What does a mortgage broker do?

Did you use a broker last time you took out a mortgage?

According to a recent study by Legal & General Mortgage Club, 31% of home borrowers are going direct to a lender and didn’t know that a mortgage broker could help with their search.

Further to this their research found that 69% of borrowers who went straight to a lender hadn’t then remortgaged in the last 5 years, and 74% stayed put because they felt they had a ‘good deal’.

This means borrowers that went direct could be missing out on opportunities to pay smaller interest fees.

Borrowers that go through a mortgage broker also have many more options than those going directly to a lender.

Borrowers going through a mortgage broker have access to thousands more mortgages including specialist mortgages for the self-employed and later life solutions such as lifetime mortgages.

‘Whether someone is taking out their very first mortgage or unlocking housing wealth in retirement, the value that mortgage advisers can bring to borrowers can make a huge difference when it comes to moving onto and up the property ladder,’ said Kevin Roberts, director of the Legal & General Mortgage Club.

We would always recommend speaking with an advisor, their knowledge is invaluable and could save you a lot of money.

Find out more.

Whether you’re looking for your first mortgage or you’ve got a complicated situation and have concerns that you won’t be eligible at all, let’s chat and see how we can help you.

Speak with us.

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