Do I Need a Mortgage Broker?

The Cotswold Mortgage Broker is an approachable, family-run firm in frequent contact with prospective clients, looking for guidance on a range of mortgage related questions.  We are always pleased to advise without expectation of custom.  One of the most frequently asked questions is ‘Do I need to use a broker?’

The short answer to this is no, and where appropriate, we advise our enquirers accordingly, even though it may seem like we are turning away business.  Reputation is everything and we won’t take a fee that we cannot justify.

The truth of the matter is that if you are looking for a mortgage, you are employed, have good equity and no credit impairment in the background, you are probably better off applying to your existing lender in the first instance.  The same applies if you fulfil this criteria but are looking to move, though if you are a first time buyer, you may well benefit from a broker researching for you.  Regardless, we are always happy to ‘shop around’ on your behalf and if we can save you money, then we will advise you accordingly.  If we cannot save you money, or the amount you save is not worth the hassle of changing lenders, then we will tell you honestly at the outset. 

So, when would you use a mortgage broker? For almost any other scenario.  Every lender has a different underwriting process so where one may have stringent guidelines that preclude self-employed workers, another will not.  Where one will decline the case if the applicant has a CCJ, another will take that client.  If your income multiples are insufficient, if you receive other sources of income, if your age is a factor, if your house is of an unusual construction, if you are purchasing for investment or you have been declined by a lender, then that is when your mortgage broker comes into his own.

Mortgage brokers are highly regulated, regularly scrutinized and work just for you.  At the Cotswold Mortgage Broker, we have decades of combined experience in mortgages and property.  If you become our client, we will find you the most suitable deal, steer you through the application process, manage your expectations (mortgage applications, like conveyancing, are rarely swift-moving) and we will fight like tigers to ensure that your application goes as smoothly as possible through underwriting.  We cannot promise it will be entirely stress free as the underwriting process regularly changes, but we promise to find you the most suitable product for your aspirations, save you money wherever possible and guide you all the way.

Our broker fee (heavily discounted for first time buyers and returning customers) only becomes payable when your mortgage is offered.  If our efforts don’t result in a mortgage offer, then you don’t pay our fee.  Unlike some other brokers, we NEVER charge our broker fee or any part of it up front.

If you would like advice or guidance on any further mortgage related matter, call Lee on 01242 673341