Using a Contractor Mortgage Broker rather than going straight to the lender

8th May 2019

If you’re looking to buy a new home, you may be asking yourself whether you should use a Contractor mortgage broker or go directly to the lender? Having an expert mortgage adviser work for you can save you time and hassle but, is it worth the fee?

 

Why should I use a Contractor mortgage broker?

 

They will actually help you find the best deal

There is a common misconception that using a broker costs more because they offer you the most expensive mortgage in order to receive higher commission from the lenders. However, since the 2014 Mortgage Market Review, there has been a tightening on the rules and regulations regarding mortgage affordability checks, qualification of all mortgage brokers and the information brokers must provide to borrowers about their service. So all mortgage brokers (including Contractor mortgage brokers) must recommend a suitable mortgage and be able to justify why the particular mortgage they have chosen is right for you.

 

 They are qualified

Mortgage brokers must be CeMAP qualified to give you any form of advice, so you can rest assured that you are receiving compliant and regulated information and, if you feel you aren’t, you can of course contact a regulatory body to complain.

 

They’ll be on your side

A Contractor mortgage broker will always be on the side of the client rather than the lender. They work to find the best deal for you and, because they have access to the whole of market, you’ll receive unbiased advice and have the option to choose from a range of lenders and products rather than being restricted to the single range of a particular lender.

 

They know what’s happening

As previously mentioned, there have been some changes over the last few years with the Mortgage Market Review tightening the strings around mortgage affordability, as well as changes to the Help to Buy schemes. A Contractor mortgage broker will be up to date with all the changes happening in the market and able to inform you and your mortgage process accordingly.

 

They understand how you work

We understand that as a Contractor your time is limited. That’s why we do all the leg work for you to find the best, saving you time and the hassle. Best of all, unlike most lenders, a Contractor mortgage broker knows how you work or how you pay yourself so we use your day rate to assess how much you can borrow. For a rough idea check our or borrowing calculator.

 

It’s not all about the mortgage

Not only will you receive an expert service regarding your mortgage but a Contractor mortgage broker will look at any other related insurances you may need. From Life Insurance to Buildings and Contents, it’s important to be protected as you can never know what may happen in the future. A Contractor mortgage broker will recommend insurances to make sure your loved ones and your property are fully protected in the event of

  • Death
  • Critical illness
  • Loss of income due to sickness

 


When you’re looking to get a mortgage, it’s crucial to get the right advice. When you go directly to a lender, you may not get the best deal or work with someone who understands your unique circumstance. Mortgage advisers at Broadbench search the whole of market to find the right mortgage for you and understand how you work. Get in touch to see how we can help you.  

All content is accurate at the time of publication

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