There are three types of Mortgage Broker that you can consult for mortgage advice:
Tied Brokers, Multi-Tied Brokers and Independent Mortgage Brokers.
These 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
These 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.
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