7 Top Tips For Choosing A Mortgage Broker

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7 Top Tips For Choosing A Mortgage Broker

Choosing a Mortgage Advisor can help you to narrow down the competitive market of mortgages and find the best deal for you.

But how do you choose the right mortgage broker to suit your circumstances, making sure they give you efficient advice? The Mortgage Girl has listed 7 top tips below which can help you to choose the best advisor for you.

1. Check they are registered with the Financial Conduct Authority

Before you begin any conversations around your mortgage with a broker, check the Financial Conduct Authority (FCA)’s register for their name.

In the United Kingdom, it is compulsory by law that brokers are registered with the FCA in order to be authorised to give mortgage advice.

If their name does not appear on the register, they are not authorised to give you advice and are not trustworthy.

Also, the majority of mortgage lenders will not do business with unregistered firms or brokers, meaning you are limiting your options of the market from the start.

2. Read their client reviews

Customer reviews are good to read before choosing mortgage broker, as they demonstrate other client’s first-hand experiences with the broker.

Some firms have their reviews shown on their website; however, it is important to check other review sites such as Google, VouchedFor etc as typically, bad reviews will not be displayed on their own website.

3. Make sure they are Whole-Of-Market

There are many different types of mortgage brokers available, but usually it is the best for you to find a broker that is described as ‘Whole-of-Market’.

A Whole-Of-Market broker, as it says on the tin, covers and has access to the whole of the market. They are generally independent advisors with no links to any specific mortgage lender.

This means that you are not limiting yourself to a single lender or group of lenders that a ‘tied’ broker works with, which increases your chance of finding the best suited deal for you.

4. Compare fees

Appointing a mortgage broker can incur an extra cost. However, it is important to keep in mind that they are finding you a better value deal, so you will be saving money overall in the long term.

Even so, it can be useful to you to compare the different advice fees brokers charge, to see what you can do to maximise that saving, while also getting a good service.

Some will expect an upfront payment before the application is submitted, but many others will only expect to be paid once a mortgage is agreed or offered, or their fee will be added on to the cost of the mortgage depending on your access to upfront funds.

5. Efficient communication and availability

Your schedule and available time are one of the most important things to consider when choosing a mortgage advisor for you.

When comparing brokers, try and find out their timescales from start to finish, and what their typical response time is like during working hours (usually 9AM-5PM) when you need to contact them for help or advice.

For example, if weekdays are usually very busy for you, a mortgage broker who is available on weekends would be ideal. Consider how well this suits with your schedule for when you want to have your application ideally completed.

6. Compare services

As well as comparing prices and payment methods between mortgage brokers, it can be helpful to you to compare the services they can provide.

A lot of brokers provide additional services such as home insurance, business protection, and also life & critical illness protection which can be vital when taking out a mortgage.

There are many great web-based mortgage brokers who will carry out the process and give advice completely via email and phone.

Alternatively, there are the traditional brokers who work in face-to-face meetings or by phone. And there are some that may combine the two.

Think about what works best for you when choosing a mortgage broker and look for one that suits your needs.

7. Trust your instinct

Once you have completed research into which broker would be best for you based on their fees, provided services and reputation, you may still be left with a few that you are struggling to pick between.

Keep in mind that purchasing a property, whether it is your first time or not, is an important and exciting life event that you want to run smoothly and be comfortable during the process, otherwise the process will become a lot more stressful for you.

You also want to trust your broker, as you are going to be sharing specific personal information such as finances or life events.

So I hope these 7 top tips have helped you when choosing a mortgage broker.

Please contact us to find out more details about The Mortgage Girl services. We are delighted to provide you with initial, free advice tailored to your individual circumstances.

Looking for more great mortgage news, tips & advice? Check out our last blog post: Should I get pre-approved for a Mortgage?