A UK mortgage broker is an expert advisor that can help you get a mortgage for your property or even help you re-mortgage your existing property. Not only will they recommend the best mortgage offers, they will also ensure that any potential deal is right for you personal circumstances.
In the UK mortgage market there are four different types of mortgage lenders, namely; I) mortgage lenders; ii) independent mortgage brokers; iii) whole of market mortgage brokers; iv) mortgage advisors. All these different types of mortgage lenders all have their own strengths and weaknesses, so it's important to understand how each type of mortgage lender works before you apply for a loan. It's also a good idea to talk to someone who has already done the research to see which is the most suitable option for you.
For example, if you're looking to borrow some money for a new property in the UK, then you should consider a secured mortgage over an unsecured loan, otherwise known as an unsecured mortgage. Secured mortgages are ideal for first time buyers and those with poor credit. You'll typically need to put some form of security with a lender, such as property, to be able to borrow. Lenders often charge a higher rate of interest than an independent broker, but it could be worth it as you don't have to worry about your credit rating being taken into account.
You can also find UK mortgage brokers who deal only with residential mortgages, such as second home mortgages. This is very convenient for those who want to borrow money for a property for sale, but don't want to worry about how much it will cost them on the interest side. When it comes to UK mortgage brokers, you should always ask to see what they charge for this type of mortgage, as it will make a big difference to what you pay monthly on your mortgage.
Lastly you can also go to a broker who deals with UK property investors. These types of loans are particularly popular and you may find yourself paying much less than normal for a property if you choose this route.
By choosing to work with a mortgage broker, you're getting access to advice from one of the best professionals in the market. With the knowledge and expertise they have, you will be able to get the cheapest rate of interest, and save yourself time and hassle when searching for the right mortgage.