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By Pete Mugleston | Mortgage Advisor

Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 1st October 2020*

Choosing the right mortgage advisor would usually require a lot of legwork and market knowledge, but there’s an easier way to do it: let us help you out.

Our mission is to introduce customers to their perfect mortgage advisor for free, and in this guide, we explain how we ensure it’s a perfect match and outline the credentials your broker should have.

You’ll find the following topics covered below…

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  • All the brokers we work with have whole of market access

Can a mortgage broker help you get a better deal?

If you’re hoping to take out a mortgage or a related product such as a bridging loan, then the answer is a resounding yes. Applying for a mortgage through a whole-of-market broker can help you save time, money and potential disappointment in the long run.

It’s a broker’s job to search the market for the best deals available, based on your needs and circumstances. They can ensure you end up with the most favourable rates that you qualify for, provide bespoke advice throughout and help you with your paperwork.

Applying for finance through one of the mortgage advisors we work with means you’ll have access to the entire market. You could also gain access to exclusive, broker-only deals from mortgage lenders, products that aren’t usually available to the general public.

Mortgage brokers can also be vitally important to customers who fall into a ‘higher-risk’ category. This can include borrowers looking for a bad credit mortgage, those who are self-employed professionals, expats and those of retirement age. Some mortgage providers can be wary of lending to borrowers in these circumstances, but a specialist broker could negotiate a good deal, with the right lender.

How to choose a mortgage advisor

We can choose the right one for you. We’ll take a look at your exact needs and circumstances and match you with the mortgage broker who is best equipped to get you a favourable deal. Choosing a mortgage broker would otherwise require you to trawl through the market yourself, carefully vet each advisor and have market knowledge.

When you make an enquiry with us, we’ll ask you some basic questions including…

  • How much you need to borrow
  • How much deposit you have
  • The source of your deposit
  • Your age
  • Whether you have any bad credit
  • The type of property you’re buying and its value
  • Your employment type, income and outgoings

The answers to these questions will help us choose the perfect broker for you. There are advisors who specialise in niche areas such as bad credit, low income and non-standard construction properties. If you fall into any of these categories, you’ll need the right expert.

How we pick the brokers we work with

When we match you with a mortgage broker, you can rest assured that they have been fully vetted and are best positioned to offer a five-star service. We only work with brokers who…

  • Are whole-of-market
  • Are experts in their field
  • Have all of the necessary qualifications and accreditations
  • Have completed a 12-module LIBF-accredited training course
  • Have deep relationships with mortgage lenders across the market
  • Agree to our fair-fee policy

If you use our free broker-matching service, we will only pair you with a mortgage advisor who meets all of the above criteria, so you don’t need to spend any time wading through broker information. You can be confident that your broker is the best in the business.

What qualifications should a mortgage advisor have?

We ensure that the mortgage advisors we work hold an industry-standard qualification recognised by the Financial Conduct Authority (FCA). This would be either…

  • Certificate in Mortgage Advice and Practice (CeMAP) – this is the industry benchmark qualification for authorised mortgage brokers and advisors
  • Chartered Insurance Institute Certificate in Mortgage Advice (Cert MA) – this qualification also meets the FCA’s expectations for mortgage advisors

We always check whether the brokers we work with hold these qualifications, but if you want to double check the credentials of an advisor we’ve referred you to, you can look them up in the FCA register by searching for their name or the name of the brokerage.

Who regulates brokers?

The Financial Conduct Authority. All mortgage brokers working in the UK must be either FCA regulated or an agent of an regulated firm. FCA regulation means that you, the customer, are protected against bad advice and mis-selling, among other things.

Should I use the estate agent’s broker? 

If you want to be absolutely certain you’re getting the best deal on the market, you should use an independent broker who has access to the whole market. Brokers who are tied to estate agents may not have whole-of-market access, and even if they do, there’s no guarantee their specific area of expertise is the right one for your mortgage application.

Using our free broker matching service is a better alternative. Not only can we guarantee your advisor will be whole-of-market, their expertise will be carefully matched to your profile.

What are the different types of mortgage broker?

In addition to the two broad categories of tied (affiliated with certain lenders and obliged to refer customers to them) and whole-of-market (unrestricted access to all UK lenders), some mortgage brokers specialise in certain types of customer, such as…

If you fall into any of the above categories or any other niche, make an enquiry and we’ll match you with a broker with the right expertise to help.

What is a private mortgage broker?

A private mortgage broker is a type of advisor who specialises in high net worth customers. These brokers have access to private lenders who are often better equipped at catering for the needs of borrowers who would qualify for mortgages worth £1 million and over.

We work with private mortgage brokers, so make an enquiry if you need access to one.

Should I compare mortgage brokers? 

We’ll do that for you! After you make an enquiry with us, a member of our support team will ask you a few simple questions to establish your needs and circumstances and compare a range of five-star brokers before matching you with an expert with the right skillset.

We won’t charge a fee for introducing you to the best broker for the job and your initial consultation with them will be free with no obligation to make a purchase.

In the unlikely event that you’re unsatisfied with the mortgage broker we introduce you to, we’d be more than happy to match you up with a different advisor.

What’s the difference between a financial advisor and a mortgage advisor?

A mortgage advisor is solely qualified to offer mortgage advice and arrange mortgage deals, while a financial advisor’s areas of expertise will extend to other areas of finance. This is likely to include pensions, investments and certain types of insurance.

There is some crossover between the two types of advisor. Some financial advisors specialise in mortgages in addition to other products and there are mortgage brokers who are qualified to arrange protection products, such as life insurance and critical illness cover.

If it’s a financial advisor you need, rather than a mortgage broker, head over to our sister service Online Money Advisor for access to a range of experts.

Get matched with your perfect broker today

Don’t waste time and effort researching mortgage brokers yourself. Let us do the legwork and find your perfect mortgage advisor for you – simple, fast and free!

Call 0808 189 2301 or make an enquiry and we’ll book you in for a no-obligation chat with the right mortgage advisor for your needs and circumstances.

Updated: 1st October 2020
OnlineMortgageAdvisor 2020 ©

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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