Skip to content
Home » So, what is a mortgage broker?

So, what is a mortgage broker?

So, what exactly is the definition of a mortgage professional?

Simply put a mortgage broker Belfast will be a licensed mortgage adviser who can arrange your mortgage on your behalf. They’ll look over your details including your current employment status, the amount of income you earn and other pertinent information and help you choose the most suitable mortgage for you. If you’re pleased with what they recommend, they’ll take care of the mortgage application your behalf.

In this guide , we’ll take a examine the advantages and disadvantages of hiring mortgage brokers while identifying the types of buyers who is most likely to benefit from their services.

Benefits of working with a mortgage broker Belfast

Exclusive mortgages aren’t normally available

How? Mortgage brokers have excellent relations with lenders. They are able to arrange mortgages on a daily basis and, in the process certain mortgage lenders reward them by establishing exclusive mortgages specifically for their clients. This may include a lower rate of interest or a better mortgage terms.

It’s totally free – up to the point that the mortgage agreement is reached

How? The majority of mortgage brokers won’t make a charge until your mortgage contract is done and done. This means you don’t be required to pay any fees until your mortgage term starts. This is crucial when you’re unsure whether you’ll get an opportunity to get a mortgage in the first instance – for example, if you’ve recently changed jobs or have a low credit score. You don’t need to pay anything unless your broker can successfully get you a mortgage.

It’ll cut down on time.

How? Making an application for a mortgage could be a lengthy process. Even if you’ve completed the research by using mortgage calculators and mortgage comparison sites – and identified the ideal home for you, it’s have to secure it.

It’s not a secret that getting a mortgage requires lots of documents such as bank statements and pay slips, as well as accounts, self-assessment SA302 year-end computations of tax… and the list is endless. In the case of purchasing a property the time of application is crucial.

If the dream house you want to buy is being offered to multiple buyers and you’re looking to sell it, you must be quick. In the majority of situations, the seller is likely to want to see your mortgage contract in its entirety before they officially agree to your offer and remove their property out of the market. A mortgage broker is able in speeding things up. In fact our mortgage brokers in-house have even been known complete an agreement within one day. If you’re in need of an immediate decision, work to an agent.

The disadvantages of working with a mortgage broker

A mortgage broker can have a cost

If you take the amount of time an experienced mortgage professional invests in your application, it’s appropriate that this service have a cost. But, it’s usually minimal, particularly when you consider it against the amount of money you’ll save by taking advantage of the favorable rate they’ll come up with for you.

What are the best times to use an agent for mortgages?

Anyone can make use of the services of a mortgage broker. And due to the reasons previously mentioned it’s an excellent idea to give them an email, or call them for some mortgage tips for free.

There are however some types of mortgages which are more complex to deal with than others. That’s why it is better to leave them to experts.

This could include:

Non-traditional structure mortgages

If the house you are looking to purchase isn’t typical in any way, for example or if it’s wood frame construction or is listed as a property, you might have to seek a specific type of mortgage that can cover this. Non-traditionally structured properties aren’t a simple sell and, should your house ever be demolished or sold to a mortgage lender, they may struggle to find buyers for it, therefore, the majority of lenders won’t want to take on the risk.

The positive side is that mortgages are available for these kinds of structures that are not traditional. A mortgage broker is knowledgeable about the particulars and will connect you to most reputable lenders that offer the best interest rates as well as repayment choices to suit your needs.

Mortgage for self-employed

No matter if you’re a sole-trader or a contractor, director or partner in a company the mortgage application process will require some different documents than traditional mortgages. A mortgage broker can guide you navigate the process by separating precisely what you need to include with the mortgage request.

Buy-to-let mortgage

If you plan to rent out your home after you’ve completed your purchase, then you’ll have in order to get a Buy-to-Let mortgage. If you’re looking to transform your home into a rental it is necessary to replace your mortgage for the buy-to-let mortgage. In any event the mortgage broker is able to provide advice and assistance when required.


For debt consolidation or just to make funds to fund the necessary home improvements Remortgaging can be an excellent solution and might even help you save money. A mortgage broker will be able in educating you, and guide you through the options available to make an informed choice about the next actions.

Mortgages for first-time buyers

Okay, so first-time buyers’ mortgages are fairly easy to apply for – in the event that you are also in any of those categories previously mentioned. But, if you’re a first-time homebuyer most likely, you’re unfamiliar with the process of applying for a mortgage. A mortgage broker will simplify the process for you, guiding you through the options available and laying out everything necessary to take your first step on the ladder to homeownership.