mortgage deals and most suitable interest-rates. 

What does a mortgage broker do?

Upon gaining an understanding of your financial situation, a mortgage broker will review all of the mortgages available to you. With access to deals that aren’t widely advertised, a mortgage broker has the potential to save a borrower a lot of money. As well as saving you both time and money, a good mortgage broker can also reduce your stress levels. This is because they can handle everything from searching for suitable deals to applying and liaising with lenders. 

Why use a mortgage broker?

From receiving expert advice to gaining access to exclusive deals, choosing to use a mortgage broker can unlock a great deal of benefits. A mortgage broker will share their expert knowledge of the market with you and inform you of the best available deals. Mortgage brokers often work closely with lenders and receive exclusive broker-only deals that are not available to the general public. An experienced broker will also be able to tell you which lenders are most likely to accept you. This can help you avoid a rejection appearing on your credit record which could impact future applications. A mortgage broker can provide you with solid mortgage advice, assistance when completing paperwork and discuss and recommend insurance options. Overall, a mortgage broker provides you with guidance and support throughout the whole process.

When should you contact a mortgage broker?

When it comes to buying a property, we strongly recommend getting in touch with a mortgage broker as early in the homebuying process as possible. This will give you and your mortgage broker the opportunity to discuss your financial situation as well as your needs and preferences. You’ll need to start the process of applying for a mortgage before you start seriously looking for a property to buy. This is because you’ll need to determine your eligibility and how much you can afford. Also, most estate agents and those selling their houses will expect you to have a mortgage in principle when making an offer. In terms of remortgaging, we’d also advise you to contact a mortgage broker as early as possible to discuss your plans and inform them of the date you’d like to switch by. 

Here at Planet Mortgages, we go above and beyond to ensure that our clients get the best mortgage deal possible. Get in touch with one of our friendly, experienced team members and let us help you land your dream home.