So, what are the benefits?

Using a mortgage broker saves you time

A big benefit with using a broker is the time it will save you. From searching for the initial deal to submitting the application, using a mortgage broker takes a lot of the leg work out of the mortgage application process. A good broker will also ensure that you have collected together and submitted all the necessary documentation, which in turn reduces the need for lenders to come back to you for more information, and so slowing down the process.

At Simply Lending, we also carry out an underwriting exercise of any deal we suggest for you. Put simply, this replicates the underwriting that the lender will carry out enabling us to anticipate any potential problems with your application and address them before the final application is submitted. This in turn minimises the chance of the lender rejecting your application or delaying it to gather more details from you.

Mortgage brokers can help you save money

As already noted, there are a lot of lenders out there, offering a plethora of mortgage products. However it’s not always easy to determine which product is suitable for you and your circumstances.

A comparison site can seem like a great way to find the cheapest product but it’s only once you start to dig into the details of each deal that you find out how much it will really cost. Think of it like finding a budget flight; you think you’ve found a great deal and then you read the small print!

There are multiple variables such as your credit history and current financial commitments which will impact whether you will be eligible for the apparently ‘cheapest’ products or not. A broker will recognise this and be able to source the most competitive deal for you, taking into account your personal circumstances.

It’s also worth remembering that some brokers will have access to direct offers that may not be available elsewhere and will save you money.

All this means that a mortgage broker will help you maximise your borrowing power by finding you a generous mortgage loan amount without overstretching your finances.

As the detail you give your broker will help them determine which lender to use and which deals to consider, it is important that you are able to build up a good, personal relationship with them, as well as ensuring that you are completely honest with them.

Mortgage brokers also understand the best deal isn’t always the cheapest

Determining the best lender to approach isn’t just about saving you money. It’s also connected to the type of mortgage you are after. Amongst the lenders that whole-of-market brokers, like Simply Lending, have access to are lenders who have a particular understanding of specific groups of people or types of property. They may for example be much more sympathetic toward borrowers who are looking for a mortgage for a listed property.

Alternatively, their general criteria could make them more appropriate than other lenders. A mortgage broker will know which lenders for example consider retained profit when calculating income which might make them a good option for a company director looking for a mortgage.

Mortgage brokers will also be aware of how different lenders will treat state benefits such as disability benefits or child benefit, and how they can help you borrow more by increasing what counts as income.

As mortgage brokers are working in this market every day, they’ll also be completely up-to-date with any changes that lenders may have made to their criteria, as well as being fully informed about any deals.

Peace of Mind

This is a big one. Firstly, mortgage brokers need to have qualifications in order to give you financial advice, all Simply Lending Solutions brokers are CeMAP qualified, which gives you the reassurance that they actually know what they are doing. All our brokers are also subject to on-going compliance checks and training to ensure their advice and knowledge remains relevant

Secondly, mortgage brokers have a duty of care to their clients. If you have found a mortgage yourself and have landed yourself with an unsuitable product because you didn’t read the small print closely enough, then you’ll have very little comeback. However, because of their duty of care, mortgage brokers are obliged to recommend a suitable mortgage for you. If you find out later that the mortgage isn’t suitable because of a broker’s error, you will have the support of the firm and the regulator to resolve matters.

What to look for in a mortgage broker

Once you’ve decided to use a mortgage broker there are a few things you can look for to make the most of all the advantages they provide.

• Find out how many lenders they work with

  Your mortgage broker will be able to provide you with widest range of potential mortgage deals if they are a whole-of-market broker, rather than a broker working only with a small panel of lenders. A whole-of-market mortgage broker can offer you impartial advice and is independent of any one lender. The biggest choice of deals is offered by whole-of-market brokers like Simply Lending Solutions who also have access to special mortgage deals that may not be available elsewhere.

• Think about how they work

  You’ll want your mortgage application to progress as quickly as possible. With this in mind, it’s important that your broker understands the balance between providing you with a personal service without making you too dependent on only one person being available.

  At Simply Lending we ensure that you receive a bespoke service from your first appointment, but we also make sure that our whole team is able to update you if they need to. We do this by making sure that we keep your records up-to-date across multiple platforms. This means that someone can always help you, even if your broker is unavailable.

  We don’t just operate online either, meaning that you can pick up the phone and speak to human being during office hours. We combine the personal touch with whole-team efficiency.

• What types of mortgage do they deal with?

  While finding a whole-of-market broker gives you the biggest choice of products, that isn’t the only consideration. You should also check what types of mortgages they are used to dealing with. Some brokers are unfamiliar with some of the more specialist products out there for example, or they may not deal with second charge mortgages.

  Our brokers work on a daily basis with specialist mortgage lenders who provide a range of products including mortgages for listed buildings and mortgages for the self-employed. We also have experience in securing second charge mortgages. This is a particular benefit if you are undecided whether you should remortgage or apply for a second charge mortgage, as we can give genuine, impartial advice.

• Check when you pay

  A mortgage broker should always be transparent about what fees are payable for any mortgage product they recommend, as well as explaining when you will need to pay. Some mortgage brokers ask for a flat fee upfront, while with others payment is due later in the process.

  Simply Lending outline all fees and payments that are due when we outline our mortgage deal recommendations. You don’t pay us anything until we provide a formal mortgage offer

• What other services do they provide?

  Find out whether the mortgage broker you’re considering does more than just finding you a mortgage deal, important as that is. Many brokers can offer advice on other financial products that may be of particular interest when you are making the commitment to buying a house. At Simply Lending Solutions we can advise you, and help source, life insurance, income protection and critical illness insurance

  We also carry out an underwriting exercise that replicates the underwriting that the lender will carry out. The benefit for our clients is that this will flag up any potential issues prior to submission of the application. They can then be addressed which hopefully will mean the actual application will progress more smoothly.

• Check they’re registered with the FCA

  Anyone providing financial advice needs to be registered by the Financial Conduct Authority. You can see Simply Lending Solutions’ registration here.

  You can be reassured by the fact that Simply Lending Solutions is directly authorised by the Financial Conduct Authority

• Check for qualifications

  All mortgage adviser should have a recognised industry qualification. Every single one of our Brokers has the Certificate in Mortgage Advice and Practice (CeMAP) qualification. This is the mortgage industry’s most recognised qualification

What might happen if you don’t use a mortgage broker?

If you’re still not convinced whether to use a professional mortgage broker just think about the risks of not taking their advice and going it alone.

You could end up with a mortgage that’s not the best one for your situation. A broker will use their experience of working with people like you to find you the most suitable deal.

You might have your application rejected. If you don’t understand exactly what your lender is looking for, what documents to submit or what a lender’s restrictions are you may not apply to the best lender for you.

You don’t have any protection if something does go wrong. The responsibility for sourcing the mortgage is yours alone, so if you do choose the wrong one you have no-one to blame but yourself. If a regulated mortgage broker makes a mistake you have a means of redress.

Hopefully you now understand some of the reasons for using an expert mortgage broker, and how to find one you can trust. If you’d like to arrange your free initial consultation with Simply Lending, contact us today.