As experts on mortgages, a mortgage broker could end up saving time, money, and a lot of stress by recommending a suitable mortgage and finding the best deal possible. However, make sure to ask them these important questions to ensure they can provide accurate information to help you find a good mortgage!
Are you an independent or tied mortgage broker?
Some mortgage brokers are associated with certain lenders, whereas others are not tied to a specific organisation, the latter of which are known as independent mortgage brokers.
Always determine what broker they are, as those that are not tied to a specific lender or group of lenders will have access to a great range of deals throughout the market, although those with ties to a specific lender may have access to deals not available to an independent broker.
How do you charge fees?
A mortgage broker may charge their fees in a few ways, so make sure you know which to determine the cost of the service. For example, some charge a flat rate while others are paid a commission from a specific lender they recommend.
Do you have industry-related qualifications?
Mortgage brokers with an industry qualification are always a better bet than those that donbt. For instance, those with FCA qualifications such as the Certificate in Mortgage Advice and Practice are help to the high standards of the FCA, so should be reliable brokers worth hiring.
Why are you recommending this particular mortgage?
After giving the broker all your key information, they will come back with a few recommendations for mortgages, but you should always determine why these have been recommended. In most cases, itbs because it is the most suitable choice going on your requirements, but you should always seek clarification in any case.
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