By Rachel Wait

I recently bought a home for the second time and having learnt from my previous experience, this time I used a mortgage broker.

The first time I bought a property I chose not to use one simply because I was unsure whether I really needed one. What's more, when talking to an estate agent who tries to force their in-house broker on you, my immediate reaction is always to run a mile.

Yet this time, I decided to speak to a mortgage broker – of my own choosing - and talk through my options and I am extremely glad I did. Here's why.

1. Plan a budget

Talking to a mortgage broker means you can sit down and work through a budget that's suitable for you. Mortgage brokers are industry experts after all and as a result, they will be able to point out all the additional costs you need to budget for that you may have forgotten about. Buyers often forget about stamp duty, lawyer's fees, valuation costs and lender's fees which eat into your savings massively.

Planning your budget and how much you need to set aside for costs means you'll have a better idea of how much you can stump up for a deposit and therefore which mortgage deals are available to you.

2. Offer advice

A good mortgage broker will know which deals are available to you and can give you advice about which product best suits your needs.

Whereas a bank will simply recommend their own products and won't be qualified to give you advice, a mortgage broker will be able to take you through all your options and give advice according to what you require. A broker will also point out any hidden catches and fees that you may not have noticed otherwise – such as penalties for making overpayments or early repayment charges.

What's more, if the advice you receive isn't up to scratch you can complain and be compensated.

3. Wide range of deals

Mortgage brokers may have access to a wide range of products, including some that you may not have been able to apply for if you were simply researching by yourself. This is because they have access to a 'whole of market' database which is only available to Financial Services Authority (FSA) regulated mortgage advisers.

Some even have exclusive offers from specific lenders but at other times certain lenders don't offer their deals through brokers and only offer them direct to the customer. Both HSBC and First Direct have tended to sidestep brokers recently.

4. Inside information

A mortgage broker can also give you information on aspects such as which lenders are renowned for being slow when it comes to processing applications. This is particularly beneficial if you need to move quickly. They may also know which lenders are more likely to accept your application as their experience gives them insight into their lending criteria.

Not only that, but a mortgage broker can chase applications and find out how things are progressing in a way that you simply wouldn't be able to.

5. Save time

Opting to go through a mortgage broker can save you a lot of time and hassle. Rather than spending hours and hours doing research yourself, a mortgage broker already knows the market well and knows what you need to be aware of. They can run through the best deals for you quickly, saving you time and effort.

6. Convenience

Unlike a bank that is only open during certain hours, a mortgage broker can often contact you at an hour that suits you. They may even come to see you at home or at your office and many will correspond with you over the phone or via email.

7. Added protection

A mortgage broker can also offer advice on extras such as life insurance or mortgage protection insurance. They will be able to recommend insurance products based on your new mortgage to ensure you will be fully protected in case you couldn't keep up with your mortgage repayments for some reason.

A word about fees

Finally, if you are thinking of going to a mortgage broker, be aware of fees. Some mortgage brokers will charge you a one-off fee for advice or a fee that pays for advice during the term of your mortgage. Others, however, won't charge you at all, but will receive commission from the lender instead.

If you do want to speak to a fee-free adviser, you can talk to one right here at mortgages.co.uk. Simply fill in a form or call 0844 209 8725.