Buying a home is never stress-free. You might already have a flat and want to move into a bigger property, yet the fact that you’re set up in an apartment won’t help matters. You might even be renting, and this is your first mortgage. Wherever you are in the house buying ladder, the process can be overwhelming, hence why so many people get stressed out about applying for a mortgage. I can personally attest to just how stressful it can be. Below is some helpful advice that I want to share with you, that has been provided to me in the form of this guest post. I would STRONGLY urge everyone to seek professional advice when applying for a mortgage, as I am not a mortgage advisor.

Disclaimer: Below is a Guest Post

Should You Go Direct To A Lender When Applying For A Mortgage?

To negate the tension, most applicants opt for a broker, which seems like a smart move. Not only are they industry experts, but they have connections and can land you the best and most suitable deals. However, a mortgage broker doesn’t guarantee success, and if your loan to purchase land or property isn’t successful, you won’t be calm.

The idea of going directly to a bank for a deal is appealing in one way – it cuts out the middleman, giving you back control. Still, are there any more benefits, or are they all cons? The answer is the former. Here are four reasons why you should consider going direct to a lender when applying for a mortgage.

go direct to a lender when applying for a mortgage

Some Banks Offer Direct Only Deals

Creditors are clever. They don’t want brokers getting in the way and potentially ruining a sale. As a result, they too cut out the middleman by offering deals that you are only eligible for if you inquire personally. On the surface, it sounds as if you’re playing straight into the bank’s hands. In reality, it’s worth considering.

As mentioned by, remember that just because a loan appears preferential doesn’t mean it’s too good to be true. For instance, the organisation might need to onboard new customers, and a tried and tested technique is to add value through a sale. By ensuring it ticks all the boxes, you could save a considerable amount of money thanks to the lower interest rates.

Members who already have accounts or credit cards with lenders are more likely to fall into this category, so don’t be afraid to contact your bank to ask for details.

A Deal Isn’t Forever

If you have a loan you would rather change, you don’t have to wait too long. And, as long as the percentage you’re paying isn’t extortionate, you won’t lose much money. This gives you more freedom to speak to lenders directly because a mediocre deal isn’t the end of the world. Furthermore, you also have the option of refinancing your mortgage if you would like better rates. There are many different lenders that offer this, such as SoFi for example (, so take a look around to see what rates you could get instead if you made a mistake with your original mortgage.

Mortgage Calculators Reduce Risk

You might be wondering what the bank is getting from the transaction in the back of your mind. The worrying can send you mad, which is partly why brokers are popular. They can put your mind at ease via their knowledge of the industry. 

Of course, they also get a decent bonus for their hard work, so it’s important to weigh up the costs versus the rewards. A reason to avoid brokerships is a loan calculator. Apart from being free to use, a loan calculator quickly figures out how much you can afford based on a series of features.

You still have to delve into the fine print. However, a calculator will give you a good idea of your finances. All you have to do then is compare the figures with the direct deals on offer, eliminating any that are higher than your budget.

advice on applying for a mortgage

Free Services Are Available When Applying For A Mortgage

Okay, most mortgage brokers charge fees to make money, something you can’t argue with since the service is essential. But, some are clever enough to understand the power of a freebie. Providing free advice, albeit general tips and hacks, they know more people will recommend them to friends and family.

First Mortgage is a prime example as it’s a free brokerage that is financed by mortgage lenders. Therefore, there’s no reason to pay a hefty fee and take a chunk out of your resources. Alternatively, advice platforms such as Money Supermarket are dedicated to helping simplify confusing processes.

If in doubt, Citizens Advice is an independent charity, so you know you can rely on the guidance as they have nothing to gain from steering you down a different path. With so many free services, it seems wrong to pay!

A Deal Isn’t Forever

A misunderstood feature of mortgages is that the rate isn’t fixed forever. Typically, a low-interest deal will expire within two to three years, leaving you to renegotiate. While it’s frustrating, especially if your premiums increase, it’s also an opportunity to correct a mistake.

If you have a loan you would rather change, you don’t have to wait too long. And, as long as the percentage you’re paying isn’t extortionate, you won’t lose much money. This gives you more freedom to speak to lenders directly because a mediocre deal isn’t the end of the world.

Anyway, humans learn from their mistakes and use them to be better. If you didn’t use one the first time, you’ll know to use a broker next time, but everyone’s vision 20/20 in hindsight! Don’t dismiss a direct only deal when applying for a mortgage, before evaluating the pros and cons. They do exist for people who are willing to take matters into their hands.

Disclaimer: This is a guest post. I am not a mortgage advisor. Please seek professional advice when applying for a mortgage or making any financial decisions that will affect your future.