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Mortgage Brokers � Are They All The Same?
By SeanH-9584
You may be looking for a mortgage
and have decided to use a mortgage broker, rather
than just going to the bank. This is a sound idea.
But the next question is � how do you choose a mortgage
broker? Do you just pick one at random from the Yellow
Pages?
Before deciding which mortgage broker to use, you
need to know what different types of mortgage
broker there are.
As far as access to lenders is concerned, there are
basically three types of mortgage broker:
1.Some mortgage brokers are tied to a lender
or a small group of specific lenders. A �mortgage
adviser� in your bank or building society is likely to
be of this type. In some cases they are actually employed
by the lenders whose products they sell, so they are bound
to promote these products. The only advantage of using one
of this group is that they might be able to get you a good
deal on one of these mortgages.
2.Other mortgage brokers have access to a
�panel� of lenders. These panels vary in size � some are
very small, some are fairly representative of the market
as a whole. Some mortgage brokers who work from the
larger panels will dexcribe themselves as �whole of
market� because their panel is representative of the
market, but this is misleading. However, the range of
products they offer could be quite a good selection,
including specialist providers and smaller building
societies. Also they too might be able to get you a good
deal. Ask the size of the panel they work from and avoid
those working from very small panels � say, less than
3.A truly independent mortgage broker will
not be tied to any lenders. These brokers will be able to
recommend providers from virtually the whole of the
market. (There is actually no such thing as a completely
�whole-of-market� mortgage broker as there are some
lenders who don�t offer their products through
brokerages.) Of these brokers, some will charge you a fee
while some work on a commission basis. Many people prefer
to use a mortgage broker who charges fees, feeling
that this way they can be sure of truly impartial advice.
However, brokers are bound by the terms of their
professional code to offer the best advice for their
clients.
If you want to be sure of finding a mortgage that
is exactly right for your individual circumstances, you
would be best to look for an independent mortgage
broker. Check that the broker works on a �whole of market�
basis and whether they charge fees or not. This will help
you find the mortgage broker who is right for your
needs.
Article Source:
http://www.articlemap.com
Sean Horton is a Director of
Enhanced Wealth Limited who are a specialist
mortgage broker
.
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