Guide to Mortgage Brokers
14th Feb 2025
A decent mortgage adviser can help you find the best mortgage and manage the application process on your behalf. If your credit score is less than ideal and you worry about being rejected for a mortgage, then it can be a good idea to get some advice on the best products for you from an expert professional. A mortgage broker looks at the mortgages on the market based on your financial situation and submits the application for you. They can save time by targeting lenders who are likely to approve your application, offer tips on improving your chances, and manage some of the paperwork involved in the process.
Advantages of Using a Mortgage Broker
A good broker will know which lenders are more likely to approve your application, helping you avoid applying for deals you're unlikely to get, which could negatively impact future credit applications. Additionally, if you use a broker and the mortgage turns out to be unsuitable, you have the right to file a complaint, which isn’t an option if you apply on your own.
Mortgage brokers typically earn a commission from lenders after securing a mortgage for you. Some may also charge you a fee, either as a flat rate or a percentage of the amount you plan to borrow. All brokers are required to clearly disclose any fees or commission they receive before signing a contract with you. For first time buyers who haven’t any experience with applying for a mortgage before, using a broker can be reassuring.
Key Questions to Ask a Mortgage Broker
Not all mortgage brokers are the same, and some will be tied to one bank or building society’s products only. If you want to have a wider choice of products, look for a broker which operates on a whole-of-market basis as they can recommend much more. Also ask about their fees and charges, and what services they will provide. Some brokers will do all the paperwork and application for you, others will just recommend products and expect you to do the applications yourself, but on the other hand may charge less. There are no rights or wrongs here – the key is to fully understand what each broker offers and choose the one which meets your needs best.
Mortgages With Less than Perfect Credit Scores
Many people choose to use a mortgage broker when they know that their credit score is lower than it might be and worry about being turned down. A broker should be skilled at interviewing clients and getting to the bottom of their financial situation and advising on whether a mortgage is the right thing for them, or whether to wait until their credit score has improved. If your credit score is on the low side, you might be able to swing things in your favour by offering a higher deposit or maybe asking a trusted relative to act as a guarantor. There are always options, and a skilled mortgage broker should be able to lay out the best course of action.
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