Why should you pay for a mortgage broker?
Getting a mortgage is probably the biggest purchase you’ll ever make. That’s why most people get the help of a broker. It’s a big market out there, and not all will ask you to cough up cash. So why do some brokers charge fees?
There’s no shying away from the fact that the mortgage process can be confusing and stressful. It can be even more stressful if you have any kind of bad credit issues, or a complex income from being self-employed.
Our research showed that over a third of Brits (35%) feel they wouldn’t get a good mortgage deal by themselves, and are worried about the stress of applying. Mortgage brokers are there to guide you through the whole process - from application. This includes taking on the admin and paperwork tasks, researching the best mortgage deal, and dealing with the lender. Here's 6 reasons you should work with a mortgage broker.
Are free brokers good?
There are some pretty big mortgage brokers out there that don’t charge fees. At an already expensive time, it can seem like a no-brainer to save on this cost. If your case is simple, it’s probably an easy option.
But most free brokers won’t be able to help you if your situation differs from the norm in any way.
Fee-free brokers are set up to turn cases over quickly and get their commission from mortgage lenders, so they’ll only want to take on the simple stuff such as applicants with squeaky-clean credit who work a 9-5.
They also use a lot of automation when it comes to decision making, designed to halt any applicants who have poor credit or complex incomes such as contractors or freelancers. And that’s when the specialists step in.
Fee brokers vs free brokers
Specialist mortgage brokers - like Haysto - are set up specifically to deal with applicants who would struggle to get a mortgage on the high street. If you have a low credit score, or are self-employed, you need someone who’ll listen to the story behind the numbers. Someone to find you a lender with experience lending to people just like you.
Trickier cases take time and expertise. There’s more work involved in finding the perfect lender and putting together a fab application. That’s why nearly all specialist mortgage brokers will need a fee for their services. It’s a niche, a specialism - and experts are worth every penny.
When working with a Haysto Mortgage Expert, how much you'll pay depends on your unique situation. If they can’t help you, you don’t pay a single thing. We're not the cheapest, but other brokers can’t do what we do.
When you work with us, you’re paying for your Mortgage Expert's time and expertise. The fee you'll pay reflects the complexity of your situation. Working with a specialist saves you far more money in the long run.
If you don’t work a simple 9-5 or have squeaky clean credit, the odds aren’t in your favour. Our team has spent years getting to know specialist lenders - the ones that use human underwriters and treat customers as individuals. Our experts have seen it all and have a proven track record of getting mortgages for people who’ve only ever heard "NO".
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We might be biased, but we think brokers are worth every penny. Buying a home is the biggest financial commitment you’ll probably ever make, so it’s best to pay that little bit extra and have someone there to guide you through it. Even the Financial Conduct Authority found that 75% of people who took out a mortgage through a broker said they got a better deal than if they were doing it alone.
We’re not free, and we’re not the cheapest. But we’ll be with you every step of the way, and help you out when nobody else will.
WE MAKE MORTGAGES POSSIBLE
Our Mortgage Experts are fully-qualified with experience in bad credit, self-employed and complex mortgages. They have a proven track record of getting mortgages for people who’ve been rejected elsewhere.