![]() Traditional and online mortgage brokersīelow we set out the online and traditional mortgage brokers that have access to a wide range of lenders, have hit our benchmark on customer reviews and are fully regulated by the Financial Conduct Authority. the lender's customer service and reputation.įind out more: read finding the best mortgage deals for more information on what to look for and check out our mortgage lender reviews to find out whether the provider is any good.whether a mortgage offers cashback or other incentives.whether you want a fixed-rate, discount or tracker mortgage.Once they've found a range of mortgages for you, a broker will be able to talk you through the pros and cons of each of deal.īefore deciding which one to apply for, think about: These are just a few of the terms you might hear. : Leasehold and freehold : the two different forms of property ownership.Standard variable rate (SVR): what your lender will charge after your mortgage's initial deal period ends.Early repayment charges (ERCs): penalty fees you'd have to pay to leave your mortgage deal before a certain point.Agreement in principle (AIP): a document from a mortgage lender confirming, in principle, how much they'd be willing to lend you.Do you offer life insurance or mortgage protection insurance?Ī decent mortgage broker will explain anything you don't understand, but it's still helpful to have some idea of the most common terms.When will you be available – office hours only, or during evenings and weekends?.What is included in the service you offer? For example, will you handle all the admin and chase lenders?. ![]() Will you tell me about mortgages that are only available directly from lenders?.Some will also charge you a fee, which will either be a flat rate or a percentage of the amount you want to borrow.Īll mortgage brokers must clearly outline these charges and any fees or commission they receive from a lender prior to entering into a contract to act on your behalf. ![]() It's normal for mortgage brokers to earn commission from lenders after arranging a mortgage. Our guide to online mortgage brokers explores how some of the best-known companies work. There are pros and cons to this approach. While most mortgage brokers work with customers in person or over the phone, there's now a growing number of 'robo mortgage advisers' – web-based services that allow you to carry out some or all of the mortgage application process online. You may wish to do some of your own research if your broker is unable or unwilling to discuss direct-only deals. However, it's worth asking your mortgage adviser if they will tell you about any direct deals that could be cheaper. These are known as 'direct-only' mortgages.īrokers have no obligation to inform you of these deals. While many mortgages are only available via brokers, some are only available if you apply directly, without a broker. This could potentially save you a lot of money. Meanwhile, if you speak to an adviser based in a bank or building society, they will only tell you about their own product range.Ī whole-of-market broker will be able to assess every available mortgage so they can recommend the very cheapest or most suitable deal for you. Some mortgage advisers and brokers will only recommend mortgages that are available from a select 'panel' of lenders. One of the most important is whether they are whole-of-market. ![]() There are several things you should consider when choosing a mortgage adviser. They should also have access to software that allows them to search mortgage deals much faster and more thoroughly than you could yourself.Ī good broker will know which lenders are most likely to accept you and help you steer clear of applying for deals you're unlikely to get (which can have a negative impact on future applications).Īlso, if you take out a mortgage using a broker you have the right to complain if the mortgage turns out to be unsuitable – an option that isn't available if you apply without taking advice. Mortgage brokers have expert knowledge of the mortgage market and will be able to recommend deals that suit your personal situation. Using a broker can save you a lot of time and stress, as they will handle everything from searching for a deal to applying and communicating with the lender on your behalf. They can save you time by telling you which lenders are likely to accept you and how to improve your application, and can speed up the process by dealing with some of the paperwork. A mortgage broker, or adviser, is someone who will review the mortgages available to you based on your personal financial situation and apply for one on your behalf.
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