What are the benefits to using a mortgage broker?

There are plenty of Buy to Let products out there and your own bank or existing lender may well have some attractive deals.

While it’s certainly possible to get a good deal by going direct yourself, you will struggle to have access to the whole marketplace and a difference of even half a percent on the interest rate could make a significant difference to your rental profits each month.

Other benefits to working with a broker

Using an experienced Buy to Let mortgage broker like our partner Embrace Financial Services has more benefits that simply helping you access the best possible rate:

• They can keep on top of new deals

Over the last few years mortgage rates have been offered and withdrawn at speed, so it’s extremely difficult to keep up with the new deals and rates without the help of a mortgage advisor that has access to specialist systems.  

• They can explain the pros and cons of different deals

It can be hard to work out which is the best deal for you when there are so many options and variables, including:

• The type of rate (e.g. fixed or tracker)
• The benefits and downsides of 2, 3, 5 and even 10-year fixed products
• Product fees
• Early repayment charge

A broker can explain all the things you need to consider, help you run numbers for different scenarios and make sure you don’t miss anything.

• They have specialist market knowledge

As an individual borrower, you can only see current mortgage deals. Brokers like Embrace Financial Services, on the other hand, often have professional insights into what’s likely to be coming up, new products and innovations, and how the market is forecast to change.

That means they can advise you on things like whether it’s a good time to lock down a rate, or if it might be better to wait a month or two to make an application.

• They know how to navigate individual circumstances

Because they’re used to working with different investors that have a whole range of different personal circumstances. That means they can anticipate potential issues before they become a problem, so you don’t waste time and money making an application that will be rejected.

This can be especially helpful if you’re self-employed and perhaps don’t have a job that fits into a specific category, or if you’ve had any issues with credit in the past.

• They can help ensure your application progresses smoothy and as quickly as possible

Once your application has been submitted to a lender, it can be tricky to get answers when you want or need them if you’re just another individual borrower. And if you’re under pressure to move things along, it can be frustrating because there’s often very little you can do.

On the other hand, experienced brokers often have relationships with lenders that mean they can access the right people more easily and ensure your mortgage offer is received as quickly as possible.

That kind of professional help can be invaluable, particularly if you’ve agreed a purchase price based on your ability to move quickly.

Professional mortgage brokers like Embrace Financial Services are duty-bound to give you the best impartial advice. 

If you’d like to find out more about a new or remortgage application or talk about any aspect of your mortgage borrowing, speak to our partner Embrace Financial Services.

You can arrange an appointment via our website for a time that’s convenient for you – whether that’s after work, early morning or even on a weekend – or call into your local Your Move branch.

Book a no-obligation mortgage appointment

Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.