A guide to using a mortgage broker

Buying a home is an emotional experience. From giddy excitement to anticipatory anxiety, the journey to home ownership is not for the faint hearted. Using a mortgage broker to find the best deal for you can be a great way to get the right advice and keep you on track.     

In this guide, we'll walk you through the process of using a mortgage broker, explaining their role, the benefits they offer, and how they can assist your journey to securing a mortgage with Hodge. 

What is a mortgage broker and what do they do? 

A mortgage broker is like your own personal shopper, who is qualified to help find a mortgage tailored to fit your unique financial circumstances. They’ll not only act as an intermediary between you and the mortgage lender but also use their wealth of expertise to help you understand the buying process. The advice offered by a good mortgage broker will be comprehensive, impartial and regulated, ensuring you find the right lender and mortgage terms for you.  

What are the benefits of using a mortgage broker? 

Mortgage brokers can save you time, money and potentially a lot of stress when it comes to the complexities of buying a home.  

Saving you time 

They’re specialists in their field, with access to a network of mortgage lenders. They use their experience and loan origination software to search the market and provide a range of options to meet your mortgage needs.  

With a mortgage broker your affordability will be accurately assessed so you can be confident the loan amount offered will be what you can afford to borrow. Your mortgage broker will also help prepare your application, maximising your chances of being accepted by your chosen lender first time round.  

Saving you money 

The house buying process is expensive, so being able to pay less on interest and broker fees is a winner, and mortgage brokers are there to help you do this. Your mortgage broker will search for the best mortgage solution for you, accessing mortgage deals across the entire market, giving you more options than going direct to a lender. In addition, many brokers won’t charge a fee, they’ll be paid instead through commission or a procuration fee through the lender of choice. It’s worth remembering that while some brokers may charge you a fee for their time, your savings could be significantly higher in the long term if they’re able to access better mortgage deals compared to the upfront cost. In most cases, it’s likely using their expertise will find you better mortgage deals than you might discover on your own. 

Saving you stress  

Purchasing a home can be undoubtedly stressful. Moneybox research found almost four in 10 homeowners (37%) said buying a home was one of the most stressful life events they had experienced. From finding a home and fretting the sale won’t complete, to the admin which comes with the process and the actual task of moving, it can really feel like a big undertaking.  

Mortgage brokers can hold your hand through this process. They can explain the various mortgages available, the financial jargon and what different types of deals will mean. Mortgage brokers can also offer guidance on other related aspects, like solicitors and surveyors.  

Who can use a mortgage broker? 

Anyone in need of a mortgage can benefit from using a mortgage broker. Whether you're a first-time buyer, a homeowner looking to remortgage, or an investor, a mortgage broker can tailor their services to your specific situation. A great place to search for independent, financial advice is unbiased. 

When should I seek a mortgage advice? 

The application process can be more challenging for first time buyers to those unfamiliar with the process. It’s always recommended to seek mortgage advice early in your homebuying journey. Whether you're planning to buy soon or just exploring options, a mortgage broker can provide valuable insights. 

Speaking to your mortgage broker before you’ve started your property search can start your home buying journey off on the best possible footing. As experts, they can assess your individual situation, advising you on your purchasing capacity, so you can view suitable and affordable properties right from the start. Mortgage brokers can also give you a Mortgage Decision in Principle, a necessary requirement when you decide to make an offer on your future home! 

The process of using a mortgage broker to get a mortgage with Hodge 

At Hodge, we want your mortgage application to go as smoothly as possible. We know your time is precious and you’re eager for the best outcome. That’s why every mortgage application a broker submits is reviewed by a person and not just a computer. We use a common-sense approach and review each case on its own merits so you can be confident the right decision has been made. Once your mortgage broker has your Mortgage Decision in Principle from us, and you're able to verify the details given, subject to valuation, you can rest assured your case will complete quickly and easily. 

Find out more about finding a mortgage broker and how Hodge can help here. 

This article is correct at time of publishing and for general information purposes only. We recommend you speak to a professional financial adviser for advice. You can find a financial adviser and further personal finance information at unbiased.co.uk.