Mortgage comparison - finding the right mortgage broker
Finding the right mortgage broker is almost as important as finding the right house to live in, as the wrong advice could seriously impact your financial happiness. So how do you go about finding a reputable mortgage company?
Like everything, it’s simple when you know what to look for.
It’s easy to be lured in by marketing angles: bad credit remortgage advice, best tracker mortgages, best mortgage rates etc but don’t forget the ground rules.
You can compare mortgage brokers, once you know the 3 determining factors:
1) Can they access the whole mortgage market? The answer should be ‘yes’. And don’t just accept ‘yes’ without probing a little further. Some mortgage brokers are restricted to a certain mortgage provider panel. They may be able to find you a Halifax mortgage, an Abbey mortgage, a Barclays mortgage, a Nationwide mortgage or a Northern Rock mortgage…because these are all mortgage lending giants, but what about those best buy deals that are brought out by the smallest mortgage lenders? You don’t just want a representation of the current mortgage deals available. You want your mortgage broker to access every mortgage on the market to find the best one for you.
2) Will they charge you a mortgage broker fee? Your mortgage broker will either charge you a fee or won’t, and new FSA regulations have ensured that you will know about this well in advance of paying for it. The point is: why pay to find the best mortgages, when you can get them for free? There are excellent mortgage brokers who will give you expert advice, with no fee attached.
3) Will they put your interests first? Your broker will receive a commission from the mortgage lender for recommending their product. Not all mortgage lenders pay commission, however. If there was a mortgage that really suited you and paid no commission, would the broker still recommend it? A reputable mortgage broker will keep your interests at heart at all times. Address this issue with them before proceeding.
It goes without saying that L&C Mortgages fulfills all of the above criteria. Calls are free, advice is clear, simple and unbiased, and there is no fee charged at any point for the service received.
See also:
Free mortgage advice: our no broker fee policy
Independent or whole of the market mortgage advice?
Mortgage search: finding the best remortgage adviser
Remortgages: saving money on your mortgage
Compare Best Buy Mortgages
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At L&C every mortgage is a green mortgage
