mortgage brokers

What is a Mortgage broker?

A mortgage broker is an individual or company that acts as an intermediary between mortgage lenders and borrowers. Mortgage brokers often have access to a vast range of mortgages from different mortgage lenders and can advise on the best mortgage for your situation.

How are mortgage brokers paid?

Some mortgage brokers will retain a commission on the mortgages sold from the mortgage lender, although some will charge you a fee for their advice, this is more common to independent mortgage brokers who are not affiliated with any particular mortgage lenders. Ask the mortgage broker exactly what they are offering and ask them to detail any costs. It is best to get this in a formal document. In some situations you may need other products as well as your mortgage, fees for such may vary from those you pay for your mortgage so you should clarify this with your mortgage broker.

make sure your broker is qualified

The mortgage industry is regulated by the Financial Services Authority (FSA). Check to see if your mortgage lender or broker is listed on here. If not, it is probably time to look elsewhere.