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Home » 7 Advantages of Using An Independent Mortgage Broker

7 Advantages of Using An Independent Mortgage Broker

Ciarán Power
March 5, 2019
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Table Of Contents

According to a recent survey more than 70% of mortgage applicants prefer to use a mortgage broker. So why do so many people prefer to apply for their mortgages with a broker rather than just go to the bank? Here are seven advantages of using a mortgage broker.

Choice and independence

If you go shopping, you like to shop around for the best item at the best possible price. If someone was to say you could only buy that item from one shop this would stifle any prospect not only of getting the deal that is right for you but also finding out if there is anything better out there. You can of course go to various high street lenders to find a mortgage, but this can be incredibly time consuming and you’ll only be offered a limited choice of products. Using an independent whole of market mortgage broker means you will get a much better overview of what is available.

You get to sit down with an expert

Taking on a mortgage is a major financial commitment that may last you for the next 25 years or more. Most people who use a broker appreciate the extra time we put in to help find the right mortgage product. Yes, the bank or building society will arrange a meeting as part of your mortgage application, but this will be different to the pre-qualification process you go through with a mortgage broker. Your mortgage broker will take the time to sit down with you and really get to know your current circumstances. They will also have years of experience using different mortgage companies rather than just being limited to a single back or building society.


When you go to the bank or building society you can end up having more than one meeting. These meeting may initially be positive and can lead you to think the mortgage will be a formality. A mortgage application however is strictly regulated and if you fail any of the tests you may be refused a mortgage. This can even happen if you have a 5-star credit rating and naturally you don’t want this affected if your mortgage application is unsuccessful. A mortgage broker will be able to look at all the latest information on available mortgages without it affecting your credit rating.

A mortgage broker is on your side

A mortgage broker is ultimately going to be on your side. To be anything else just isn’t doing the job right. The purpose of a mortgage broker should always be to look at all the available mortgage products out there and come up with the best one to suit your financial position. Banks and building societies will only be incentivised to provide their own products narrowing your options in the process.

You save time

We’re all well used to getting things quickly online these days, but mortgages still require a good old-fashioned face to face meeting to go through everything required. Think how long it would take to arrange a face to face meeting with every mortgage advisor at every bank in your town or city, then arrange follow up meetings to see if you qualify. It takes a lot less time to get your mortgage broker to do all the running around. It’s what they’re paid for.

Better for specialist mortgages and finance

When you use a mortgage broker you gain access to a lot of expertise in all kinds of mortgages. From mortgages for the self employed to commercial mortgages and bridging loans and of course residential mortgages, a mortgage broker will be able to help you find the best solutions.

Lower interest rates

Typically, when you walk into a high street lender, you will get their rate of interest applied to your mortgage. This can often be high for new customers and if you end up tied into that high rate of interest you will end up paying thousands of pounds a year more than you should. In today’s low interest rate market, it should be much easier to get a lower rate of interest and a good mortgage broker will have access to lower rates that you will find when applying yourself.

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