UK Mortgage Brokers.

Mortgage brokers can be large or small or medium sized, but whatever their size, they are supposed to find the best deal for you. They may also be able to give you advice and save you a good deal of work. Remember that there are over 500 mortgages providers with over 7000 products, so you can make your life a lot easier if you ask a mortgage broker to help you find the best value mortgage. You don't need to traipse round every single building society or bank to find the best mortgage, just like if you want to eat steak you don't have to catch and slaughter the cow!

Continuing the steak analogy, it's worth you making sure the kind of steak you choose is cooked the way you want it, notwithstanding the importance of making sure that the steak isn't from a mad cow! Likewise, you should find out about the mortgage broker you go to, and take a little time to discover what they cost and what you will get for your money. People don't really understand what financial intermediaries do, despite the fact that 60% of mortgage business goes through them. Not all financial intermediaries are mortgage experts, even though they have to be regulated by the FSA.

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 mortgage arranged as quickly as possible, so that the deal can go ahead. This may not mean you are advised to take the best product, and anyone who has dealt with an estate agent before will attest to the fact that estate agents are also likely to recommend the products that give them the highest commission. Solicitors and accountants also sometimes offer mortgage advice, but since that isn't their normal line of business, don't expect to always get the benefit of a full view of the market.

Tied agents may deal with mortgages full time, but in reality they can only sell investment products from the company they are tied to, the identity of which they should make clear. If they can offer you a range of mortgage lenders, they may be tied to selling you insurance or investment products from one company as well, something they must also declare.

Independent financial advisers should offer you either the whole market or a large panel of providers who they can justify as the best for their customers' purposes. They should carry out a fact find and should also declare their commission.

You should also look at online brokers who can provide product information and the facility to apply online.

 

 

© AskFinancially.com 2008

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