Mortgage Brokers - Who do I use?

When it comes to securing a mortgage, you have three options: approaching a bank directly, utilizing online marketplaces, or engaging the services of a Mortgage Broker. Your choice will ultimately depend on your personal circumstances, but generally speaking, most people stand to gain the most from partnering with a Mortgage Broker. Nonetheless, it's essential to explore all available options.🤔

Opting to deal directly with your bank, especially one you already have a relationship with, might initially seem like the best option. Depending on the size of the bank and your existing relationship, this could be advantageous 🏦. However, for many, the reality is that you may end up as just another set of numbers on an application form. The biggest drawback of approaching banks directly is that you will need to apply individually to each one to secure the best terms and rates. Alternatively, online marketplaces allow you to compare offers from a wide array of banks at the click of a button - but they lack the personal touch to set you apart, which might be the way to go if your financial situation is more straightforward 👍. Eg. you have the down payment in the UK, a stable monthly income from one source (no bonuses), buying with a partner, and no debt or financial obligations.

✅ At Clear Chain, we find that working with an individual mortgage broker will often result in securing the best rates, and they can offer you personalized assistance. This can be particularly helpful for those with financial situations that are out of the ordinary. This avenue also gives you a person to talk to and guide you through the application process🗣️. It's important to note that there are two types of brokers: those you pay directly and those who receive compensation from the lender. It's crucial to understand which one you're dealing with so that you understand their motivations throughout the process 👀.