Below are the answers to some of the questions we get asked the most. Click on each question to reveal the answer. If you don’t see your question here, please CONTACT US and we’ll get back to you with the answer 🙂
A mortgage broker is the person who acts on your behalf to arrange a mortgage between you and a lender.
The best mortgage broker provides a personal service, getting to know you, and your personal circumstances, to match you to the best lender to meet your mortgage requirements.
An Independent and Whole of Market mortgage broker can search over 100 lenders to find the best mortgage deal available to you.
The cost for using a mortgage broker can vary from £0 to £1,000 but they usually sit somewhere in the middle. It sometimes depends on how complex your circumstances are.
When looking for the best Mortgage Broker, it is useful to visit a review site to check out their past client reviews. An efficient, trusted broker, who works hard for you will always be a good investment.
When completing some research into Mortgage brokers in your area or meeting with a mortgage broker for the first time, it is important to find out their fee charging structure.
All mortgage brokers charge their fees differently but will usually be in one of the following ways:
Some mortgage brokers charge a fixed fee, e.g., £495 for completing your mortgage application. They may have a tiered charging structure for example £495 for a standard residential application, £995 if your application is particularly complex or high risk, for example Specialist lending i.e., bridging loans, foreign currency mortgages, adverse credit Mortgages.
Some Mortgage Brokers, particularly large Nationwide firms, can complete a mortgage application fee free as they receive a commission from the lender. It is important that you meet with your broker, so you can understand how they will prioritise your application and still offer a personalised service.
You want to ensure that you feel confident that your mortgage broker can efficiently process your application and keep you updated throughout.
Some mortgage brokers charge a percentage of the mortgage you are taking out. For example, if you need a £200,000 mortgage, and their fee is 1%, you will have to pay a £2,000 charge.
Some mortgage brokers may charge a fixed fee of £495 for example, and also receive a small commission from the lender. It is important that the best mortgage broker you choose is upfront and transparent about their fee charging structure and will always disclose to you if they receive a commission on top of any fee that they charge you.
There are a lot of Mortgage Brokers out there and it’s important to find the broker that is best for you.
Make sure you use a mortgage broker who is on the FCA Financial Services Register.
Past client reviews and family and friend referrals are a good place to start. It is so important to check past client reviews to ensure that they have provided an excellent service to previous clients and have a good reputation.
Ask friends and family members for the best mortgage broker they have used in the past that they would recommend.
Most importantly, speak with your selected mortgage broker to check that you feel confident in the service they can provide you.
A good mortgage broker should offer to meet with you either face to face, via phone call, video call or even conversations via email if this is more suitable to you.
An Independent and ‘Whole of Market ‘Mortgage Broker can search over 100 lenders to find the best mortgage deal for your circumstances.
If you decide to go directly to your bank for a mortgage, they can only provide you with one option. A Mortgage broker can provide several options and work together with you to tailor their mortgage recommendation to the final selected mortgage deal that perfectly meets your circumstances.
The best mortgage broker will endeavour to ensure that the mortgage process is completed as smoothly and efficiently as possible.
While going down the route of contacting your bank for a mortgage is an option, it is only ONE option. Asking a Mortgage Broker to research the mortgage options available to you can provide over 100 potential options.
Whilst a Mortgage Broker may charge you an upfront fee, you can be assured that you will likely save money on the mortgage deal recommended as they will always recommend the most competitive mortgage deal for you.
Yes you can, but do you have the time to complete the full application? This would mean liaising with the lender, completing all the paperwork, constant phone calls and emails.
Chasing the lender several times a week and all the while you are potentially just another number to them in a long list of applications.
If you decide to instruct a mortgage broker to act on your behalf, they will work hard to complete the entire mortgage application and liaise with the lender on your behalf.
This eliminates the stress and time, and you can sit back and trust your broker to manage your application smoothly.
No matter how long you have been a ‘loyal customer’, your bank will only have a select few mortgage deals and they will offer you the best of these.
An independent and whole of market mortgage broker can search over 100 mortgage lenders and tailor the research to recommend the best and most competitive mortgage deal to meet your circumstances now and in the future.
A fee-free mortgage broker, especially in current times with the property market in high demand, will not prioritise your mortgage.
Fee-free mortgage brokers tend to be large, sometimes national firms, who have the capacity to complete a huge number of applications.
Don’t be just another number in a huge list of client applications. There is the old saying ‘You get what you pay for’. If you opt for a fee-free mortgage broker, be prepared for a slow, lack of personal touch service.
For a truly personalised, professional, and friendly service, find a good mortgage broker who will work hard to find you the best deal to suit your circumstances. It is always a great investment.