It’s an age old question and on the surface it can seem silly to pay someone to do something you could do yourself for free, but this is often proved to not work out. In practice, using a broker has multiple benefits and these will often greatly outweigh the cost (if there even works out to be a cost).
Benefits of using a broker;
- Access to Products Not Available on the Open Market: Its a sure bet that a good broker that works on keeping strong relationships with lenders will be able to access some things that you wont.
- Relationships with Lenders: As mentioned above, relationships with lenders are a huge thing in property finance, a good broker will be able to call in some favours when things are running in to road blocks and keep things moving in the right direction.
- Relationships with Conveyancers: As above but during the legal process. At BridgeCross, when we are handling a bridging loan with a tight deadline, we often need to lean on the support of a good conveyancer we have a working relationship with to keep things progressing through legals, for example.
- It’s MUCH EASIER: A good broker will handle the research, application, admin and even help out with the legal process for you. Sure, you could save a broker fee and do all of this yourself, but is that worth your time, or should you be looking for your next deal?
