First time buyers are using mortgage brokers.
In the old days with 100% mortgages and a simple multiple of earnings, deciding where to get a mortgage seemed relatively simple. The advent of complex affordability checks has made the process ever more complicated and sometimes daunting. Check out our guide on mortgages
This has seen an increase in the number of first time buyers using mortgage brokers from around half the market 5 years ago to almost three quarters of the market now.
So whats the deal, why use a mortgage broker?
Mortgage brokers charge fees but they will have to be upfront about these. They are only payable on a successful mortgage application. Mortgage brokers increasingly have access to deals which are only available to them. So if the long term saving against any mortgage you could source yourself is more than the upfront fee, they offer a clear benefit.
Mortgage brokers are also particularly useful if your situation is more complex, for instance if you are self employed or if your earnings are inconsistent.
Check our guides
Check out our guides on what information you will need to assemble for your broker
And if you feel you would benefit from a chat with a mortgage broker check out our selected, Coreco, detailed on our mortgage comparison page.