Bridging Loan Broker
It’s tempting when you’re thinking about getting a bridging loan to imagine you can do all of the research and organisation of your bridging finance by yourself. Comparing and switching energy suppliers is simple right? Even choosing a standard mortgage can be relatively straightforward if you don’t have any complex circumstances, so you’d be forgiven for thinking it’s the same for a bridging mortgage.
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What's in this article?
In this article we’ll explain exactly why using an expert broker when applying for a bridging loan really is invaluable, and why you won’t be able to access the best deals without them. We’ll look at the multiple benefits to having broker support, and explain how the fees might work in different situations.
What does a bridging loan broker do?
A bridging loan broker acts as a middleman between customers and bridging finance lenders. Their role is to assess your needs, research the whole of the bridging mortgage market, and find the products that are right for you. Often this is based on cost, but they’ll also take into consideration the term of the loan you need, lender fees and any other criteria that could make one loan better suited to you than another.
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How much do bridging loan brokers charge?
This varies depending on the broker and on your circumstances. In most cases you should expect to pay some kind of fee, but this could be applied in a couple of different ways. Some brokers operte on a flat fee structure, where you pay an amount regardless of the size of the loan. Others may charge a percentage - often around 1% - of the overall capital amount.
Think carefully about what sort of fee structure might suit you best. If you are taking on a very large loan for example, then it might work out cheaper to look for a broker charging a flat fee rather than paying a percentage. Broker fees can vary too depending on the complexitity of your situation - they may charge less for a very simple loan and more if your requirements are more niche.
Don’t worry if you don’t have the cash up front to pay broker fees - most can incorporate them into the loan, so you won’t have to have extra money set aside.
Is it worth the cost?
Yes, almost certainly. A lot of people worry about spending out extra money and think that going without a broker is the sensible, cost-effective thing to do, but for most people that’s a false economy.
While yes, there will likely be a cost involved to using a broker, the potential savings that they can bring to the table by finding you lower interest rates will normally make it more than worth the investment. Don’t be fooled into thinking you’ll be throwing away money - spend a little on a broker and you could save a lot.
How do I choose a broker?
Choosing the right broker is key if you’re going to get the best deal. You’ll need a broker who specialises in bridging finance, so don’t just Google ‘mortgage brokers’ and pick the first person you find as they may not have the specific skills and experience you need.
If you have personal or business contacts who can offer recommendations then that can be a useful place to start, but keep in mind that a bridging loan broker who was the perfect fit for one person might not necessarily be right for someone else. No two set of circumstances are going to be the same, so think carefully about what it is you need.
If you want to find out more about whether a broker is going to be a good fit for you, the simplest thing to do is to ask them questions. Ask about their experience, ask for case studies and reviews, and for more information about why they think they are best placed to secure you the best deal.
Should I read reviews?
Absolutely. One of the best and easiest ways to compare bridging loan brokers is to read impartial reviews online from previous customers. It’s one thing to read a broker’s marketing blurb, written by themselves to convince you of their expertise, but it’s another to hear honest opinions from the people who have used their services.
TrustPilot is a good place to start if you’re looking to read a range of reviews in one place. MortgageKey has had over 2,200 TrustPilot reviews to date, with an average rating of 4.8 - classing our services as excellent according to our customers.
Conclusion
Hopefully you can see now why using a broker to organise your bridging loan is so useful.
Not only do they work tirelessly to find you the very best deals, saving you potentially thousands of pounds on your loan, but they can also share the responsibility, guiding you through the process and taking away a lot of the stress that can come with a huge financial decision like this.
If you feel now like you’re ready to take the next step, do get in touch with us here at MortgageKey. We can help you find the finance you need at the best possible price.
Ready to talk? Speak to an expert today: 0800 077 8980
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