Don't Get Ripped Off By Your Mortgage Broker

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Compare Several Estimates

Even if you have been recommended a particular broker by your estate agent, this does not mean that you have to go with them.

If you were to get a tradesperson to do a big job on your property, you would usually get a few different quotes to compare and you should take the same approach with your mortgage broker.

Rather than simply opting for the recommended broker or getting an estimate from just one broker, try at least two so that you can compare the costs.

They should provide you with a full breakdown of the fee that they will apply as part of brokering your mortgage deal, so you can see exactly how much you will be paying them.

Get Pre-approved for a Mortgage

If you are not too sure how much you can get approved for your mortgage loan, then it is a good idea to get a pre-approved mortgage.

This will allow you to have a better idea of the price range of properties that you will be able to look at.

There is no point looking at lots of properties and then finding out further down the line that your loan will not be enough to afford the price range that you are going for.

Additionally, whilst you are doing this initial process with a mortgage adviser, you will be able to decide whether you trust them and how helpful they are.

You should certainly ask the broker if they have access to all lenders in the U.K. or just a restricted panel of lenders.

Those brokers with truly ‘whole of market’ access are more likely to find the best mortgage product for you.

Some brokers may do the bare minimum work, whilst others may go well out of their way to get the best solution for their clients, so you can use these discussions to get an opinion on this.

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