Find a mortgage broker
Moneywise has teamed up with IFA Promotions to help users find a mortgage broker in your area.
Whether you are a first-time buyer looking to get on the property ladder or an existing homeowner about to move home or coming up to remortgage, a mortgage broker should be your first port of call.
Generally speaking, there are three types of mortgage brokers: those that are tied to just one lender; those that sell mortgages from a restricted panel of lenders; and those that sell from across the market.
Moneywise recommends that people always visit a whole of market mortgage broker to ensure you get the best possible deal out there. IFA Promotions only lists brokers that offer a whole of market option. These include:
1. Independent financial advisers that advise on a range of different financial products including mortgages. They should cover the whole of the mortgage market (which means they aren't tied to a restricted panel of lenders). A mortgage IFA will also offer you a choice of paying by fee.
2. Independent mortgage advisers who offer products from the whole of the market as well as giving you the choice of paying by fee.
3. Mortgage brokers who offer products from the whole mortgage market but are paid via commission from the lender they place the mortgage with.
Bear in mind that, when it comes to mortgages, 'whole of market' advice is still restricted as lenders such as First Direct and HSBC do not sell their mortgage via brokers. In order to be called 'whole of market', a mortgage broker must sell loans from a panel that is representative of the whole market.
The service is completely free and allows you to confidentially search for mortgage brokers close to where you live or work. All you need to do is enter you postcode...
A financial adviser who is not tied to any financial services company (such as a bank or insurance company) and is authorised by the Financial Services Authority (FSA). They can advise on financial products to suit your circumstances. All IFAs have to give consumers the choice of paying by fees or commission and have to explain which would best suit the customer in that particular instance. Also, if commission is paid either by the client or the financial service provider recommended by the IFA, the IFA must disclose what that commission is.