What Types Of UK Mortgage Brokers Are There?

As from June 1 2005 – when new government regulations came into play - there are now three types of Mortgage Broker that you can consult for mortgage advice:

Tied Brokers, Multi-Tied Brokers and Independent Mortgage Brokers.

Tied brokers are literally tied into one mortgage lender.

They are probably employed by the lender and will only offer you mortgage deals from that lender.

So you are not seeing the full choice available.

Multi-tied Mortgage Brokers are a step up from Tied Brokers in that they can offer products from a range of providers.

But this is still a limited choice.

The “panel” of mortgage lenders they represent will be more likely to be chosen on the basis of what is best for the broker – who gives them the best commission etc – rather than what is best for you.

They do not have to scour the entire market for the best deals. (Oddly many banks, building societies and insurance companies are now becoming multi-tied Mortgage Brokers).

Independent Mortgage Brokers are usually more experienced and probably more likely to really get you the best deal available.

They have often come from years of working for a big firm. These years in the business, plus their flexibility in being able to go to any lender, is all a bonus for you.

The fact that they are operating independently of a big bank or lender doesn't mean they don't have all the required back up.

They have access to special computer programs which can quickly check the whole of market range – comprising over 100 lenders – and identify the mortgage that is best for you - not what is best for them.

To read more on this subject please see the list below or your mortgage guide or your home buying guide

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Value of Property £       (eg 125000) Borrow How Much? £     (eg 92500) Your Morgage Type    - please select - Re-Mortgage Purchase Buy to Let Overseas First time buyer? Yes No Have you found property? Yes No Country     - please select - Andorra Australia Bahamas Barbados Belgium Belize Bulgaria BVI Cayman Islands Cyprus Canada Dutch Antilles France Greece Ireland Italy Jamaica Malta Mexico New Zealand Poland Portugal Spain St. Lucia Switzerland Trinidad & Tobago Turks & Caicos USA Other.. Sorry ! The amount you want to borrow is less than £25,000. This is the minimum allowed for a mortgage. But don't worry ! You could get the money via a personal loan. I want a free no obligation loan quote Click OK No thanks. I will change my borrow amount to more than £25,000 Click Cancel

 

 

 

Which Type of Mortgage Broker Is Best For You?

How Do I Find A Mortgage Broker?

What Do They Charge?

Paying Fees Versus Commission

Questions To Ask Your Mortgage Broker

The Keyfacts and Initial Disclosure Documents

Mortgage Broker Qualifications

Who Regulates Mortgage Brokers?

How To Check Up On A Mortgage Broker

Complaining About Mortgage Brokers

The new regulations – an overview

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