The role of a mortgage broker
As experts in the field of lending, a broker can advise buyers who require a mortgage for a property they would like. Make sure you chose a whole of market broker who is regulated by the Financial Conducts Authority (previously the FSA) A broker will explain the numerous mortgage types and various services and give relevant economic advice and answers on interest rates and property prices. The broker will search the whole of the market to find you the mortgage which is best suited to your needs and requirements.
Some brokers will charge a fee for their services when the mortgage is arranged, so check this in advance.
Finding a mortgage broker
The advice of those whose word you trust is very helpful in finding a reliable broker. If you think it might be tough getting a mortgage for a certain property, (for example, if the property is located in a commercial building), lenders may be wary.
Look in the local press or ask friends and family to recommend one to you.
When should I contact a mortgage broker?
Once you’ve viewed various properties in the area and decided upon one for purchase, it’s necessary to work out whether it’s possible to get a large enough mortgage to make it yours – this is the most suitable point to contact a mortgage broker. You may however wish to consider an appointment with a broker prior to house hunting to give you a general picture of how much you would most likely be able to borrow given your resources.