Should you use a mortgage broker that doesn’t charge you?

 

Last week we talked about whether you shouldn’t go to high street banks for mortgages, which is a mistake easily made by many first time buyers or new investors.

 

I learned my lessons by paying a high monthly mortgage, as well as suffering from a drop in my credit score. To revisit the original article, click here.

 

And the solution to that problem is to find a mortgage broker.

 

And if you google ‘mortgage broker’, there will be literally hundreds of them coming up in search results. Add the ones, you see across an estate agent window, or heard from a friend….

 

And there is one type that claims that ‘their services don’t cost you anything’. And they tell you that they get their fee from the loan providers not you.

 

Sounds good right?

 

But my experience has told me that the mortgage brokers that charge you tend to provide a better service. Here’re two main reasons why.

 

1.     The brokers that don’t charge you don’t have access to the full market. So chances are you won’t find the best deal.

 

2.     The brokers that don’t charge you don’t have YOUR BEST INTEREST in mind. Their best interest is to find whichever product that gives them the highest commission, not the product that gives you the best rates and loan to value.

 

The mortgage broker fee is typically less than £500, but a good mortgage product could save you thousands of pounds and more.

 

It’s easy to see which is the better option ;p

 

Good luck!

Emma

 

* Want the step-by-step action points, tools and scripts, to build an extra £2000/month income through property within 6-12 months? – CLICK HERE to book a free strategy session.