Should I arrange my own mortgage?

Financial data is very easy to come by these days and the internet has made access to information just a few clicks away. Information on mortgages and interest rates is easy to find on the internet and there are many websites who provide mortgage product details and best buy tables.

If your circumstances are straightforward then you may be happy using these sites to do your mortgage research. You can then apply online or wander down the High Street and see the lender who offers the best rates.

But how can you be sure that the mortgage deal you’ve seen is the right one for you? Are there mortgage options that would better suit your circumstances?

If you contact a mortgage broker then the scenario is somewhat different. The broker will ask you lots of questions initially to determine your current financial situation, your mortgage details and your future mortgage needs. The broker will then spend time researching all of the possible mortgages that fit your requirements. This can take time as there are many things to consider. The broker will then come back to you and recommend a mortgage that will be just for you.

Could you benefit from an Offset mortgage?
Do you need a reserve facility?
Do you need a mortgage without early repayment penalties?

Many people contact a mortgage broker when their circumstances are a bit unusual. This could be due to employment, past bad credit, lack of deposit or just a strange situation such as a family member selling a house under its true market value.

These types of scenario require some skill and judgement before an application is made to a mortgage lender. A broker will be happy to scour the mortgage market and speak to the lenders to ensure they will take your mortgage on.

The majority of clients who use a mortgage broker will often go back to them again when they need further mortgage advice. After all, the broker knows them and knows the mortgage market so why waste time doing it all yourself?