Mortgage Brokers

Good Mortgage Brokers

With so many mortgages on the market all with different benefits and drawbacks, getting skilled advice from good mortgage brokers can be incredibly beneficial. But where can you find good mortgage brokers?

From the 1st of July 2005, new government regulations mean there are now three different types of mortgage brokers you can consult with for advice and guidance.

If you speak to a Tied mortgage broker they are hired and therefore ‘tied’ to one company and can only give you a list of the deals that one company can offer you, therefore not giving you the full range.

A multi-tied mortgage broker can obviously offer you more variety as they represent more than one company. However, the options they are offer you still don’t represent complete choice.

The third option is Independent mortgage brokers who often represent greater experience. They can offer you the full range of mortgages and are often good at finding the deal best suited to you.

Choosing a mortgage broker can be difficult simply because of the choice. A lot of people go on ‘word of mouth’ from friends and family who recommend certain companies which can be a mistake.

In reality the majority of people have little knowledge about the specifics of their own mortgage and therefore how good their deal actually was. Even those who do may have very different financial circumstances to yours.

Like most financial products, you should always shop around and see who represents the best deal for you as the savings from one quote to another can be massive.

Once you’ve found your broker, you can check their authenticity online by visiting the FSA register of Brokers at http://www.fsa.gov.uk/register/ and simply typing in their name.

Money is also an issue when looking for a mortgage broker. Often, they will meet you for free initially and then charge either an hourly fee (typically £75) or by agreeing a commission.

More people are finding simply paying the fees up front is better. This is because you then get piece of mind knowing the broker has your best interests at heart and not what represents the best deal for them.

All payment will be set out in an Initial Disclosure Document. It must state what you will have to pay for the service and explains whether the firm will refund a fee in certain circumstances.

Finding a good mortgage broker can save you a lot of money and financial heartache in the future, so it’s worth shopping around.

Tracker Mortgages

As the UK economy braces itself for further cuts in interest rates, tracker mortgages continue to soar in popularity and for good reason. Make sure you navigate your way to our tracker mortgages page to learn about what a tracker mortgage is, how they can save you huge amounts of money and the best deals currently available.