This article is from www.telegraph.co.uk/financial-services/
April 2016
With hundreds of different mortgages to choose from, hunting
out the best deal to suit your needs can feel a bit like trying to find a
needle in a haystack.
Access to more mortgages
If you aren't sure which type of home loan is likely to be
right for you, it's a good idea to talk through all the available options with
an independent mortgage broker. They
will be able to research the whole market on your behalf, rather than you
having to trawl around numerous different lenders.
A spokesman for financial website Moneyfacts.co.uk
said: “An independent mortgage broker
will look for the best mortgage for you. They aren't on the lender's side,
they're on yours, and they'll give you access to far more products than if you
went direct. You'll get unbiased advice and could choose from a range of
lenders and subsequent products, rather than being restricted to the single
range of the lender you go to. They also know the background criteria that a
lender has and can bring this experience to bear when advising you and processing
your application.
Greater buying power to secure the best mortgage deals
“Then there's the fact that, because a mortgage broker may
put a lot of business to a particular lender in a year, they can exert
influence and chase things in a way you just can't do by yourself – and that
can be invaluable should things get held up.”
When you speak to a broker, they will start by asking you
about your individual circumstances, including your income, how much you want
to borrow and over what term, and how much of a deposit you have to put down.
They will then to talk you through the various deals you are
eligible for, and can explain how the different types of mortgage work.
Once you’ve narrowed your choice of mortgage down, your
broker will let you know the monthly costs, as well as any arrangement fees you
will have to pay. They will then be able to help you with the application
process, and answer any questions you might have, such as how long it will
typically take for your mortgage to be processed.