Which ever route you decide to use, there are disadvantages.
Going to a lender directly
A lender has a narrow focus and will only show you their products so you have no real idea if what you are being offered is expensive or value for money compared to the rest of the market. You will also have to meet their specific lending criteria that will take into account your experience, your credit and location. And if your application is declined, you will have to start a new application all over again with other lenders, so it can be a very slow and arduous process.
Using a broker
Brokers have a much wider focus, usually whole of market so there is plenty of choice. They will search for a deal that has a combination of the best rates, low fees and speedy service based on your specific criteria. However sometimes too much choice is a bad thing and leads to some brokers (not all) simply ‘postboxing’ your enquiry to a raft of lenders. In other words, they send an email to 25+ lenders asking, “would you do this?”, which doesn’t really add any value.
So is there a better way? We think so.