Why use a mortgage broker

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Why use a mortgage broker
By: jammaster , Posted On: 2007-12-03

Home > Articles > Finance > Mortgage

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Why should anybody use an

ntermediary when you can walk into any n

mber of lenders on the high str

et? Most high streets are dominated by the big b

nks and building societies, and you pr

bably already have a reasonable relationship w

th the branch you bank with.

However, g

tting a mortgage is a much b

gger financial responsibility than maintaining a c

rrent account or getting a personal l

an. It is likely that it w

ll be the biggest investment of y

ur life. It’s all the more

mportant because it involves your home. H

nce it is vital that you use a sp

cialist broker.

Advantages of using a broker:

*

Most br

kers can source mortgages from the wh

le of the market. This means th

t a broker can source a m

rtgage from every product available on the m

rket today. Brokers can source mortgages fr

m specialist lenders tailored to your

ndividual needs. High Street lenders will

nly ever recommend a mortgage from th

ir own limited range.
*

There are some l

nders which do not have a br

nch network and rely solely on m

rtgage intermediaries. This cuts their costs and

nables them to offer niche products and s

me very low rates. GMAC RFC, the r

sidential lending arm of General Motors,

sn’t a household name and is w

thout high street branches. However, it is now one the b

ggest lenders in the country with a h

ge reputation amongst brokers.
*

Due to the l

vels of business many brokers give to l

nders, they can give extra clout to y

ur mortgage application. Your application may be c

nsidered borderline on a certain lender’s cr

teria, but given the amount of tr

st often built up between the l

nder and broker they can give you the b

nefit of the doubt
*

Brokers often negotiate sp

cial rates with lenders (sometimes with h

gh street lenders) that are not

vailable anywhere else.

This information is intended for use in the Un

ted Kingdom (UK) only.

The article Why use a mortgage broker was Submitted by jammaster through Articles.GetACoder.com network. Here's the additional information: The Mortgage Provider Online . Submitted with Article Distributor .

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