Five cast-iron reasons to use a mortgage broker
By Chris Gilchrist

Your mortgage is almost certainly your biggest financial commitment. Getting it right will save you tens of thousands of pounds over 20 years of home ownership. What's the best way to do it?

I think that for the vast majority of borrowers, a no-fee mortgage broker is the best way to get the advice you need. I have used the same broker for my last three mortgages and believe that I not only got excellent deals which saved me lots of money but also saved myself a lot of time and hassle. Here are five reasons why I think a no-fee broker is probably right for your next mortgage.

Save yourself thousands of pounds with a no-fee broker

Reason #1: Too much information
The curse of the internet age is too much data. At any one time there are over 5,000 different mortgage offers available, and information about all of them is available on the web. But you have to be extremely sad to think it worthwhile to trawl through even a fraction of those offers in search of the ideal loan. Far better to use a broker who constantly sifts that data and has a short-list of the top offers in every category.

Reason #2: Not enough information
Most data sources don't in fact give you enough information to make an informed choice. When choosing a mortgage you need to consider not just the interest rate or the term of any introductory discount, but also the arrangement fee, the legal and valuation costs, and the lender's lending criteria. It's the whole package that represents good or bad value. A good broker has all that information and can, for example, steer you away from offers where a lender's criteria might lead to you being rejected.

Slash your monthly costs by getting a better deal


Reason #3: Grab it while you can
Brokers usually have access to deals that aren't offered to the public direct, and may also negotiate their own exclusive offers. In the fast-moving mortgage market, many of the best offers are only available for a week or two. You may never even hear about them if you don't use a broker

Reason #4: Share the worry
Moving house or changing mortgage is stressful. So let somebody else take their share of the hassle. A broker chases you and everybody else involved until the case completes. That's a lot less phone calls you need to make.

Reason #5: Don't pay if you don't have to
Unless your case is unusual or complex, it won't require the kind of expertise that justifies paying a fee. The vast majority of mortgage lending is on normal terms and is fairly straightforward to arrange. Only consider using a fee-charging broker if you know your circumstances or the property or both are so unusual that they will present a serious challenge to lenders.

Review your mortgage today and save yourself £2,000 a year