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Mortgage Broker Guide

Picking the right mortgage broker can save you £1000's!

But how do you pick the right one?

There are two main question's you need answered:

Is the mortgage broker whole of market?

If they are, this means they will check all UK lenders to find you the best mortgage. Broker's which who are not whole of market will generally only work from a panel of lenders. If your brokers not whole of market, find one that is.

When the Financial Services Aurthority started regulating the mortgage market in October 2004, it allowed some broker's to claim 'whole of market' status provided they reviewed the top deals every 2 months. To weed these out, ask if they can source you a mortgage from any UK lender, right now.

How will they make their money?

Broker's have 2 main sources of income.

  • Commission
Broker's are paid a 'procuration fee' by the lender for introducing the business to them. This can range from 0.25% to 1.5% of the mortgage's value. The rate increases depending upon the borrower's credit rating and other factors related to the lender's risk of lending.
  • Fees
Broker's can charge you a fee directly, typical a reputable broker will charge no more than 1.5%, this will also vary depending upon the borrower's credit rating.The fees can be charged at any time as long as they inform you that they charge upfront. Avoid paying fees before completion, it can get messy if your mortgage does not complete.

(if you have not yet checked your credit file find out why you should here.)

Which broker's best?

The best choice of broker would be a fees free 'whole of market' broker, they have to find you the best mortgage in the market and receive commission directly from the lender.

Need a Whole of Market Broker?

With this in mind you can find a 'whole of market' broker and get a mortgage quote here.

This service is free and there is no obligation to proceed. Find out the facts, get the above questions answered and your well on your way to finding the best mortgage rate you can, potentially saving yourself £1000's.

Get a 'whole of market' mortgage broker.