People very often ask me why they should see a broker when they could go directly to their bank or building society for a mortgage. I’ve found that using this analogy explains it very well.
Imagine you’re looking for a new pair of shoes. Ideally you’d like a black or brown pair with a lowish heel as you need them for work and want them to be comfortable and not too bright. You are a size 6.
You go to the shopping centre and find your usual shoe shop. Inside there are racks and racks of shoes. But they are all bright red, and all high stilettos. You try them on and although they are your size 6 they still feel a little tight and you know after wearing them for a couple of hours you’ll be getting blisters.
Do you still buy these shoes because you’ve always bought your shoes from this shop, and even though they aren’t what you really need or want, you’ll make do? Or do you carry on down the street and find another shoe shop that has hundreds of different styles, colours and sizes for you to choose your perfect fit pair of shoes, even though you’ve never bought from that shop before?
Using a broker is like visiting that second shoe shop. We have access to the whole mortgage market, and thousands of rates/deals whereas your bank will only be able to offer their own range of mortgages, and you may not even meet their criteria for lending or be able to borrow enough to buy. We are specialists in our field and will know and be able to find the right lender and rate for your specific circumstances.