Who needs a mortgage broker anyway?

I can do it myself.

Yes you can. If you are employed, have 3 months banks statements, a P60, 3 months pay slips and can prove your identity and where that deposit came from then fill your boots. There are dozens of comparison sites out there to help. And if you are vanilla, my expectation is that you will get through the hoops and over the hurdles to land that mortgage offer.

There are however a growing number of people who for a great number of reasons want the assistance of a mortgage broker to stear them through the choppy waters of the mortgage application. They roughly fall into these categories:-

• The Time Poor

• The Best Raters

• The Drinkers at The Last Chance Saloon

The Time Poor

Too busy, too stressed with a work life balance, not enough time to spend hours on the internet sourcing the best deal only to discover that they do not fit criteria. An all too often experience of those clients that brokers help on a day to day basis. An ability to do the heavy lifting, undertake the research and spend time on the phone chasing up the lender is the bread and butter of today's mortgage broker.

The Best Raters

Nobody likes having that embarrassing conversation on what their mortgage rate is for fear of having to admit that they are on a duff rate or can't be arsed moving mortgage because they think that it is too difficult. Many approach a broker so that they can be assured that they have the best on the market according to their circumstances. Let the gloating begin!

The Drinkers at The Last Chance Saloon

This is a big category and continues to grow. With the "Gig Economy", "Zero Hours" contracts, locum and contractors expanding as employers try to avoid national insurance and pension contributions to keep overheads down, the impact is that more and more people are falling out with the "Vanilla Mortgage". It is not that these workers don't want to get the mortgage themselves, it is a lack of knowledge that prevents them from going it alone. Why approach the 136 lenders that offer mortgages to try and find the half dozen that fit your criteria when a broker can do that for you?

Are you going to DIY or are you just fooling yourself and actually fall into one or more of the categories above?