So you’re looking for a mortgage? Or perhaps more importantly you’re actually looking for a mortgage broker, although you might not realise it yet. Looking for a mortgage is a daunting task. From variables and trackers to base rates and fees. Is it a minefield? Hopefully not if you have the right broker. Our speedy guide to finding the right mortgage broker should allay imminent pitfalls.
A wide range of deals
Finding the shining star in a sea of brokers is not easy. Henry Knight, Managing Director of Springtide Capital reveals that while most mortgage brokers will have access to the percentage of the market, some will operate on restrictive panels. Choose one with a wider range of options available and they’ll be the one most likely to help.
Experience it all
What kind of experience do they boast? If you are in need of a slightly more complicated deal you need a mortgage broker who can bring a hefty level of market experience. Don’t be afraid to ask.
It pays to know
You need to know what broker fee levels you are paying. This is incredibly important to find out before you have your first meeting; because not only are you paying fees associated with the mortgage, but you need to know what advice from your broker might you be paying for too.
Are we there yet?
Mortgage applications are taking longer to process. Read our blog post on that here. You should always as your broker how quickly they think they will be able to process your application. It’s crucial to make sure your application has the best chance of being processed as quickly as possible in a market as buoyant as this.
What kind of strategy and methods does the broker and its team have in place to handle your application if something goes wrong? Ask them to be specific about their relationships with particular lenders. Make sure you note their experience in case your application gets tricky.