bank vs mortgage broker
When looking for a mortgage, one of the first decisions you’ll face is: should you go directly to a bank, or work with a mortgage broker? Both have their benefits, but depending on your situation, one path may be better. Bank vs mortgage broker. Which ultimately comes out on top?
Bank vs Mortgage Broker
There are lots of benefits of using a mortgage broker over a bank, but in some circumstances, going direct to your bank MAY be a better option for you. In this blog we will explore the benefits of both routes. Firstly, let’s have a look at the advantages of going to a bank for your mortgage.
Advantages of Going Direct to a Bank
- Familiarity if you already bank with them
- May be quicker for simple cases
But… they can only offer their own products. That means limited choice. Limited choice of lender can mean that the only options for a mortgage available to you, might not be the best in the market or the best for your own circumstances. Options are always preferable.
Advantages of Using a Broker
- Access to a wide range of lenders (not just one)
- Advice tailored to your personal circumstances
- Help with paperwork, affordability assessments, and negotiation
- Support if your situation is complex (e.g., self-employed, poor credit, etc.)
Real Example
We recently worked with a buyer in Southfields who was declined by their bank despite having a decent income. We found a lender that understood their income mix (basic salary + commission) and secured a great rate they wouldn’t have found alone.
Conclusion
Banks are good for simple cases, but brokers offer broader access and bespoke advice. For the majority of homebuyers, a broker adds real value and improves your chances. Contact our team today to get your mortgage started!
