Mortgage Brokers - Top Tops!

 

PROPERTY ADVICE BLOG - Mortgage Brokers - Top Tops! - Make sure you know when a fee is expected and how much it will be before you sign up to a mortgage broker. In addition, avoid any broker who ask for more than a 1% fee and expects a payment before the mortgage deal is complete. Details can change at the last minute and you may find that you have overpaid your mortgage broker before the deal is set in stone.

Read on to discover PROPERTY ADVICE BLOG's invaluable property finance advice before choosing your mortgage broker:

•       Look for a regulated ‘whole of market’ fees –free broker who charges by commission and selects your mortgage deal from a wide variety of sources. In other words, don’t pay a fee unless you feel it is worthwhile in the long run.

•      Consider a mortgage broker who asks for a fee which is refunded by a high rate of commission. If the fee is low and the commission is higher, then you could be paying less than expected. Ask your mortgage broker for a full run down of figures before you agree.

•      Understand the meaning of the title ‘Independent Mortgage Broker’. If you choose an intermediary who describes himself as an Independent Mortgage Broker, they must offer you the option to pay fees only, as opposed to both commission and fees. What’s more, with an Independent Mortgage Broker all of the commission should be rebated to the client.

•    Be aware that ‘whole of market’ fees-free brokers generally provide a similar service to Independent Mortgage Brokers, but are cheaper. Although ‘whole of market’ fees-free brokers work only on commission they will often offer the same type of property advice and information as the Independent Broker.

•    Before choosing a mortgage broker ask them the three questions listed above and make sure you fully understand their policies and payment methods from the initial stages.
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