Should you use a broker?

Well, firstly lets get my bias opinion out of the way.  Yes.

On to the facts, a mortgage broker will provide you with an expert opinion of mortgages available to him or her.  These do not include mortgages you can get by going directly to Abbey, Halifax or others.  Heres an example of where using a broker will be more expensive:

Brokered Mortgage:

• Broker fee £199
• Valuation fee £359
• Application fee £499
• Interest rate = 3.29%

Direct Mortgage

• Broker fee £0
• Valuation fee £499
• Application fee £499
• Interest rate = 3.19%

So in conclusion a broker could make you an offer and make it sound very attractive as the application fee is the same as the lenders and you even save some money on the valuation fee if the case is going "packaged".  However you would be financially better off if you went to the lender directly.

So what do brokers bring to the party?  

A broker will have an indepth knowlege of the market and can offer you products to protect your mortgage and you family.  A broker can also move your mortgage application from one lender to another with relative easy and they do most of the leg work for you.  So generally for a hassel free mortgage application with sound advice a mortgage broker is a good option.

In conclusion I like to use a broker and will continue to use a broker as this is a big decision and getting advice of a massive financial commitment is important to me.  Should you wish to go direct to a lender this is your choice of course.