What does a Mortgage Broker do?

A great mortgage broker will save you time, effort and money.

From the outset you should determine how the broker is paid. Some will charge you a fee, while others do not as they receive commission for the mortgages they sell from the lender.

If they are suitably qualified, they will take time to discuss your needs and circumstances with you. This gives them the opportunity to determine which type of mortgage is most suitable.

The mortgage broker will then search a special database containing thousands of mortgage products from many different lenders, both high street names and the lesser known.

It is important that you ask your broker at the outset if they are truly independent, or if they are tied to any particular lenders. If the broker is tied, then they will only be able to give you access to the products and services from a limited range of lenders. If they are independent, however, then there will be no such restrictions.

The database searched by an independent broker is constantly updated and has details of the latest deals. Often, if a mortgage broker handles a significant volume of business, then they have access to some exclusive mortgage products which are not available elsewhere.

The broker will then choose the products which best suit your needs, allowing you to compare with the thousands of others available on the market.

If you choose to proceed, then the broker will liaise with the lender on your behalf and will help you to complete the necessary paperwork. This should save you a great deal of time and effort.

For more information please click on an area below:

• Mortgage Brokers - About Mortgage Brokers
• The Mortgage Application Process - How does the process work?

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