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Frequently Asked Questions
A mortgage broker works with the borrower and lender to arrange a mortgage. They are your representative who will negotiate and communicate directly with a mortgage lender to find you the best loan arrangement. A mortgage broker can help you to get a mortgage, whether you are a first-time buyer or remortgaging.
A mortgage broker is the go-between that sits between you (as a borrower) and a mortgage lender. The job of a mortgage broker is to work with both you and the lender to get you the best mortgage deal you can get.
The cost of a mortgage broker can vary, depending on the type of mortgage, where you are buying your home, and whether they are an individual or a bigger company. However, most mortgage brokers will have a fee that is based on a set percentage of your mortgage, which could mean you have a large bill to pay on bigger mortgages. At Harmony Financial Services, we don’t believe that in this so we charge a flat fee of £499 whether your mortgage value is £100’000 or £10’000’000.
You might need a mortgage broker if you have circumstances that make it difficult to be accepted for a mortgage from a high street lender. Whether that’s because you have a low deposit amount, have just started in your career, or have non-standard contracts and salaries. Because a mortgage broker has access to lenders that you can’t access as an individual, they can help to find you a mortgage that accepts your circumstances.
Because they have access to a lot more mortgage lenders that you (as an individual) can’t access, mortgage brokers can help you to be accepted for a mortgage no matter what your circumstance. They can also negotiate the best mortgage deals to save you money, and help to save you time by taking control of your mortgage process. A mortgage advisor can support every stage of your mortgage, from assessing your financial situation, liaising with lenders, creating your mortgage application, negotiating, chasing lenders, and completion.
Yes, mortgage brokers can save you money. By having access to more than just high street lenders, mortgage brokers can find and negotiate the best mortgage deals for your circumstance. This can help you to save money on mortgage fees and repayment costs.
It could be easier to get a mortgage if you choose to use a broker. That’s because your broker will have industry knowledge and access to lenders that you can’t access as an individual.
No, using more than one broker at a time could negatively impact your credit score. Using two advisors at the same time is never wise as multiple credit searches could lead to you not even being approved for a mortgage in the end. You should choose the best mortgage broker for you and stick with them.
Yes, your mortgage broker will need to have a full understanding of your financial situation, which will include a credit check. This is so that they can find the best mortgage deal based on your circumstances.