What to Consider when Choosing a Mortgage Broker

Buying a home can be a complicated process and now, after the financial turmoil of the last decade, it has become no simpler. Obtaining a mortgage is not the straightforward activity it once was.

Securing the right mortgage for you - on the best terms available - can be a complicated business. That is why you should use the best mortgage broker you can find.

Here are a few tips when considering who to speak with about your financial needs;

• Here today - gone tomorrow? Make sure that whomever you speak with, their business has a credible and established track record in this specialist sector of the financial markets. You wouldn’t seek out a junior doctor for open heart surgery. Neither should you pick the first mortgage broker you come across. Choose an established practice.
• Is your broker authorised to advise? Mortgage brokers and independent financial advisors should be authorised by the FCA. Ask to see their accreditation details if you are unsure.
• Are they qualified to advise you? There are a variety of qualifications available to professional IFA's. They vary in discipline. If you are unsure, ask your broker about their experience and qualifications.
• Are they truly independent? If you are seeking independent financial advice make sure your broker is not tied to just one lender! To obtain independent financial advice it makes sense to expect your financial advisor is independent.
• Is your advisor insured ? If you receive bad advice it’s good to know that the broker at fault has professional indemnity insurance. This is there to pay out when an advisor is proven to have been negligent when advising you. Make sure your broker is insured.
• How does your broker get paid? Many brokers these days charge a fee to research the best deal for you and process your application. If you are looking for independent advice, this makes sense. Most lenders also offer fees to brokers that place their products. The important thing is that your broker is completely transparent when advising you and this should include a clear breakdown of how and when he or she is paid for their time.
• Word of mouth? There is nothing like personal recommendation when deciding on who to use as your mortgage advisor. At Mortgage Required we know that happy customers make for more customers.

At Mortgage Required we specialise in advising clients requiring a mortgage - the clue is in our name! All our brokers are properly qualified to offer knowledgeable, independent and trusted advice and in 2015 a whopping 96% of our clients rated our service as either ‘good’ or ‘excellent’.

For more information Contact us to speak to a mortgage adviser.