Reasons to use an independent broker

If you are currently looking for a new mortgage whether it be for a new purchase or remortgage of an existing property should you go direct to the lender or should you use the services of an independent broker?

Since the credit crunch started just over a year ago it has been well publicised that lenders have increased their rates and also their arrangement fees. However lenders have also tightened their lending criteria meaning that finding the best deal is now harder than ever.

It is worth reminding people that when you are searching for the most suitable mortgage for your needs an independent broker such as Chartwell Funding will be able to:-

1) Research the whole of the mortgage market to ensure you take out the most suitable product for your needs. An independent broker will be able to compare any direct deals in the market place with broker deals and exclusive products not available on the High Street. Should a direct only deal be best advice then we would advice that you proceed with this product. Remember, Independent brokers will tell you what is best rate in the whole market place and lenders will only tell you the best rate that they can provide! 

2) It is important not to be concerned that brokers receive commission from a lender to arrange a mortgage for you. Typically the commission covers the administration time involved with the application which the broker does on the lenders behalf. The biggest benefit of using an independent broker is their professional advice, as choosing a mortgage is complicated and should you make the wrong choice then you could end up paying more than you should.

3) Products in today’s mortgage market are being withdrawn at a rapid rate when they are over subscribed. It is not too uncommon for deals to be pulled with very little notice and a good broker will receive advance notification of this withdrawal and will be able to act quickly to make sure you do not miss out on the rate. Should you require your mortgage offer quickly in order to purchase your property a broker will be able to do the chasing for you making sure the offer is processed as quickly as possible. If things were to go wrong a broker will be able to deal with the lender on your behalf and find an alternative lender in the worst case scenario.

It is always sensible to get as many opinions as possible when dealing with your biggest financial commitment. Next time you need lending advice give our brokers a try and see what we can do for you!