Bank Or Mortgage Broker – Which Is Best?

Posted on: March 8, 2023

Some prospective homeowners believe that it’s a good idea to give mortgage brokers a wide berth when trying to secure the right mortgage deal for them, primarily due to the costs associated with their use.

However, it’s important to remember that skilled mortgage brokers, like you’ll find at Mindful Mortgages, have the knowledge and experience necessary to find you the most suitable (and cost effective) mortgage for you. Thanks to our expertise in the field, we could help you to save hundreds if not thousands over the term of your home loan.

If you’re still wondering why you should consider using the services of a broker rather than going to a high street lender or your bank direct, here are just a few of the key reasons to keep in mind.

Comparing The Whole Of The Market

The most significant advantage of using a mortgage broker is the extensive range of mortgage products and lenders that they can access. The benefit of having links to such an enormous pool of mortgage providers means they can compare and assess the various deals and products available to you and find the one that is most competitive when your specific needs and circumstances are taken into account.

Furthermore, if you work with a reliable and reputable broker, you’ll be able to access the most up-to-date products and offers immediately after they have been introduced.


Accessing Specialist Lenders

Some prospective homeowners are in unique situations or challenging circumstances and need to find a specialist lender. Perhaps you’ve got a poor credit history, or need a mortgage for an unusual type of property. In such cases, a high street building society or bank may not be able to assist you.

A broker, on the other hand, can access countless specialist providers that cover a wide variety of niches so, even if you have been refused a mortgage in the past, a broker can potentially not only find a suitable lender for you but also identify one that can give you the best deal to suit your individual circumstances.

At Mindful Mortgages we deal with a range of niche mortgages including offset, self-build, high net worth, contract workers, ex-pat, holiday homes, second homes, right to buy, help to buy, shared equity, shared ownership, smallholdings and more. You can find out more about these services here.


Giving You Expert Guidance

Many prospective buyers lack in-depth experience and knowledge in the mortgage field, so knowing where to begin your search for a mortgage can feel overwhelming. A broker’s help can, therefore, prove to be invaluable. A broker can explain which deals you can access, the advantages and disadvantages of each one, and give you advice about which is the best option for you.

Even more importantly, they can help you avoid any lender with unreasonable payment terms hidden in their contracts, while reducing the chance of causing damage to your credit score due to declined applications, thanks to their in-depth knowledge that enables them to suggest which providers have the best chance of accepting your application.


Finding Exclusive Deals

There are a surprising number of lenders who will only operate through mortgage brokers, and even some of the high street banks and building societies have exclusive deals only available through brokers. As a result, you’ll be able to access even more deals and lenders than if you carry out a search for mortgages independently, and you’ll be in the best position to obtain the best possible rates for you.


Greater Convenience

One final benefit of using a mortgage broker to find the right deal for you is the convenience and time saving that you’ll experience. It can be a time-consuming and laborious process to find your own mortgage deal, (and thats just the start!) but when you work with a mortgage broker, you’ll reduce the fuss and hassle significantly. You’ll only have to supply your details once, and your broker will handle everything from there, making it a faster and less stressful process from start to finish.

If you think you’d like to know more about the benefits of working with a broker, and find out how we could help you on your home buying journey, then we would love for you to get in touch. You can book a call with us here or if you’d prefer, drop us a message and we will get back to you as soon as possible.

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