Should I use a mortgage broker?

A guide to using a mortgage broker by Furness Building Society

The mortgage market is incredibly competitive.

There are many different lenders like us here at Furness, as well as a wide range of different products and rates. 

That can make it difficult to work out your options, whether you’re a new or existing homeowner. 

 

This is where a broker can come in. A qualified broker will assess your personal and financial circumstances and help you identify the mortgage provider and product that’s right for you. 

This guide will help you understand the benefits of using a broker and how to get the most out of the relationship. 

What is a mortgage broker?

A broker is a mortgage advisor, sometimes referred to as an intermediary or ‘middle man’.

They work directly with you to help you decide the type of mortgage you need based on your current situation and future outlook. Then they’ll find a deal that matches your criteria and arrange the mortgage for you with the lender.

Who can use a mortgage broker?

Whether you’re remortgaging your current home, moving to a new home or if you’re a first time buyer, you can use a broker to help you find a mortgage.

You may also find our First Time Buyers Guide to Mortgages or our Guide to Remortgaging helpful if you’re about to commence either of these processes.

What can a broker do for me?

A mortgage broker can guide you through every stage of finding and applying for a mortgage. This includes assessing your financial situation, suggesting the most suitable mortgage for your needs and searching the market to find deals that meet your requirements. 

 

Different lenders provide loans based on different criteria. This means that as a result of your circumstances, you may be eligible for a loan from one provider but not another. Qualified mortgage brokers will know specific details about lenders you may not have heard of yourself as well as the different criteria that determines whether or not they’ll lend to you. 

 

For example, if certain lenders don’t provide loans on particular types of property or to those with unusual income situations, a broker will know and will often be able to recommend a different lender who does. 

 

A good broker will also get back in touch with you when your deal is nearing the end of its term and will support you through the remortgage process. 

Other broker benefits

Covid-19 impact

Going direct to a bank or building society

Are there different types of broker?

Brokers’ fees

Lenders that don’t work with brokers

How to pick a broker?

When should I appoint a broker?

Next Steps

You may find further information and assistance at our specialist Trust Your Broker website, designed purposely to help homebuyers make the most of the broker experience. 

 

Do you have any questions?  

At Furness Building Society we work with a large number of brokers as well as having our own team of mortgage advisors. They’ll be able to discuss the benefits of using a broker with you and answer any questions you may have. Please get in touch by visiting us in branch or giving us a call on 0800 834 312.