Five Tips For Choosing A Mortgage Broker

Check They Are Qualified

Check They Are Qualified

This may seem an obvious point to make, but how often do we check the credentials of professionals we contract? It's still fairly uncommon for us in the UK to vet and reference those we hire for short-term jobs, but don't take this risk with your mortgage broker. Make sure you are working with a competent professional who will protect your personal data and get you the best deal on the market. Brokers should hold a qualification recognised by the Financial Service Authority (FSA), such as a CeMAP or CertMA, so check that they do and if you have any concerns get in touch with the FSA.

Are They Regulated?

In addition to holding a recognised qualification, all UK brokers must operate as an agent of a regulated firm or be regulated by the FSA. If you have any dealing with an unregulated broker you will not be able to take advantage of the FSA complaints procedure should you encounter problems. The FSA publishes a register of all regulated brokers that can be accessed via their website. So, for instance, a homebuyers could use can be easily located with a bit of online research.

Whole-of-Market Brokering

Brokers can either be 'whole of market,' 'tied' or a combination of the two. A whole-of-market broker is not limited to advising on products offered by specific lenders, so can include a greater range of products in their search. Tied brokers may work for a company such as a bank and can only advise on that company's products.

Operational Policies

Before engaging the services of a broker, think about what's important to you and what you need from that broker. Check if they predominantly work over the phone or if they offer a face-to-face service. For example, when looking for a mortgage broker Southampton residents may prefer someone local. Others may be happy conducting business over the telephone and by email and will not be concerned about the location of their broker. There will be lots of paperwork to complete and you will probably have lots of questions, so think about which you would prefer. Check their working hours and find out a bit about their customer-service policy.

How Do They Expect To Be Paid?

Some brokers will charge an hourly or flat fee for their service and others will work on a commission basis, so be clear about payment before the broker commences their search. Some people feel concerned that brokers working on commission will have their own interests at heart when advising clients of the best product for their needs, but the FSA monitors the impartiality of lenders with a series of checks, so don't immediately disregard this option.

by: Philip Loughran

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