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Mortgages

Mortgage advice with no upfront broker fees 

Payam Azadi Director – Specialist Finance Expert · 2 min read

Mortgage advice with no upfront broker fees 

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Published 15 February 2017 · Last reviewed 28 March 2017 · Older article — see current rates

Independent Mortgage advice for your new home 5 key questions to ask

mortgage advice

Getting a mortgage is probably going to be the largest commitment you will make so it’s sensible to obtain good mortgage advice. When deciding on a suitable mortgage adviser the first thing you need to establish is their agenda to determine whether they have your interests at heart.

Mortgage advice comes in all shapes and sizes but the following 5 key questions will help you choose a suitable partner to provide the mortgage advice:

  1. Suitability qualified. Check their firm is ‘authorised’ to offer mortgage advice on Financial Conduct Authority website https://register.fca.org.uk/ . You further what to establish whether they have the permission to “arranging (bringing about) regulated mortgage contracts”. This will ensure, where relevant, that you are protected, and that they are able to provide full mortgage advice rather than simply information.
  2. Their owner. Establish their paymaster. If the mortgage advice is under the umbrella of an estate agency then they might have a vested interest in knowing how much you can afford to push the vendor’s price up.
  3. Mortgage panel. Can they access all Lenders? “Whole of market” or “Representative of whole of market” is normally fit for purpose but a “Range of Lenders” might mean you miss out the best products. Banks and Building Society mortgage advisers of course limited to their own offerings.
  4. Charges. Their pricing structure consistent and fair. For instance, avoid paying upfront for mortgage advice. If their charges vary depending on customer type ask them for how the categorisation works and is applied, otherwise they might simply be charging you more because you look desperate or can afford it.
  5. Are they established? How long have they been running? Is the firm a company or an individual. Do they have offices or work from home. How secure is your data? How long has your mortgage adviser been in the business? What happens if your mortgage adviser is off work? All questions you are entitled to ask.
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