Mortgage broker - what are they for?

[KeyboardMash]

Last time I used a mortgage broker they found me a deal that was better than anything I was finding online myself. Currently remortgaging and the broker has come back with an interest rate I can find myself with a high street bank. Am I missing something? Isn't the point of a broker that they can dig out better deals than you're likely to find yourself? Can I just go ahead and contact that bank and ask for that deal? Or is there something else I'd be getting by using the broker that makes it worth the fee?

Sorry if I'm being thick. Mortgage expiring at the worst possible time and my head is a muddle!

Probably says a lot about the state of the mortgage market that you mr broker hasn’t found you a better deal than one you found yourself.

That aside though they also deal with your application, explain everything in clear English and can help get things moving much faster than you ever could on your own. So even if the deal isn’t any better I would still be inclined to use the broker.

Ours also did a lot of the legwork in terms of the paperwork and stuff. But we used a free service that only took a commission from the eventual mortgage provider we chose so didn't pay anything extra.

*your broker, not mr broker ffs

I used one when I first bought my house and he was really helpful. When I needed a new deal I did it my self as I knew what I was looking for this time.

So it sounds like they might take some of the admin headache out of it? That's probably worth it while we can still afford it. (Which we won't once it all goes through - PAINFUL hike.)

They also know which ones you’re likely to be accepted for - no use seeing a good deal on a bank website if you’re credit rating is going to be troublesome

I've contacted two and they've both come back with the same rate as I'm seeing myself via MoneySupermarket as the best one. I'm assuming it's the same one we're all looking at.

So apply for it then.

Are they charging you? If they are use a free one for the other benefits noted above