This guide was last updated 12 May 2023
For those who want to take out the biggest loan they are ever likely to have without obtaining any kind of advice then the internet is a wealth of information. At Coreco we regularly publish new mortgage guides and blogs giving advice but we can’t account for everyone’s personal situation. This is where a mortgage broker’s expert knowledge and advice come into play.
The decision to hire a mortgage broker can be tricky – how can you know if the investment will be worthwhile? Usually, people only think about the value of a broker in monetary terms and, while it’s likely that a mortgage broker will save a borrower money in the long run, the short-term fees can be off-putting. But mortgage brokers offer more than just saving cash. Here are some examples of areas that are made easier with a mortgage broker.
Perhaps the most useful thing a broker can do – it’s the key service they provide, after all – is offering a wide range of mortgage products. Lenders often have a range of broker-specific deals and, in addition to that, brokers often have access to more lenders than those on the high street, offering borrowers a wide spectrum of deals to suit their requirements. Coreco, for example, have access to over 12,000 products from over 90 different lenders – that’s a big choice!
Brokers can tell you in seconds what the cheapest rate in the market is. At various times this will vary between a direct-to-lender product or a broker-only deal but this misses the point. Can this product actually be attained and is it the best to fit your personal circumstances? Simply choosing the cheapest product does not take into account the myriad of personal requirements and future flexibilities a client may need.
Through a simple conversation about your personal situation, brokers will begin to build a profile of your unique requirements. They’ll know what products are available like the back of their hand and are qualified to offer advice accordingly.
Every day we hear tales of woe from all areas of the consumer market about people who bought the cheapest products which turned out to have a sting in the tail and cost a lot more in the long run.
A good professional mortgage broker provides a service that a borrower cannot obtain directly from a lender, and certainly not from a comparison site. Neither of which actually advises on all of the best products in the market. What’s more, a broker will have exclusive access to deals that are not available to the mass market, they’ll also be able to talk about direct deals as part of their overall analysis.
As an example, Coreco has access to over 12,000 mortgage products from over 90 different lenders, so whether it is a High Street lender, Private Bank, “Broker Only” lender, or a specialist lender for borrowers with more complex requirements, there is bound to be a product out there that is most suitable for you and your circumstances.
A mortgage is one of the single biggest financial commitments a person can have in their lifetime, so do you really want to make that decision on your own? For those who are happy to go it alone, we live in a digital age where the internet is a wealth of information. However, the cheapest product does not necessarily take into account the myriad of personal requirements and future flexibilities a client may need.
There are two key themes here, choice and advice. A professional broker will be able to look at every product on the market as well as some that are available exclusively through the mortgage broking market only.
When it comes to seeking advice from lenders, they can only talk about their own products and many will not provide perhaps the most important bit: advice. A mortgage is the largest commitment that most people will ever make and to do this without taking full advice and comparing all the options available is a risky game, especially with all the small print and fees that surround mortgage products.
First-time buyers, who may need a hand to hold throughout the process, should always look to obtain proper advice from a professional broker. Similarly, for high net-worth individuals, the whole range of highly competitive products available through Private Banks that offer a blank sheet of paper approach to underwriting, remain the preserve of the more respected broker.
You can trust a mortgage broker to put your best interests first, but if they don’t or let you down in any way, you could be compensated. It’s in the broker’s best interests to offer you fair, honest advice. A small fee paid to a broker can still save thousands of pounds over the term of a mortgage or avoid costly penalties in the future.
We see ourselves as the “fulcrum” of the transaction. The one party in the transaction that looks out for and works solely for you. We orchestrate the journey, dealing with the Estate agents, solicitors, lenders, and valuers, and can be seen as your guide, educator, general councilor, (even marital guidance counselor in some cases), or just the one person to shout at!
We make sure your home-buying or remortgage journey is smooth, informative, and even fun.
Shopping around for what you want always has the same problem, no matter what it’s for. You will look at all the best deals in one area and then move on. Except when you’re looking at the next area, there’s no telling what new offers have come out where you were just looking! Thankfully, for mortgages at least, a broker can help out, because part of their job is to identify the best deals as soon as they become available. This could offer new avenues for buyers looking for a mortgage.
We’ve talked a lot about paperwork on our blogs before, such as this list of the paperwork you’ll need to get a mortgage. It’s one of the more frustrating aspects of mortgages because a small mistake can mean the difference between approval or rejection. Looking through it and being certain everything is present is a pressured and thorough process, but a mortgage broker can take that pressure off your hands.
What you’re really buying when you hire a mortgage broker is convenience. Applying for a mortgage usually means a huge amount of legwork and research that can overshadow everything else in your life. Brokers are happy to take the reins on your mortgage application, do all the research, and then explain the best options for your situation. Removing that burden will make for a more pleasant buying process with minimal stress.
As we’ve discussed already, brokers are great for making sure that your application isn’t rejected, both by ensuring you are applying for the right deal and double-checking your application documents. One great advantage of this is that, because brokers know which lenders are most likely to offer a deal, there is less chance of your credit rating taking a hit due to repeated rejections from lenders.
Brokers don’t just offer mortgage deals – many of them offer a range of services relating to property ownership. One example is insurance. Coreco has many contacts offering great deals on both life and home insurance. Since property insurance is usually necessary to get a mortgage, you will need to look into it. But with buying a house as your top priority, insurance can fall down the to-do list. Your broker might be able to help out with the burden of hunting down insurance deals.
Your mortgage requirements could be more specific than a traditional mortgage. There are many options of lender for a first-time buyer or a buy-to-let, but an overseas mortgage or a large development mortgage requires specialist lending with loans from those who are familiar with specialist mortgages. For high net worth individuals, the whole range of highly competitive products (sometimes market leading) available through Private Banks – of whom offer a blank sheet of paper approach to underwriting – remains the preserve of the more respected broker.
These are very difficult to find without broker assistance and, in some cases, it’s even necessary to contact the lender via a broker. A good broker will have a host of specialist lenders and private banks who are experts in these kinds of mortgages. You can find out more about the range of mortgages we can help with on our Specialist Mortgages page.
For those who are generally time poor, or need to move quickly, the service a broker provides can take the pain and hassle out of the process and ensure that deadlines are met without you breaking a sweat. Securing the property of your dreams often means moving quickly and many larger brokers have access to the underwriters themselves to discuss any complexities with a particular case from the very beginning, rather than having to go through the layers of process that walking into a branch often entails. This can be invaluable if you were previously facing the lengthy process of walking into a branch, waiting for an appointment, and then waiting even longer for any kind of decision. It also means any potential issues can often be anticipated and the whole process smoothed.
Helping a busy client to complete the mortgage application, preparing all the documentation and liaising with the lender, valuer, estate agent and solicitor to ensure deadlines are hit is a time consuming process and this is all part of the brokers service.
And it is not just the product rate that is important, often knowing which lenders are able to proceed quickly and which ones have a paperwork backlog can be the difference between actually getting the property you want vs losing out. We have our pulse on the market and often get to know in advance if products are being pulled or if better ones are about to be launched, ensuring you have access to information you just won’t get on your own.
Lastly, if your application is rejected for any reason and you have been applying independently, you will need to restart your application process with another lender. Brokers, on the other hand, can take your application and reapply it directly to a new lender, saving you time and effort and, potentially, making sure you don’t miss the window of opportunity to secure your property!
There is also the aftercare service; not only looking at how clients can ensure they are able to both repay the loan and protect their new home, but advising them each time their product comes up for renewal or their circumstances change mid-term. By using a broker from the beginning they will be able to advise you how best to move forward when you circumstances change or your product comes up for renewal.
We know that people do not buy what you do, but why you do it.
We genuinely believe that there was a better way to speak to and advise clients in the mortgage market. We don’t hide behind suits and ties, use complex jargon or make out that everything is more complex than it really is. Instead, we have a refreshingly down-to-earth approach that proves that mortgages, though often overwhelming, is not rocket science.
Our aim is to empower our clients to make better financial decisions and to look after them throughout their life, wherever their financial journey takes them.
We also believe that our clients like to see their values reflected in the companies they do business with, but done authentically and with a passionate belief in what they are doing rather than just ticking a box.
Coreco is proud to be a long-standing signatory of the Women in Finance Charter and are strong advocates of equality, diversity, and inclusivity. We offer a home to all clients and employees, whatever their ethnicity, social background, gender identity, disability, or belief. You can find out more about equality and diversity at Coreco.
At Coreco, we are also passionate about working towards a happier, greener future and protecting our beautiful planet. You can see more of our sustainability mission.
Coreco is an equal opportunities employer and is fully committed to a policy of treating all of its employees and job applicants equally. Coreco is very proud to be a co-founding signatory of the Mortgage Industry Mental Health Charter (MIMHC).
All of this is hard-wired in our DNA.
At Coreco we pride ourselves on our professional service. The days of a broker simply looking down a list of products, pointing at the cheapest, and pocketing the commissions are thankfully long gone. As mortgage criteria toughen and regulations are tightened, qualified, reliable, and respected mortgage advisers who provide genuine advice and proper relationship-based services are, and always will be, in demand.
Don’t just take our word for it, check out our testimonials from hundreds of happy clients.
Give us a call on 020 7220 5110 or fill out the form below to arrange a no-obligation chat! If you need any additional help please do ask and we will make sure we are able to accommodate your needs.
Your home may be repossessed if you do not keep up repayments on your mortgage.
A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495