What are the advantages of visiting a mortgage broker?

• An independent mortgage broker will be impartial. The role of the broker is to find the best deal possible for you and your circumstances. An independent broker will not be affiliated with any lenders and is therefore in a strong position to find you the best mortgage.
• Tied brokers may offer a smaller selection of products than independent brokers, because they will be linked to one, or a few lenders. This may mean, however, that they are able to offer lower interest rates or better incentives because of this affiliation.
• Whether tied or independent, brokers are often able to offer better interest rates than are available if you went directly to the lender.
• Brokers may be able to recommend a solicitor to use for your property purchase.
• A mortgage broker is a go-between for you and the lender. He or she should be able to answer any questions you have and take some of the stress out of organising a mortgage. Following up phone calls, chasing up documents and posting forms – it is the broker who will be doing this, not you. This is particularly useful if you have a full time job and find it difficult to have time off.

How much will a mortgage broker charge me for their services?

Independent mortgage brokers charge fees of around £200, whereas tied brokers charge commission. Do your research to get the lowest price before you commit to any one broker.

If you want to swot up on mortgages, and have a list of questions to ask, try booking an appointment with a mortgage broker. An initial consultation should be free, and will help to clear up any confusion. If you then decide to save money by finding your own mortgage, without a broker, you will feel more confident.

Don't forget…

• To find out if the broker is affiliated to any lenders.
• To ask whether the broker charges commission or a fee, and what this is.
• To ask about any specific deals you have seen advertised, and if the broker can improve upon the deal offered.
• To check with the lender the broker has recommended, to see if you can get the same deal if you go to them directly. This could save you the mortgage broker fee.
• To ask how long it is likely to take between the first meeting and being lent the money. Follow this timescale, and if things are taking longer than expected, chase it up.
• You are paying for the services of a mortgage broker, make the most of it and do not feel guilty for asking questions and chasing up delays. Get your money's worth!