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Mortgage bankers vs mortgage brokers: why use a mortgage broker?

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Last updated Monday 26th April 2021

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Most people assume that getting a mortgage means heading straight to your bank or building society, but unfortunately this can mean missing out on the right mortgage for you. It’s a bit like searching for travel insurance - you want to have a look at all of your options first before making a decision. The problem is, it’s not always clear where to look and that’s where a mortgage broker comes in.

What does a mortgage broker do?

It’s a mortgage broker’s job to find you the right mortgage for your needs. Here's how our mortgage brokers at Resi Finance get the ball rolling...

1. Assess your requirements with a simple chat
As mortgage brokers, we start by arranging one of our expert mortgage advisers to assess your requirements. This includes listening to you, looking into your current financial situation and taking the time to understand your personal circumstances. Because we understand that your time is precious, we try to take up as little of your time as possible.

2. Make recommendations that put your needs first
The next step is that we then go away and search the market using our bespoke sourcing system, to find a product we recommend for you. We work with over 90 different lenders - so you aren’t restricted to just one bank or building society’s products or lending criteria. Having this flexibility means you’ll have much more choice and find the mortgage deal that’s right for you.

3. Deal with the application, so you don’t have to worry
Once you’ve decided on a mortgage product, you can leave the rest in our hands - it’s that simple. We manage the whole application process for you, meaning you can be left to concentrate on what really matters to you.

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Why should you use a mortgage broker?

Some people may be happy to go straight to a single bank or building society, but many home buyers find that it is better to use a mortgage broker for the following reasons:

A mortgage broker can save you money

We aim to make sure you never pay a lender more than you need to. We do this by assessing your current financial situation and making sure you’re on the right mortgage deal for your needs. If you aren’t, we work within your best interests to make a recommendation.

They can also save you time

We understand that life is busy, so we like to offer our customers flexibility when it comes to appointments. Our advisers offer evening and weekend appointments, both face to face or over the phone.

Some mortgage brokers can help you find mortgage protection too

Not only will we make sure you get the right mortgage for your needs, we’ll be there for you long after you get the keys to your new home. We offer advice on various kinds of mortgage protection - including critical illness cover, income protection, buildings and contents insurance. We want to make sure that, if the worst was to happen, you’d be able to stay in your home and your loved ones would be looked after.

No mortgage advice is ‘free’, but a broker can give you value for your money
Mortgage brokers earn money on the commission paid by all lenders. This means that even “free mortgage advice” is still paid for in one form or another. Many mortgage brokers may also charge a fee.

For Resi Finance and our partners Mortgage Advice Bureau, charging fees allows us to spend more time advising you, supporting you throughout your application and means our advice can be wholly focused on your needs, rather than dependent upon the value of the lender commissions.

After all, a mortgage is probably the biggest investment you’ve ever made, so it makes sense to know you’re getting the right deal.

Which one is better for you?

Everybody is different and there is no right or wrong way to go about getting a mortgage. We can’t tell you which route you should take, but if you want to receive honest, trustworthy mortgage advice and discover more about Resi Finance, please feel free to get in touch with us today and we’ll be more than happy to talk with you.

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Phone: +44203 868 9453 | Email: advice@resi.co.uk

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Resi Finance Ltd is an appointed representative of Mortgage Advice Bureau Limited and Mortgage Advice Bureau (Derby) Limited who are authorised and regulated by the Financial Conduct Authority. Resi Finance Ltd. Registered Office: International House Canterbury Crescent, Floor 4, London, England, SW9 7QE. Registered in England Number: 12327535