The mortgage market is quite mature these days and there are many firms out there offering mortgages and advice to the homebuyer. As with all professional services, the level of service will vary and therefore, it’s important that you ask some very specific questions when deciding which firm to use.
They are;
Of course, it’s all well and good asking these questions, but what do you do with the answers? Well, let’s see if we can help.
If the answer is ‘no’ this probably means that the broker is tied to a specific lender or a panel of lenders. This means that they cannot offer you the widest range of options that might suit you. This isn’t great, as you’ll be missing out on what’s available to you from other sources, so this is worth considering.
If they say, ‘we check all mortgages offered to brokers’, sometimes known as ‘whole of market’ then this means that any mortgages offered exclusively from lenders outside the brokerage market won’t be included in their advice.
In many cases lenders that do not use brokers offer their services directly or through their own panel or specific in-house broker. Sometimes a ‘whole of market’ broker will also consider these lenders although it may be necessary for them to charge you a fee when the lender won’t pay them a commission.
Mortgage brokers make their money by charging for their expertise and access to the market of lenders. Using one will almost certainly save you a great deal of time and also save you money. Do check if their fees are upfront or if you dont have to pay until you receive your offer.
A commission is also payable from a lender to the broker and is referred to as a procuration fee. This fee is usually between 0.35% and 0.5% and the broker must advise you of this amount before making a mortgage application on your behalf.
The financial services sector is heavily regulated and fairly sophisticated. This means that it’s sensible to use a broker that is properly qualified to give you the best advice. The brokerage should also be properly regulated and hold insurance for professional liability.
Mortgage Required is an Award-winning Independent Mortgage Broker and is regulated under the Financial Conduct Authority.
A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.
7 days ago
Analysts are predicting further rate cuts this year, with the next one possibly coming down to 4% when the Bank of England’s Monetary Policy Committee meet on Thursday 7th August 2025.
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
14 days ago
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more.
The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.
Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.
17 days ago
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
23 days ago
Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.