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What is a mortgage broker?

November 13, 2023

Are you in the process of buying a new home or looking to remortgage? If so, you may be considering the services of a mortgage broker to try and secure the best deal for you and help with the complex mortgage process. A mortgage broker is a person or company that can arrange a mortgage between you and a mortgage lender. In the UK, we rely heavily on brokers, with around 80% of mortgages secured after taking some form of advice.

How can a mortgage broker help?

Access to better rates

Mortgage brokers often have access to exclusive rates that are not readily available to the general public. This will help you obtain a competitive interest rate that could save you money.

Affordability is becoming increasingly important as house prices continue to rise. A good mortgage broker will work with you to understand your current financial situation, future circumstances, and your intended budget to ensure that when you start your application, you will already have a high chance of success.

Lower fees
When arranging a loan for your property purchase, it is important to be aware of any hidden fees and additional costs involved. The right broker will be open and transparent about any fees involved in the services they provide and should also aim to search the market to find deals with the most competitive fee structure. So, when it comes to purchasing your house, you know exactly what you are paying and when.

Time-saving
One of the key advantages of working with a mortgage broker is the time they can save you. Researching the mortgage market for the best deal can be a time-consuming task, especially if you have limited knowledge of the industry. A mortgage broker, on the other hand, has extensive knowledge of the market and can efficiently scour various lenders to find the most suitable options for your financial needs and goals. This means you can focus on other aspects of your home purchase or remortgage.

Assistance with paperwork
Applying for a mortgage involves a significant amount of paperwork, from filling in forms to providing supporting documents. Navigating this paperwork can be overwhelming, especially for first-time buyers or those unfamiliar with the process. A mortgage broker can handle the entire application process on your behalf. They will liaise with the lender, submit your application, and keep you informed of its progress.

Find your mortgage with SMH Residential Mortgages
Richard Kendall works directly with SMH Finance LLP who offers an in-house professional and a high standard of service to anyone needing mortgage advice. Based in Richard Kendall’s local offices, they provide the same professional and high standards of service to anyone needing mortgage advice. They provide independent mortgage advice and search the whole market to recommend the most appropriate mortgage for you.

Are you looking for a mortgage broker to help you secure a better deal? Contact SMH Residential Mortgages today on 01924 291294 or mortgages@richardkendall.co.uk