A mortgage broker is someone who matches mortgage borrowers with mortgage lenders. Mortgage brokers don't have mortgages to offer themselves, but work on behalf of mortgage lenders to sell their mortgage products, and on behalf of mortgage borrowers to find them the best mortgage.
A mortgage broker is a specialist in the financial services industry and a professional in the field of mortgages and accompanying products (income protection insurance etc.). Mortgage brokers have a great amount of knowledge about a wide range of mortgages and access to exclusive mortgages that mainstream mortgage advisers may not have. Some mortgage brokers are also financial advisers and can help with other financial services such as pensions and investments.
The important thing to remember about a mortgage broker is that they should be independent. This means that a broker is not tied to any specific mortgage company, and so can give impartial mortgage advice. Independent mortgage brokers can help to narrow down the thousands of mortgages on offer from mortgage lenders to find the best mortgage for you.
Why Use A Broker
Since mortgage brokers are mortgage specialists, they have an advantage over most independent financial advisers. Additionally, mortgage brokers are usually independent, whereas financial advisers are not. For example, if you decide to go to a high street building society and speak to their financial adviser about mortgages, they will only give you information and advice on the mortgage products of that building society, because they are tied agents. However, an independent mortgage broker will look at all the mortgages high street banks and building societies have to offer. They will also look at what other mortgage companies are offering, some of which will only sell mortgages through mortgage brokers, to find a mortgage to match your circumstances. Effectively, mortgage brokers are a "one-stop shop" for mortgages and save you from trawling the high street and the Internet for the best mortgage deal. The advantage of using a mortgage broker is that they should offer you unbiased mortgage advice on a wide range of mortgage products.
Choosing the right independent mortgage broker could save you many thousands of pounds over the full term of a mortgage. It is worth being extremely careful over the choice of mortgage broker.
Choosing A Mortgage Broker
There are several considerations that will help to find the right independent mortgage broker:
1. Determine if the mortgage broker is able to offer advice on any mortgage product, from any UK lender.
If not, find out to which lenders' products the broker has access.
2. Determine if the broker is truly independent or an appointed representative of just one life assurance company.
3. Find out it the broker has access to mortgage sourcing software that will give up-to-date advice on the latest schemes that are available. This will be a valuable aid in finding the right scheme for you.
4. Establish the length of the broker's experience as a financial adviser
5. Verify the number of mortgages arranged in the last twelve months.
Any good independent mortgage broker worth his salt will be happy to spend an hour with you describing their service without charge and without obligation.
The Financial Services Authority (FSA) regulates all UK mortgage brokers. However, you should also ensure that the mortgage broker you choose has suitable professional indemnity cover.A mortgage broker should offer a full advice and recommendation service. This means they will ask questions not just about your current financial situation, but also about what you hope to achieve in the future to get an overall picture of your financial situation. Armed with this information, your chosen mortgage broker will then offer you unbiased mortgage advice and should give you mortgage quotations and illustrations in writing.
In terms of mortgage broker costs, you may have to pay an initial fee, if you agree with the broker's recommendations. This is usually a percentage of the amount you want to borrow for your mortgage or a percentage of the value of the home you want to purchase. Often, your mortgage broker may earn commission from the mortgage lenders for mortgages sold on their behalf. If this is the case, your mortgage broker should state clearly how much commission they receive from selling you the mortgage. In addition to the mortgage broker fee, you may also need to pay mortgage arrangement fees, valuation fees and possibly other fees such as a Higher Lending Charge. Again, your mortgage broker should explain all the costs involved with a recommended mortgage. Before deciding on a mortgage broker, you should establish how much you will be expected to pay, and what service you will be getting for your money. This of course, is in addition to making sure your mortgage broker adheres to the rules of the FSA. Finding these things out upfront is likely to indicate whether you have chosen a good mortgage broker.
Beware Estate Agents!
If you have bought a house before, or have started looking, you may have discovered that your estate agent claims to be a mortgage broker. Bear in mind that an estate agent has an interest in getting the property sold and the mortgage arranged as quickly as possible, so that the deal can go ahead. This may mean you are advised to take a mortgage product for reasons that are not suited to your specific requirements.
Impartial, independent mortgage advice from an independent mortgage broker with access to the whole mortgage market, will save you as much as possible in the long term.
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