What Are The Benefits Of Using A Mortgage Broker?

So today I went to meet my mortgage broker to discuss getting a mortgage and I was thinking “What Are The Benefits Of Using A Mortgage Broker?” so I Googled it and found the answer. I’m so glad I decided not to apply for the mortgage on my own. The number of financial factors to be aware of when applying for a mortgage can really trip you up. So what are the benefits of using a mortgage broker? Where do I start!


Great mortgage deal

After just 10 minutes sitting with my mortgage broker, we were able to search through hundreds of mortgage deals from loads of different lenders. He was able to filter the deals based on my eligibility and other factors.


I wouldn’t have been able to do this by myself, because I don’t have that mortgage software (and I wouldn’t have known how to use it even if I did!).


There is probably some comparison sites out there, but to be honest, I tried one and it asked a complicated question and tried to capture my personal details. No doubt I’d be hounded by lenders of advisers after then, so I just bailed.


Here’s some other benefits I found my mortgage broker gave:


  • Expert mortgage advice
  • They did most of the legwork applying to the lender
  • They were free (in my case)
  • They had experience in the different nuances of each lender.


In my case, it was a bit of a no brainer. I’m not a financial professional and to be honest I’m not great with numbers, so having someone to handle all that for me made a real difference.

I don’t think they are all free though, some do charge a fee under different circumstances so watch out for that.


It’s worth considering any disadvantages of using a mortgage broker too though. I think the main one for me was the feeling that the broker was considering his commission when looking for the best deal for me. It made me wonder, are there better deals online that don’t pay a commission to brokers, perhaps with a better interest rate?


For me at least, the pro’s outweight the cons. Worth a thought though. If you’ve got experience in the mortgage or financial services industry, then maybe it’s worth going it alone.

What Next

The next step for me is to provide all my documents (ID, proof of address etc) to my broker who can then submit the mortgage application.

I’m going to do that tonight, the broker has emailed me a link to their online portal which allows me to upload everything online.