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Can a mortgage broker help you to get a better deal?

Are cashback mortgages a sensible option?

If you are coming to the end of your current deal , now could be a good time to remortgage.  But is it worth using a mortgage broker to see if they can get you the best deal? 

Do I need to use a mortgage broker?

No, you don’t have to use a mortgage broker.  There are two ways to get a remortgage.  Going direct to a lender or using a mortgage broker.  We look at the pros and cons of each way.

Going Direct

It’s always worth approaching your current bank or other high street lenders to get an understanding of what mortgages are available.  However they can only offer a limited amount of products so you could be missing out on the best remortgage deals.

You can use a comparison site to give you a rough idea of what is available.  However this won’t give you a full picture.  Eligibility may depend on a number of different criteria so its worth seeking further advice to make sure you find a deal that meets your requirements.   

The benefits of going direct are that you won’t have to pay a fee to a mortgage broker.  But there are brokers that offer a fee-free service too.    

Using a mortgage broker

Seeking the services of a mortgage broker can bring a number of benefits.  

Access to a wider range of products

Look for a broker who works with the ‘whole-of-market.’  This means that they can acces and compare deals from a huge variety of lenders helping you to find the most competitive rate.

Save time

A broker works on your behalf.  They will search a variety of mortgage deals from different lenders to suit your requirements.  It makes your search much speedier than if you were putting in the legwork yourself. 

Smoother application

A typical mortgage application can take around 4-6 weeks. However, with the help of a mortgage broker this could be pushed through quicker. A broker can assist you with getting all the right paperwork in order to ensure a smoother application.

Specialist mortgages

If you have unusual circumstances, such as a non-standard property, a broker can help to match you with the right lender that arranges specialist mortgages. 

Poor credit

Getting a mortgage can be more difficult if you have poor credit.  A broker can review your credit report and help you to gauge what mortgages you’d be eligible for.  

Less chance of a rejection

A mortgage broker should understand the criteria of each lender.  They shouldn’t put you through forward for any products that are not suited to your circumstances. If you have previously been declined for a mortgage, a broker can help you work out what you need to do to raise your chances of being accepted. 

For a no-obligation quote, speak to So Smart Money today and discover how our mortgage experts can find the right deal for you. 

The above post does not constitute advice – financial, legal or otherwise. The information within this article is the author’s own opinion and do not necessarily reflect the views of SO Media or So Smart Money.


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