Should I Use a Mortgage Broker or My Bank?

When shopping for a new mortgage, it might seem sensible to stick with the devil you know - namely, your bank. But is this really the right thing to do?

There are so many mortgage lenders offering so many loans that it is difficult to see how anyone outside the industry could ever be well informed enough to make the right decision when it comes to evaluating home loans. Even if a borrower has the time and the inclination, trying to evaluate all the different options and lending caveats can be very difficult. Which is why, in large part, specialist mortgage advisors exist. But that’s not the only reason.

You see, it’s all down to what sort of mortgage advisor you are speaking to. Some advisors are restricted in what they will consider. Others are employed by just one lender, such as your bank, which means that they are there to sell you their product, not evaluate what’s best for your individual circumstances. The obvious choice is to choose a Mortgage Adviser who is totally independent and can look at the whole market

Furthermore, with banking becoming less and less personal by the day, lending decisions are now almost entirely dependent on specific financial data and matrices held on potential borrowers. The days of the prudent bank manager in your local branch office ‘taking a flyer’ and lending to his long time customer are long gone.

There is a place for banks and a stable banking history will help support a borrower’s loan application, but when it comes to mortgages your best port of call is a whole market mortgage advisor. Contact Mortgage Required on 01628 507477 to speak to an adviser today.

Related article:

• What to Consider when Choosing a Mortgage Broker