When deciding whether to use a mortgage broker or not there are a few things to think about first. Yes, this will be an additional cost on top of an already expensive process. This is because it is an additional service to consider when applying for a mortgage.
However, mortgage brokers are trained, qualified and regulated to ensure that they provide you with the best possible mortgage for your circumstances. Many people think that they are only a middle man, that they aren’t really needed and that they are just an additional cost. However, mortgage brokers have a duty of care to their clients. Mortgage brokers go on regular training courses to ensure that they are providing their clients with the best service, using the latest processes.
By using a remortgage broker, they will be able to find you the best rate possible, using their experience and knowledge. However, when looking for a remortgage broker, ensure that they have access to the whole of market, not just a panel. This is because if they only have a limited access to a panel of people, there will be a restriction on the amount of products available. But if they have access to the whole of market, you will be able to see all products available, including exclusive deals that you won't find on the high street. Mortgage brokers will search the market and compare different products that are available for you. This means instead of having to do this work by yourself, without the market knowledge, they will do all the leg work for you, meaning they will also ensure that the legal requirements are also met. They will take you through the process step by step, providing the information and advice that you require. For example, they ensure that the client knows about the available interest rates on offer, and if there are any other charges on top of this including booking and arrangement fees. They will also ensure that you know that these factors may affect the overall cost of your mortgage.
Furthermore, another important aspect to understand when using a mortgage broker, is that when receiving remortgage advice, the mortgage broker has a duty of care to their client. Every decision and piece of advice that they provide their client is with their best interests in mind. They have to recommend the most suitable remortgage to meet the client’s requirements from the range of products that they qualify for. Mortgage brokers will need to justify why they have selected that particular mortgage product and why they think it is right for their client. If your mortgage adviser provides you with inaccurate advice or information, you may complain and be compensated.
All mortgage brokers are provided with regular training to ensure their knowledge is up to date. Therefore, the remortgage advice that they provide you with, should also be up to date.