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Why mortgage broker vs bank?

Discover how enlisting the services of a mortgage broker can improve your likelihood of getting approved for a mortgage, and enable you to obtain the best mortgage deal on the market.

5 min read

Getting a mortgage is one of the biggest financial decisions you'll make in your life. Although the high street bank may seem like the obvious choice for a mortgage, have you considered going to a mortgage broker instead? With specialist expertise and access to exclusive deals, there are numerous benefits to be had by choosing an independent broker as opposed to more traditional routes. In this blog post we will explore why selecting a professional Mortgage Broker could be advantageous when it comes to securing your new home loan.

The Differences Between a Mortgage Broker and a High Street Bank

Surprisingly, there is a distinction between mortgage brokers and banks when it comes to securing the funds for your dream home. A mortgage broker is a specialist who acts as an intermediary between you and the mortgage lender, negotiating and securing the best mortgage rates and terms on your behalf. Conversely, a bank is a direct lender that manages its financial products, including mortgage loans, and provides funds directly to the borrower. With access to a range of lenders and products, mortgage brokers grant borrowers the advantage of exploring a wider array of options tailored to their unique financial circumstances. Opting for a bank, however, might yield the benefits of consolidating your finances and possibly accessing special promotions. Ultimately, understanding these differences is crucial in order to make an informed decision determining the best course of action to finance your property.

The Benefits of Working with a Mortgage Broker

Delving into the world of mortgages can be an overwhelming experience, especially if you're a first-time homebuyer. This is where a mortgage broker can come to your rescue, helping you navigate the complexities of the mortgage process, save time, and potentially save you money as well. Acting as a liaison between you and the mortgage lenders, these professionals use their in-depth industry knowledge and connections to find the most suitable deal for your needs. As they have access to a wide range of lenders and products, they can provide you with more options than a single bank would, increasing the chances of securing a favourable mortgage rate. Additionally, working with a mortgage broker can significantly alleviate the administrative burden; they'll guide you through the application, handle necessary documentation and manage communications on your behalf. In essence, they're your personal mortgage concierge, supporting you throughout this vital financial decision, ensuring it is tailored to your unique circumstances, and simplifying the entire process.

How do we compare

The Bank
Average Broker
Hello Mortgage
Can search The whole-of-market
No initial advice fees
Exclusive broker-only rates
Can give advice on Equity Release
Out of hours appointments
Directly Authorised by FCA

Find a broker who can search the whole-of-market to find you the best mortgage rate

When embarking on the journey to find the perfect mortgage rate, it's crucial to work with a broker who is a whole of market broker, as they possess the ability to search the entire marketplace to find the best deal that is tailored to your specific needs. These professionals enjoy the unique advantage of having access to a comprehensive range of mortgage options, offered by numerous lenders spanning across the market. In contrast to brokers who work solely with a limited range of lenders, a whole of market broker is more likely to provide you with unbeatable rates and bespoke guidance. By entrusting a whole of market broker with your mortgage needs, you can alleviate the stress of navigating countless offers and rest assured that you will secure the most favourable terms available.

Why should you use Hello Mortgage as your mortgage broker?

If you are looking to secure the best mortgage deal, Hello Mortgage is the go-to broker for all your needs. With their wealth of experience and knowledge, they cover the entire market, ensuring they find the most suitable mortgage product for you. As a client, you can breathe easy knowing that they are directly authorised by the Financial Conduct Authority (FCA). Furthermore, Hello Mortgage is dedicated to offering you top-notch service by providing free initial advice, granting you access to intermediary-only mortgage deals, as well as customising weekend and out-of-hours appointments to fit your schedule. Their certified advisers, with a minimum qualification of CeMAP III and CeRER, make sure that you fully understand the process and receive the best possible guidance. And for those in need of a conveyancing firm, Hello Mortgage partners with an exclusive discounted firm, saving you even more money and stress. Make the right choice by choosing Hello Mortgage as your broker, and leave your mortgage concerns to the experts.

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