What do mortgage brokers do?
When buying a home or remortgaging, you will be told to “speak with a mortgage broker”, but what do they do and how can they help? At Oportfolio, our work as mortgage brokers is to take a complex process and make it simple and give you the best chance of mortgage success, whether you’re a first-time buyer, moving home, or remortgaging in London.
Here’s a rundown of what mortgage brokers do and why it’s a good thing to use one.
What Do Mortgage Brokers Do?
Assessing Your Finances
The first thing a mortgage broker does is a good hard look at your finances. That is, your income, your outgoings, your credit score, your employment, and your deposit size. We use this to form an idea of what you can borrow and afford in practice.
Searching the Market
Unlike banks, which can only suggest their own products, mortgage brokers search a wide panel of lenders, including high street banks, building societies, and specialist lenders. That means you get a mortgage deal that’s not just competitive but also best suited to your personal needs.
Explaining the Options
Fixed, tracker, discount, offset… the array of mortgages on offer can be confusing. A good broker will take you through each one in simple terms, explaining the pros and cons so that you can make informed decisions.
Preparing and Submitting Your Application
Mortgage applications can be complex, especially in today’s lending environment. A broker helps to gather the necessary documentation (like payslips, bank statements, ID, and more) and presents your application in a way that will best ensure success. We also interact directly with the lender to handle questions or follow-ups.
Speeding Up the Process
Because brokers work with lenders daily, we know how to avoid delays and chase underwriters and case managers when needed. Our customers get quicker decisions and less holdups than people who try to do it themselves.
Advising on Protection and Insurance
Part of our job is ensuring that you are able to remain in your home should anything unexpected happen. That is why we suggest life insurance, critical illness cover, and income protection as part of the mortgage planning procedure.
Ongoing Support
We don’t stop at the initial mortgage. We remain in touch to help you remortgage at the right time, move home, or gain improved terms down the line. We’re in it for the long haul.
Why Use a Mortgage Broker Like Oportfolio?
- Unbiased Advice: We don’t have allegiance to one lender.
- Tailor-Made Deals: We typically have access to broker-exclusive products.
- Time-Saving: We do the legwork so you don’t need to.
- Success Rates: We know which lenders suit which profiles, avoiding unsuccessful applications.
Real Client Example
Recently, we handled a couple in Clapham with a complex income situation, one self-employed and the other on a fixed-term contract. A high street bank had rejected their mortgage. We stepped in, looked at their case, and secured them a mortgage from a specialist lender at a competitive rate. Without a broker, they would have lost their dream flat.
Conclusion
Mortgage brokers do far more than simply arrange a loan, they provide strategy, reassurance, and access to a whole market of potential. Whether you’re buying in London or beyond, Oportfolio can simplify and improve your mortgage experience.
Need expert help with your mortgage? Call Oportfolio today and let us guide you to the perfect mortgage solution.
