Mortgage broker or bank?

What are the advantages of using a mortgage broker?

There is a common misconception about going to your bank to secure a new mortgage deal. As you are already a customer, most people think it will be quick and easy. But, whilst your bank can provide you with a good interest rate, most of them have a limited range of products available, so it’s very likely that you will not get the best available deal.

Getting a new mortgage deal should be the same as when you go shopping. You want to have the best choice available. So, if you went to one shop and they only had a choice of 4 products for example, you would naturally want to go to a different shop where they have a larger variety.

By using a mortgage broker over a bank, you are therefore ultimately given more options and better interest rates, because they can use a variety of lenders.