The type of mortgage advisor you speak to can make a big difference. Some mortgage advisors can only place mortgage applications with a limited number of lenders, whilst others have access to the ‘whole market’. So what does this actually mean?
Well a ‘whole of market’ advisor has a much larger choice of lenders and products to look at for you, which means they are more likely to save you money!
Finding A Good Mortgage Advisor
Finding a good whole of market mortgage advisor will have massive benefits because he/she will have your best interests as their priority. The chances are you will recommend them to friends & family and remortgage in a couple of years. So everybody is on the same side.
Good Advice Is ‘Fee Free‘
The majority of independent mortgage advisers are very happy to provide advice on a ‘fee free’ basis. So what does this actually mean? Well they still get paid as nobody works for free, but they get paid by the lender for placing the mortgage application!
Is Fixed Fee Advice better?
You may prefer paying your mortgage broker a fixed fee, and they give you what the lender pays them for placing the mortgage. This is know as ‘independent advice’ and there is no clear answer if this is better. You should talk through the options with your advisor.