How to Choose the Best Mortgage Broker for You

Searching for the right mortgage broker needn't be difficult or risky by following our simple guidance.

Most of us will need a mortgage when buying a home.

And unless you have a very generous BOMAD (Bank of Mum and Dad) at your disposal, chances are you’ll need to source the mortgage from a financial provider.

Many people who buy properties via us choose to use an independent mortgage broker.
But what is an independent mortgage broker, and how can they help you?

A mortgage broker will check what mortgages are available to you based on your financial situation. They will also apply for one on your behalf, with your permission, of course.

A good mortgage broker (sometimes referred to as an adviser) can save you hours of time and hassle by sourcing the right home loan for you. Moreover, they can often get you the best deal possible as many have access to the whole mortgage market.

Below are five things to look out for when choosing a mortgage broker.

1) As mentioned above, ensure that any broker you work with is a ‘whole of market’ adviser. This means they aren’t limited or tied to a panel of lenders.

2) Do you like personal service, or are you comfortable doing things online? For example, some people want to meet their mortgage broker in person, while others are comfortable using the services of internet-only advisers.

3) Ask friends for recommendations, and check out their reviews once you have a shortlist of brokers.

4) A good broker will be busy. So, with that in mind, give yourself plenty of time when choosing one to work with. Ask them when they can start working on your mortgage.

5) Compare costs. Different mortgage brokers charge in different ways. Some will want an upfront fee. Others will only charge when a mortgage has been agreed upon. Select which method works best for you.

Here at TPS, we can recommend a mortgage broker for you.

To find out more, contact us today.