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A mortgage broker, or adviser, is someone who will review the mortgages available to you based on your personal financial situation.
Using a broker can save you a lot of time and stress, as they will handle everything from searching for a deal to applying and communicating with the lender on your behalf.
Mortgage brokers have expert knowledge of the mortgage market and will be able to recommend deals that suit your personal situation. They should also have access to software that allows them to search mortgage deals much faster and more thoroughly than you could yourself.
A good broker will know which lenders are most likely to accept you and help you steer clear of applying for deals you're unlikely to get (which can have a negative impact on future applications).
Also, if you take out a mortgage using a broker you have the right to complain if the mortgage turns out to be unsuitable – an option that isn't available if you apply without taking advice.
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There are several things you should consider when choosing a mortgage adviser. One of the most important is whether they are whole-of-market.
Some mortgage advisers and brokers will only recommend mortgages that are available from a select 'panel' of lenders.
Meanwhile, if you speak to an adviser based in a bank or building society, they will only tell you about their own product range.
A whole-of-market broker will be able to assess every available mortgage so they can recommend the very cheapest or most suitable deal for you. This could potentially save you a lot of money.
While many mortgages are only available via brokers, some are only available if you apply directly, without a broker. These are known as 'direct-only' mortgages.
Brokers have no obligation to inform you of these deals. However, it's worth asking your mortgage adviser if they will tell you about any direct deals that could be cheaper.
You may wish to do some of your own research if your broker is unable or unwilling to discuss direct-only deals.
It's normal for mortgage brokers to earn commission from lenders after arranging a mortgage.
Some will also charge you a fee, which will either be a flat rate or a percentage of the amount you want to borrow.
All mortgage brokers must clearly outline these charges and any fees or commission they receive from a lender prior to entering into a contract to act on your behalf.
While most mortgage brokers work with customers in person or over the phone, there's now a growing number of 'robo mortgage advisers' – web-based services that allow you to carry out some or all of the mortgage application process online.
There are pros and cons to this approach. Our guide to online mortgage brokers explores how some of the best-known companies work.
We've set out the traditional mortgage brokers that have access to a wide range of lenders and are fully regulated by the Financial Conduct Authority. We've listed them in alphabetical order.
Alexander Hall is a direct mortgage broker with access to 120 lenders.
Advice is free, but it has a £499 fixed procurement fee to be paid once your mortgage has been chosen.
You can check deals 24/7 online or phone 08000 38 37 36 Mon-Fri 8am-8pm to speak to an adviser.
John Charcol works with 120 specialist lenders that you can access online, on its app or over the phone.
Its fees are not fixed but based on the loan amount and individual circumstances.
You can check your options online and on the mobile app 24/7 or via phone on 0808 303 5499 Mon-Fri 9am-6pm and Sat 9am- 1pm.
L&C is the UK's largest fee-free mortgage broker, which means it won’t charge you for its mortgage advice service.
It has access to 1000s of deals from over 90 different lenders across the market and its advisers are on hand to help seven days a week, online or over the phone.
You can get in touch with L&C on 0808 292 6528 and its offices are open Mon-Thurs 9am-8pm, Fri 9am-5.30pm, Sat 9am-5pm and Sun 10am-4pm.
Mortgage Advice Bureau is not a whole-of-market broker.
It doesn't state the size of its panel, but it says it works with a large selection of brokers and insurance advisers who can help you find a product that is best for you.
You can talk to an adviser for free, but its website states there may be a fee for mortgage advice: 'The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.'
You can get in touch over the phone on 0808 271 1687. Lines are open Mon-Fri 8am-6pm.
Once they've found a range of mortgages for you, a broker will be able to talk you through the pros and cons of each deal.
Before deciding which one to apply for, think about:
Find out more: best mortgage lenders
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A decent mortgage broker will explain anything you don't understand, but it's still helpful to have some idea of the most common terms.
These are just a few of the terms you might hear.
You should always check that your broker is authorised to give mortgage advice by consulting the Financial Services Register.
They should do the following before you apply for a mortgage:
If you think you've received bad advice, you can make a formal complaint.
First, go to the firm that advised you to see if it can offer a solution to the problem.
If it doesn't resolve your complaint satisfactorily within eight weeks from the date you complain, take your complaint to the Financial Ombudsman Service.
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