·
Do you have a few references I can
call, i.e. former clients?
·
Are you insured against giving bad
advice?
·
How do you want to be paid? Fees or
commission or both?
Don’t only judge your Mortgage Broker by what
they say, but how they respond to your
questions. Is it openly and directly? Or do you have
difficulty getting a straight answer?
Any
good Mortgage Broker should come across as responsive,
available, straightforward and honest.
The
Keyfacts and Initial Disclosure Documents
The
new mortgage rules mean the brokers now have to automatically
give you more information.
You
will recognise the Initial Disclosure Document
by the words ‘about our mortgage services’
and the ‘keyfacts’ logo
The
Initial Disclosure Document gives you
the key facts about the firm in five numbered sections:
1.
The firm must tell you that the Financial Services Authority
(FSA) regulates financial services.
2.
It must explain whose mortgages the firm offers.
3.
It must reveal what service the firm will provide.
4.
It must state what you will have to pay for the service.
5.
It must explain whether the firm will refund a fee in
any circumstances.
The
other major document you should get from your mortgage
broker is the Key Facts Illustration
(KFI).
When recommending a mortgage to you, the Mortgage Broker
has to outline why they are recommending this - using
the Key Facts Illustration (KFI).
The
KFI document will include detailed information about
the recommended mortgage, tell you about the level of
service they are offering, and how much their fee or
any commission will be.
Read
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