How can our rates can be so competitive? The answer is pretty simple. Brokers do not have the many layers of management of larger companies. These are two good reasons why our rates and fees are lower than many of our competitors. Interest rates do not need to be built to pay for additional support staff and management. We do not pay thousands of dollars that many companies spend on advertising and marketing. We try and give you the information you want up front so you can make an intelligent credit decision. We don’t only offer mortgage products from our own bank. We offer the mortgage products of over 50 banks and lenders at wholesale discounted rates. This allows us to be competitive with rates, fees and many financing opportunities that other lenders cannot offer. Ultimately we are a one stop shop for mortgage products and rates with no need to shop in almost all instances.

You're protected

An important thing to understand is that when you receive mortgage advice, your mortgage broker has a duty of care to you. They have to recommend a suitable mortgage and be able to justify why the particular mortgage they have chosen is right for you. If their advice is not up to scratch, you can complain and be compensated.

In contrast, if you go directly to a high street mortgage lender, don't take advice, and end up with a mortgage that later becomes unaffordable, you may not have so much legal recourse. (However, under the rules of the Mortgage Market Review, it's the lender's responsibility to ensure affordability – so even if you buy direct, you could have some recourse. Nonetheless, a broker can still offer a valuable layer of protection.)

Mortgage broker is qualified

There's an awful lot to think about when choosing the right mortgage. It's not as simple as just opting for the cheapest fixed or tracker rate mortgage you can find!

Mortgage brokers have to be qualified to give you mortgage advice, whereas you may not get that kind of guarantee if you ring up a lender's call centre. That said, new regulations mean that all call centre staff need to be advisers or must refer you to someone who is, and if you went in-branch, you'd be able to arrange an appointment with one of their mortgage advisers

They know the industry

Mortgage criteria have tightened massively over the last few years, with the Mortgage Market Review being the latest, and arguably widest-ranging, development. It's been designed to ensure borrowers can prove affordability, even in the event of a rate rise, and those extra checks have understandably increased application times.

That's why it's so important to stay in the loop – and to have a mortgage broker on your side who understands it all. A broker deals with lenders on a day-to-day basis, so they'll know what the application process is like for each one and can tell you which lender can process your application with minimal delays.

They also know the background criteria that a lender has and can bring this experience to bear when advising you and processing your application.

Then there's the fact that, because a mortgage broker may put a lot of business to a particular lender in a year, they can exert influence and chase things in a way you just can't do by yourself – and that can be invaluable should things get held up.

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