What is a mortgage broker?

Even if you are not a first time buyer, when you apply for a mortgage, the whole procedure can seem confusing and overwhelming.

That’s where your mortgage broker comes in.

They could save you time, effort and most importantly money by utilising their expert advice and mortgage knowledge to get you the best deal – a deal, perhaps, you would not have found on your own.

You’re probably thinking, “That all sounds great, but I bet it costs a bundle”. Well, no. If you choose a broker like London and Country, you can get all this and more completely for free.

What does a mortgage broker do?

A mortgage broker helps you understand the mortgage process and will try to get you the best deal.

They are your guide through the daunting prospect of deciding which mortgage is best for your situation. Your mortgage broker will also explain rates, the different types of mortgages and how long is best to borrow for.

There are three main types of mortgage broker:

  • Those who are tied to just one lender
  • Those who can recommend mortgages from a panel of lenders
  • Those who are completely independent and therefore not tied to any lenders

A handy tip: Some of the best deals can always be found by going to independent mortgage brokers like London and Country. As the UK’s leading independent mortgage broker, we are not tied to one particular bank or building society, so it’s in our interest to get you the best deal - and we’ll always have your interests in mind.

Once you have decided on a broker, they will start to gather relevant information for your mortgage application; similar to the paperwork a bank or building society would collect regarding your credit history. They will then use this information to tailor the best rate to your situation.

After this has been completed, the broker will submit the information to a lender and will converse thoroughly with both parties to ensure everything runs smoothly.

And as a fee free mortgage broker – you can’t say much fairer than that!

Fee-free mortgage brokers

I know what you’re thinking – a mortgage broker that doesn’t charge a fee? It sounds too good to be true!

In fact, we do receive a fee, but it comes from the lender when a new mortgage completes, not the borrower. A lot of mortgage brokers will charge you a fee on top of the fee they get from the lender, but not us. Using a fee-free broker is a great way to save money during an already costly process.

Just to be clear: there are no hidden costs for borrowers at all. For clarity, you can read our key facts page.

The important features

  1. A mortgage broker is sometimes able to secure a better rate for your mortgage than if you went directly to the lender yourself.
  2. If you want reliable, impartial advice then one of the best options is to go to an independent broker. That way you know they are not tied to one particular lender, and they will be able to give you balanced advice on a large range of lenders products and criteria
  3. We know that it is expensive to move house, but one of the best ways to save money is to go to a mortgage broker that is fee-free. This alone could end up saving you thousands.

Should I use a mortgage broker?

Yes, if you feel like you need one. They are invaluable for taking the weight off lenders in an already busy and difficult time. Even better if you can find a fee-free broker.

When you apply to London & Country you will have your own dedicated advisor.

One essential part of a mortgage broker’s job is to remain impartial. Their only concern is to find the best deal for you, completely tailored to your situation. Like us, most independent mortgage brokers are not associated with a particular affiliate, but if you are concerned this is worth checking before you sign any documents.

If you use a mortgage broker like London and Country, you could end up saving yourself hundreds in mortgage broker fees as well as securing a competitive interest rate.

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