There’s a bewildering array of mortgage products available at any one time. Each of them will have different terms, not to mention diverse features and benefits. A mortgage lender will only show you their specific products; which means you could be missing out on a better deal elsewhere.

By contrast, an impartial mortgage brokerr will explore the full range of options on offer and provide recommendations, based on your specific circumstances.

Lack of bias

You may be an existing customer of a bank or building society, and your instinct may be to arrange a meeting with them as soon as you need a mortgage. While your existing lender may well have a great deal for you, there’s also a significant chance that their mortgages won’t be the best ones out there.

A reputable mortgage broker acts with a complete lack of bias. Rather than promoting a particular product, they’ll examine the mortgages on offer without seeking to ‘push’ any of them to you. This impartial approach means that you’re more likely to find the right loan for your needs.

Specialist software

Most mortgage brokers have tailored software, designed to identify the most suitable mortgage products in a matter of seconds. This swift, targeted approach is useful for getting results quickly, and saves you the hassle of sifting through the information yourself.

The software is designed to present customers with a range of choices; not just one or two. A good broker will then go through them with you, outlining the benefits and potential drawbacks of each one.

Personalised approach

A mortgage lender that’s focused on selling you one of their products is less likely to be interested in your unique circumstances. Likewise, finding you the right deal might not be their top priority. A mortgage broker will go to greater lengths to find out your exact circumstances. They’re not financially motivated to sell any particular product, which means they’re free to focus on finding a loan that will genuinely work well for you.

Protection

A mortgage broker has a duty of care when working with clients. This means that they’re obligated to offer a range of mortgages that are best matched to what you really need, and they must be able to justify these recommendations if required.

Failure to offer appropriate advice can result in a complaint being filed against them – so it’s a duty that all reputable mortgage brokers take seriously. If you find yourself in the rare situation of needing to file a complaint, you may have the right to seek compensation; which may be harder with a bank’s mortgage lending service.

Is a mortgage broker right for you?

A mortgage broker might charge a fee for their services (or receive commission from the lender that you decide to take a mortgage with). However, their personalised advice and recommendations are valuable, and are likely to help you financially in the long-term.

The key difference is that a broker works for you, not the bank or building society. This non-partisan approach ensures that you end up with a mortgage that benefits you.