What Does A Mortgage Broker Do?

What does a mortgage broker do?

A mortgage broker performs various roles. As you might assume, the main one is that we arrange mortgages – that’s our bread and butter. However, we also help with all other aspects of buying homes, such as instructing conveyancers, arranging surveys and ensuring you get the right protection in place.

We ensure that people get the right mortgage at the right time on the right terms, so it’s affordable and sustainable and they get the most appropriate deal for their circumstances.
People often overlook all the other things we do, which can sometimes be more important. For example, we coach clients on making an offer on a property and ensure that all the documentation is correct when applying for a mortgage. We also always discuss budgets to ensure that any mortgages and insurance we recommend are affordable.

What is the difference between going to a mortgage broker like yourselves versus your local high street lender?

The most obvious answer is that when you speak to a local high-street mortgage lender, they will only advise you on their mortgages. They’re not going to tell you to speak to the lender down the road who has better deals or maybe a better fit for them.
High-street lenders can only offer that one set of products. It’s similar to going to a doctor, who can only prescribe paracetamol when you need ibuprofen.

However, an independent mortgage broker has access to multiple mortgages from multiple mortgage lenders across the lending spectrum, so we ensure you can get a bespoke solution that meets your needs and is affordable in the long run.

Think of it this way: If you go to a doctor, you want them to treat your symptoms, and it’s the same with a mortgage broker. We look at your overall circumstances and assess things based on what’s best for you. We tailor the mortgage to you, while if you walk into a lender’s branch, they’ll make you fit what they offer.

What services does a mortgage broker offer?

The main service is arranging the mortgage, but it’s important to factor in all the other elements of buying a home.

For example, in most circumstances, conveyancing and a survey are required as part of the mortgage process. We would certainly discuss insurance with you to ensure you’re protected and can keep that roof over your head should the worst happen.

Home and contents insurance is also a mandatory part of having a mortgage. So, there are different facets to buying a home. We don’t focus solely on the mortgage because there’s much more to it.

In terms of what we do, we will run through a very in-depth affordability check to ensure that when you’re out looking at properties, you’re aware of your budget. When making offers on properties, we ensure you know how to do that correctly.

We’ll ensure you have an Agreement in Principle to prove that you can purchase a property. But we do everything else in between—and we can help if you need a remortgage or you want to buy an investment property.
It’s about holistic planning. It’s about ensuring we look at all aspects rather than trying to take things individually—because that’s where problems can sometimes arise.