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What are the benefits of using a Mortgage Broker?

By David Baker

  • Mortgages

The various stages of getting a mortgage can be very time-consuming and confusing. That is why, like many things in life, getting in touch with an expert can be extremely useful. Our mortgage brokers have the knowledge, connections, and expertise to find a solution and help get you on the property ladder.

The role of our mortgage brokers is to arrange a mortgage between you (the borrower) and the mortgage lender. Once you have chosen to work with us, we go through the various steps below to help you on your journey:

Step 1: Assess your financial situation and look at your affordability:

Before the process can begin, it is our role to make sure you are financially able to commit to a mortgage. We will ask you for some financial information, and if we do not feel you are ready, we can suggest some solutions to help get you there.

Step 2: Discuss the different types of products available to you:

Once we have assessed your financial situation, we can determine which product best suits your affordability. Many clients we help have second homes, buy-to-let properties, above-average loan values, and bonus income, making an application more complex. We deal with situations like these daily and can help arrange a product that suits you.

Step 3: Search the market and find the best solution for you:

We are ‘whole of market’, which means we have access to many lenders and are not tied to a specific lender. This means we can find a solution that works for you. Due to our experience and contacts in the mortgage market, we can often find you a product you wouldn’t be able to get without using a broker.

Step 4: Help you with paperwork and talk to the lenders:

Using a mortgage broker can also be very time-efficient; we can speak to the different lenders for you, explain any required paperwork, and chase any queries or concerns.

Step 5: We are there for you throughout the journey:

The mortgage process can sometimes go on for an extended period. We are here to help; we can provide you with invaluable advice and explain any mortgage-related questions you have.

Step 6: Recommend and help you get in touch with additional services:

We can get you in contact with recommended solicitors, surveyors and insurers. We can save you time and help you get connected and set up with the additional services needed to get a mortgage.

We do things differently here at LIFT:

Some brokers always charge a fee. reports, “Mortgage Broker’s fees can vary from around 0.3 per cent of the loan size to as much as 1 per cent – no one should ever be asked to pay more than this. So, for an average-size mortgage of £150,000, a fee at 0.3 per cent would be £450”. In addition to this, they receive a commission from the bank for introducing the client.

At LIFT, we do not tend to charge a fee if the commission from the bank covers our minimum charge. This is typically a minimum of £750 but can be more for complex cases.

Get in touch:

Our clients tell us they are delighted with the service we offer. We’ve built a team and designed a service to make the whole process as painless as possible. We aim to give you an unrivalled service; our client feedback tells us we’re doing that.

As soon as you’re thinking about a move, approaching your remortgage date or considering investing in a property for income, talk to us. We can help you organise your finances before applying and explain the options available. Get in touch.

Your home may be repossessed if you do not keep up repayments on your mortgage.