It should go without saying that your broker will be an expert on mortgage products and the market in general. But then that will also apply to any lender from whom you might buy directly. So why is their expertise worth any more?<\/p>\n

For one thing, it\u2019s important to remember that the broker isn\u2019t selling you the mortgage so much as selling you their help in ensuring you end up with a product that\u2019s both suitable and great value. Therefore they no interest in leading you one way or another.<\/p>\n

Of course, not all brokers work by charging a fee. Some earn their living from commission paid by the lenders themselves. However, if you\u2019re worried your broker will do little else but point you in the direction of their highest paying provider and pocket a referral fee, you should now that the facts of how they stand to be paid in any given situation will be made available to you.<\/p>\n

You may think that, so long as you talk to enough lenders, whether by visiting the branches of banks or talking to call centre staff, you\u2019ll eventually have enough information to make the right choice.<\/p>\n

However, you need to remember that whilst information is one thing, advice is quite another. Most of the people acting as a point of contact for mortgage providers aren\u2019t legally qualified to offer advice. All they can do is tell you about their products. They can\u2019t say whether they are a good fit for your situation. A broker can.<\/p>\n

Influence<\/h2>\n

There aren\u2019t many instances in life where the average consumer gets to throw their buying power around, much less when it comes to obtaining a mortgage. If anything, you\u2019ll find yourself bending over backwards to demonstrate that you match the lender\u2019s criteria.<\/p>\n

If you\u2019re with a broker then you\u2019ll have a little more weight behind you. As they may be responsible for bringing any one lender a good deal of business they could be able to push the process along in a way you\u2019d struggle to.<\/p>\n

Protection Against A Poor Decision<\/h2>\n

Given how long you\u2019ll have to go on paying for it, picking the wrong mortgage can be a costly mistake to make. If the decision was your own, then naturally enough, you have no one else to blame. You simply have to live with your error.<\/p>\n

If, on the other hand, you were advised to take a mortgage that turned out to be ill-matched to your circumstances and consequentially unaffordable, you can complain and get compensation.<\/p>\n