What does a mortgage broker do?

Receiving mortgage advice from an independent mortgage broker can be invaluable to you. Most mortgage brokers will be able to offer to advise you on life insurance, critical illness and income protection, ensuring you are properly advised how best to protect your debts and lifestyle.
A mortgage broker is regulated by the Financial Conduct Authority just as any bank or any other financial institution would be, now that they are regulated in this way they also have to have minimum level of qualifications. This gives the consumer reassurance that you are in good hands and protected, Mortgage Brokers have a duty of care to you and your family. When they make a recommendation, they must ensure that the recommendation is the most suitable for you based on your needs and circumstances. They have to justify why they have chosen that particular mortgage for you. If the advice you receive is proven to be wrong then you have the right to complain and be compensated.
Their role is to advise and recommend to you the best mortgage available based on your needs and circumstances.
A mortgage broker is on your side, they will need to know your personal and financial situation to be able to make a recommendation. They will assess your affordability and budget and from this be able to recommend the most suitable solution from the options.
The clear benefit of using an independent broker is that they can look at the whole market in a snapshot, compared to attempting to search by yourself.
Independent brokers have access to all familiar high street lenders but have access to some lenders who are broker only lenders and often have exclusive special deals.
It is important not to under estimate the importance of advice and the protection it brings you.
Mortgage brokers just like legal professionals are highly regulated and for the consumer this should bring peace of mind
Your Mortgage broker will also carry out the following:
• Submit your mortgage application to the lender
• Supply your lender with your supporting documents
• Chase the lender and deal with any questions
• Liaise with all parties involved in the transaction
• Offer you ongoing help and advise