7 benefits of using a mortgage broker

Applying for a mortgage can be intimidating, stressful and expensive - but using a mortgage broker can help. Here’s 7 key benefits of using a mortgage broker.

A man and a woman speaking to their mortgage broker whilst reading off a piece of paper and a laptop

Buying a new home is an exciting time, but it can also be a little intimidating if you don’t have the right knowledge and support to help you through the process.

One of the ways that many people get assistance when buying a property is using the services of a mortgage broker, who provides advice and recommendations on choosing the right product. In the UK, we rely heavily on brokers, with around 80% of mortgages secured after taking some form of advice (FCA).

While it’s one thing to choose a broker just because that’s what other people have done, it can be helpful to know exactly what advantages using one will give you. With this in mind, here are our top seven benefits of using a mortgage broker.

You’ll save time

Researching the mortgage market for the right deal can be very time consuming, which is fine if you have quite a few hours going spare. However, when you’re planning to buy a house around your daily life, your free time can get squeezed.

If you use a broker, you’ll be getting advice from someone who already knows the market and will spend time scouring it for a good deal, which means you don’t have to.

You could save money

In addition to time, you could also save money by using a mortgage broker. Not only are you getting an expert who can find a good deal, but you’re getting someone who will assess your needs and make a recommendation that is right for you financially. A good broker will also look beyond the best rate and take any applicable fees into account.

You’ll get access to more products

In many cases, mortgage brokers can give you access to a wider range of products than if you were to research the market yourself and look at a lenders’ offerings. Your broker is likely to be connected to a professional network within the sector, and they may even be able to offer products that aren’t available to the general public.

You’ll get expert financial advice

In the UK, all mortgage brokers need to be certified, so you can be sure any legitimate professional you speak to will be suitably qualified. They also have a duty of care to you, their customer, meaning they’re on your side. Put these two together, and you have an expert in their field who will do their best to give you great advice.

You’ll get help with paperwork

Applying for a mortgage usually means that there will be lots of paperwork to complete, whether it’s forms to fill in or your own records to sort through. With a broker on your side, you’ll have someone who knows exactly what documents you will need and what forms have to be filled in — their help can certainly make life easier.

You won’t have to handle the application

Along with advising you on paperwork matters, a mortgage broker can also handle the application process and keep you informed of its progress with a lender. This can be invaluable at such a busy time of your life, leaving you free to focus on other details that could do with your attention. They are also used to spotting delays and chasing them.

You can get help with essential insurance

When you take out a mortgage, it’s highly recommended that you apply for insurance to protect you in the future. The likes of life, home and critical illness insurance can help to ensure that you and your loved ones are taken care of if the worst should happen.

This is an area that your broker can usually help you with as well. In addition to giving you mortgage advice, they can typically advise on what insurance products will be best for you, as well as helping with the subsequent applications. It’s another service they can provide to make your life much easier.

Here at Atom, we want you to find a product that’s the perfect fit, and that’s why we offer our mortgages exclusively through independent brokers. They will give you the right advice and recommend the best deal, even if it’s not with us.

Find a broker near you today

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