so What is a mortgage broker?
A person/company who arranges a mortgage between a borrower (you!) and a mortgage lender. They're mortgage experts and can get access to deals that aren't available elsewhere, saving you money.
Mortgage adviser or broker?
There is no real difference between an adviser and a broker. The main difference you need to consider is between independent mortgage brokers and 'tied' mortgage brokers; independent brokers can find mortgages from the whole UK market, while a tied one can only access mortgages from certain providers, so may not be able to find such good deals.
When should you use a mortgage broker?
A mortgage is your single biggest financial commitment, for 20 years or more. Price comparison sites don’t tell the whole story, and banks won’t give you unbiased advice. Mortgage brokers can find you the best deal from the whole market, including some that aren’t available anywhere else. As a result, you should save far more than their small fee.
Avoid credit score damage
Remember that when applying for a mortgage, unsuccessful applications may harm your chances of success next time around as each refusal shows on your credit record. Using a mortgage adviser will maximise your chances of being accepted first time around.
Where to find one?
The Google of mortgage brokers! Fill in your details and they'll match you to a broker(s) that suits your needs, in your area.
Word of Mouth
Ask friends and family if they used a mortgage broker and about their experience. They might be able to point you in the direction of someone local.
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