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What does a mortgage broker do?

Thinking of buying a property? Need a mortgage to pay for it? That’s where a mortgage broker comes in. In this article, we’re going to run through exactly what a mortgage broker does and when to consult one.

The basics: What is a mortgage broker?

First things first, a mortgage broker is a type of financial advisor who specialises in mortgages. They have expert knowledge of the mortgage market and are fully qualified to give advice on anything related to mortgages to the general public. They are also commonly referred to as mortgage advisors.

Top 6 things a mortgage broker can do for you:

Explain mortgages

If you’re a newbie to mortgages, you shouldn’t feel worried about consulting a mortgage broker. They are trained to give advice in a way that’s easy to understand and will be used to dealing with clients who have little to no knowledge of how mortgages work.

You don’t even need to know what you’re looking for. Your mortgage broker will explain rates, the different types of mortgages and how long is best to borrow for.

A mortgage broker helps you understand the mortgage process and is there to offer savvy financial advice that works in your best interests.

Calculate if you can afford one

Mortgage advisors are savvy when it comes to money and so they can make sure you can afford mortgage repayments before going ahead with any decision. Doing this research before submitting an application will help boost your chances of getting accepted and save time.

Help you find a mortgage

As well as guiding you through the process, they can even take the legwork out of finding a mortgage in the first place. They will try to get you the most suitable deal.

Fill out paperwork

They can stop you tearing your hair out by helping you fill out the mortgage application and essential paperwork.

Give you financial protection

If you select a mortgage without consulting a mortgage advisor you will not be protected financially if you later realise you’ve chosen the wrong deal for your circumstances. Whereas if you choose a mortgage through a broker you will be protected and can complain to the Financial Ombudsman if something goes wrong.

Even if you think you’ve found the perfect mortgage, for peace of mind it’s best to run it past a mortgage advisor.

Mortgage reviews

You can also get regular mortgage reviews with your mortgage broker to check that the deal you chose five or ten years ago is still the the right option. If you decide to remortgage they can assist you with this.

In short, a mortgage broker is a professional advisor who will help steer you in the right direction when it comes to choosing a mortgage. If you’re looking to buy a property and need a loan to afford it, now is the right time to find a mortgage broker.

If you’re looking for an experienced mortgage broker in Northampton, Derngate Wealth Management can help. To book your free initial consultation with us, simply fill out our quick mortgage enquiry form.

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