Mortgage Brokers Best Service Tips

Mortgage Brokers Best Service Tips



Mortgage Brokers – Best Service Tips
Most of​ us have been there before,​ looking to​ buy a​ new home .​
Can you​ picture the​ situation now? you​ see a​ photo in​ the​ estate agents window,​ and you​ nip in​ for a​ schedule .​
As soon as​ the​ agents know you’re looking to​ buy a​ property,​ they will offer to​ set up a​ meeting with their mortgage advisor .​
You feel like you​ are being railroaded into using their services,​ you​ now believe that these mortgage advisors are the​ best in​ the​ business .​
The mortgage deals elsewhere aren’t worth the​ paper that they have been written on​ and if​ you​ go anywhere else for your mortgage then you​ will be filing for bankruptcy within 3 months .​
Does it​ seem familiar?
While it​ can be an​ excellent idea to​ take on​ the​ services of​ a​ mortgage advisor,​ it’s by no means compulsory .​
Advisors will either charge a​ fee – in​ which case they should be offering you​ totally impartial advice – or​ they will be on​ commission .​
This does mean they are likely to​ try and steer you​ towards certain products in​ the​ interest of​ earning a​ bonus.
A broker is​ an​ intermediary who will help you​ to​ find the​ best mortgage deal for your needs and circumstances .​
Those who subscribe to​ the​ Mortgage Code are bound to​ disclose information about the​ services they are providing,​ including:
· Whether they are independent,​ or​ tied to​ a​ particular organisation
· What commissions,​ if​ any,​ they will receive
· What level of​ service and advice they can provide
You can request a​ list of​ local independent mortgage brokers from the​ Mortgage Code Register of​ Intermediaries – check www.cml.org.uk for details .​
Independent Financial Advisors can also act as​ intermediaries – some specialise in​ mortgages .​
Make sure to​ find out whether your broker charges a​ fee before you​ agree to​ use them,​ and how much it​ will cost .​
Normally they should only charge you​ once you​ have found a​ mortgage and had your application accepted.
Using a​ broker can make the​ process of​ finding and choosing a​ mortgage much easier – you​ give them information about what you​ are looking for and your finances,​ and they can do the​ hard work .​
Because brokers have experience of​ the​ field and a​ good awareness of​ current market trends,​ they can often give good advice to​ borrowers .​
They also will have access to​ a​ vast range of​ products that you​ may struggle to​ find yourself – mortgages from the​ smaller providers,​ for example,​ may not be prominently advertised.
Independent brokers earn money by selling you​ products – they may suggest additional insurance policies for example .​
You are not required to​ take up these offers,​ and be aware that the​ broker is​ receiving commissions for selling you​ policies .​
However,​ if​ you​ are looking for extra insurance – for example repayment protection to​ cover your mortgage payments – it​ may be easiest to​ let the​ broker find you​ a​ policy at​ the​ same time as​ your mortgage.
You may freely reprint this article provided that the​ author bio and live links are left intact.




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