independant "whole of market"mortgage broker

 

 

What is an independent “whole of market” broker ?

A qualified and experienced mortgage broker can track down the best deal for you from the whole of the market – or what’s left of it – and will know which lender will suit your needs.  They will have established longstanding relationships with the lenders and be able to ask the right questions.  That broker is also likely to have come through the tough times because they’re good, honest and experienced and all of that will work in your favour.

Simply put, an independent whole of market broker is someone you is not linked to a bank or mortgage lender, who can look at the whole of the market for you and who is not influenced by anything other than your best interests.  Many brokers will be able to work only from a panel of lenders which means they can’t go outside that particular list.  This means that no matter how good a deal is, if the lender offering it isn’t on their list, they can’t get it for you.  You often have to ask the question to find out if this is the case.  Rest assured though, each of our brokers is independent and can look at the whole of the mortgage market for you to ensure you get the cheapest mortgage available to you.

If you’re self-employed or have irregular income such as commission-only, it is now more important than ever to make sure you get the best deal for you and to make sure that it’s affordable for you.  An independent whole of market broker can look at specialist lenders and mortgage deals designed specially for your circumstances.

Your broker can organise a mortgage in principle, sometimes called a “decision in principle” or “mortgage promise” which allows you to know exactly how much you’ve got to go house shopping with.  You really only want one or two of these as the lender will rely on a credit search and this will leave a “footprint” on your credit file.  That’s why our brokers will work out all of the sums for you before any application is make, will know which lender they’re going to and will only make an application once you are happy to go ahead.  You are in the driving seat at all times.

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So you’ve made the effort of researching mortgages online, you’ve familiarised yourself with some of the terminology and you want to know that you’re getting the best mortgage deal out there.  If you care enough to take the time and effort of looking around yourself, don’t you want to know that any broker or advisor is at least going to do the same thing on your behalf ?  You will want to be assured that your mortgage broker can look at the biggest lender on the market, the one whose adverts you’ve seen hundreds of times on TV, and  at the other end of the spectrum, the specialist lender who might just have the cheapest or the most suitable mortgage deal made just for your circumstances.  In other words, you want someone who will not only put the effort in to search far and wide for you but who can place your business in the hands of the most suitable lender for you

Well, that seems obvious enough.  Wouldn’t every mortgage broker be able to do that for you ?  Can you not walk into the broker’s office at your local estate agency and know that he can look at all the banks, building societies and lenders out there for you ?  He might even tell you that he can, we know that goes on.  But there’s one thing you need to ask, “Are you a whole of market broker ?” />

As well as asking this question, you should also be looking to see what information is included on the brokers “Initial Disclosure Document” (or “IDD” for short).  Under FSA regulations every advisor or broker must give you this document if they’re even talking to you.  This document sets out all of the advisor or broker’s terms and conditions including the “level of service” and you need to see which box is ticked, “whole of market” or a panel of lenders.  It will only be if the right boxes are ticked that you can rest assured that he can genuinely look at the whole of the market for you and that he will go on to make a personal recommendation for you.

Each of our brokers works on this level, each of our brokers can look high and low, far and wide to ensure that you are given the most suitable mortgage deal for you.

 

 

 

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