Will I need a mortgage broker?

If you’re looking for a mortgage on a property in London you may need to use the services of a mortgage broker. They will be able to access a wider range of mortgage products and help you find the most suitable deal for your needs.

Alternatively, if you have the time then you could do your own research and approach a lender directly.

A good mortgage broker will also be able to give you advice on other aspects of buying a property, such as the conveyancing process and stamp duty.

What types of broker are there?

There are two types of mortgage broker, whole-of-market and restricted.

A whole-of-market mortgage broker will have access to the entire market of lenders, both high street and specialist. This means they can offer you a greater choice of mortgages.

A restricted mortgage broker can only offer products from one lender or maybe a limited panel of a few lenders.

What does “whole of market” mean?

When we talk about the “whole of market” in relation to mortgage brokers, we mean that they have access to the entire market of lenders.

This includes high street banks, building societies, private banks and specialist lenders. They can offer you a greater choice of mortgages and will also have access to some broker-only ‘exclusives’.

By choosing an independent whole of market mortgage broker you get the maximum possible choice of lenders, interest rates and products.

Do I need to use a London mortgage broker?

If you’re looking for a mortgage on a property in London then you may prefer to use the services of a local London based mortgage broker. However, this is not as important as it once was.

With improved communication and technology brokers are providing excellent advice to their clients regardless of where they may be located.

What types of mortgage borrowers can a broker deal with?

Most mortgage brokers will be able to advise all types of borrowers such as first-time buyers, right to buy, home movers and people needing to re-mortgage. However, some may also have specialist knowledge in areas such as guarantor mortgages, new build mortgages, holiday let, bridging, CIS mortgages or self-build mortgages.

If you have a specific requirement then it is always best to check with the broker when you first make contact.

>

[adinserter block=”1″]

<

Why should anyone use a broker?

There are many reasons why you might choose to use a mortgage broker. Here are just a few:

• Access to the whole of market: An independent whole of market mortgage broker can offer you access to the entire market of lenders. This means that you get maximum choice when it comes to finding the right mortgage for your needs.
• Expertise and experience: With years of experience in the mortgage industry, they have the expertise and knowledge to find the right deal for you. They will also be on hand to answer any questions that you may have throughout the process.
• Save time: Applying for a mortgage can be a time-consuming process. By using a mortgage broker you can save time as they will do most of the hard work for you.
• Save money: Brokers can often negotiate exclusive deals with lenders that are not available on the high street. This means that you could save money on your mortgage.

How do I find a good mortgage broker in London?

There are a few things that you should look for when finding a good mortgage broker in London:

• Check that they are whole of market: This means that they will have access to the entire market of lenders and not just a limited panel.
• Ask for recommendations: Speak to family and friends who have recently bought a property in London and see if they can recommend a good broker.
• Do your own research: Once you have a few names, do some research online and read reviews from past clients.

Contact Respect Mortgages. We are here to introduce you to a fully qualified and independent mortgage broker from one of the UK’s best known firms.