How can using a mortgage broker save you money?

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If you’re a high net worth (HNW) individual looking for a £1million+ mortgage, you may already know how challenging it is to find property finance that fits your exact requirements. Financial mistakes can be costly—but whilst employing a mortgage broker might seem like another cost to add to your bill, the price of good advice is considerably less than the cost of a bad financial decision.

Use a mortgage broker to gain access to everything on the market

A good independent broker has knowledge of everything available on the market, and will always be up to date on changes to mortgage regulations and guidelines. As an additional bonus, a mortgage broker has access to deals that aren’t available on the open market—in addition to having the skills and relationship to negotiate for a bespoke offering on your behalf.

This is invaluable for clients seeking large loans, who often have very specific requirements in regard to the level of borrowing and interest rates.

Use a mortgage broker if you have a complex profile

If you have a fairly vanilla profile—a salaried employee buying a residential property, for example—you probably won’t find it difficult to find a good mortgage deal. But for many high net worth individuals, things are rarely this simple. Many of the best mortgage rates aren’t available to clients with unusual profiles, such as those who are self-employed, or foreign national borrowers. This is because mainstream mortgage lenders have ‘tickbox criteria’, and if you don’t meet this criteria, it’s unlikely your case will be accepted.

If you’re wondering why you should use a mortgage broker, this point is particularly pertinent. Lender relationships and industry knowledge means your mortgage broker will know exactly who to approach for your case, limiting the risk of your application being rejected.

Use a mortgage broker if you need a quick result

Speed is also a huge motivation. We regularly work with clients who have a very time-sensitive property transaction on their hands, and need to secure mortgage deals within a matter of days or weeks. This is especially tricky if you are busy in your working and personal life. Fortunately, a mortgage broker can drive your case forward quickly, using their relationships with lenders to ensure a speedy resolution.

Peace of mind

Finally, using a mortgage broker means you’ll have minimal stress, as your dedicated broker will take the time to understand your profile and requirements. They’ll then work with you and for you to find the best mortgage deals for you.

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