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United Kingdom,
United Kindgdom,
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How to Choose a Mortgage Broker

Posted On : Nov-10-2013 | seen (1019) times | Article Word Count : 431 |

A mortgage broker is a specialist who is trained to help you choose the best mortgage deal in the market. Their services do not come for free, but the fee is worth the money because your mortgage is more than likely to outlast much of your furniture!
A mortgage broker is a specialist who is trained to help you choose the best mortgage deal in the market. Their services do not come for free, but the fee is worth the money because your mortgage is more than likely to outlast much of your furniture! So how does one choose a good mortgage broker? Here are a few tips to help you;

a) Do you need a broker: Unlike the good old days of yore, mortgage calculation isn’t simply about choosing between variable and fixed interest. Almost every borrower has laid claim to a special type of loan- you can now choose from a self-certification mortgage, an offset mortgage or some other type. A broker can make sense of the different types and help you choose one that suits your circumstances. If you are one of the those who can’t be really bothered about shopping for the best financial package, and would rather prefer someone else do it for you, a mortgage broker is just right for you.

b) Choosing between a tied or independent mortgage brokers: Tied brokers work for a particular service provider and offer you loan options related to his employers. They usually work for free, but are not always reliable. Independent mortgage brokers however, do not work for anybody. They charge you a onetime commission, but in return give you different options offered by other borrowers. He or she can suggest you a loan scheme that best matches your condition.

c) Credentials: In the UK, mortgage brokers should be authorised by the Financial Service Authority or FSA to give you advice on financial matters. You can always check if your broker is registered with the FSA through the agency website. The Mortgage Code Compliance Board or MCCB is also an authority on this issue.

d) Get everything in writing: Mortgage brokers in most cases promise you a lot, but when it comes to enforcing them, almost all of them disappear into thin air! Make sure that these promises, including details about their fees in writing.

e) Open Communication: The mortgage broker should openly communicate about the process.

f) When things go wrong: If things turn sour between you and the broker, you can always lodge a complaint or ask the MCCB to address your grievances. If the broker is tied to the Mortgage Code and does not offer a satisfactory reply, the MCCB can initiate disciplinary action against the broker.

These are just some of the points to be considered to help you find a mortgage broker.

Article Source : http://www.articleseen.com/Article_How to Choose a Mortgage Broker_284694.aspx

Author Resource :
The Author of this article offers independent mortgage advice in Peterborough, through his website peterboroughmortgageadvice.co.uk

Keywords : Mortgage Broker Peterborough, Mortgage Broker Stamford, Mortgage Advice Peterborough & Stamford,

Category : Finance : Mortgage

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