Choosing the Right Mortgage Broker and Quote
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When it comes to picking your mortgage, a broker can be a huge help. But they don't come cheap, so it's important you get your money's worth. Here we will explain how to get your hands on a good broker, and how to make the most of it when you do.
Choosing a mortgage has always been fraught, but in recent years the market has exploded. Gone are the days when the major decision you had to make was between a variable and a fixed rate. Now, every lender seems to have their own take on the product, from offset mortgages that set your savings interest against your mortgage interest, to self-certification mortgages for the self-employed and the newest offering from Abbey: a mortgage that pays customers up to 1% of their outstanding mortgage balance every two years. Making sense of all the different options and working out which is best for you is where mortgage brokers come in.
A mortgage broker is basically a financial adviser with specialist knowledge of the mortgage market. He or she will single out the mortgage most suited to your circumstances, negotiate on your behalf with the lender and, ideally, get you a better deal than you could have done yourself, as some brokers have access to mortgage deals that won't be available directly from the lender. All of which sounds great: moving house is a stressful process, and having one less thing to worry about can be a huge help, particularly if it means you'll be better off in the long run. However, as with as with most financial services, a mortgage broker doesn't come cheap. You need to make sure that you choose the right person and that you get your money's worth when you're dealing with them.
Mortgage brokers, like financial advisers, can be either tied or independent. Tied brokers do not demand an up-front fee but, rather, are paid via commission when you take on a mortgage through them. However, they can only recommend the products offered by the particular lenders to which they're attached. Independent brokers, on the other hand, are free to recommend what they deem to be the best product for you from across the market, in return for an one-off broker fee.
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