Mortgage brokers

zonker84

Simple question really. I shall need to be applying for a mortgage over the next few weeks. What is the best place to look for advice? For example, is it worth just getting the yellow pages and picking a broker at random and phoning up for an appointment?

Is it worth shopping around for mortgages yourself online as well? Sorry for sounding naive, but I'm not really an expert on this, and don't want to lose out because of being ignorant of all the available options and ways to go about obtaining the best mortgage.

Thanks in advance for any advice

dunstonh

You want an independent (whole of market) mortgage advisor. Ideally one that is local and not part of a national/regional salesforce. Local firms rely on reputation more. So the service is likely to be better.

The software that the mortgage advisor will have will allow you to see the research. Whilst some may not show it to you, you can ask to see it and I recommend you do.

You can shop around yourself to get an idea of the deals available and that will allow you to compare it to what the mortgage advisor comes up with.

Barney088

You can look on the FSA website (Financial Services Authority) and see a register of people in your area, this will give you everyone who arranges finance, so car salemen etc. However it is bound to be local to you. They are on https://www.fsa.gov.uk and you can track down the register from there.

The Yellow pages will let you find someone in your town, although the allow "paid Adverts" to jump the queue and aim to get your attention over the others.

All brokers are obliged to tell you about their fee, ask them up front what they charge and see how they justify it, again check the whole of market, ask if they have a limited panel of lenders or could source a mortgage from any lender in the UK.

There should be no cost up front so if you find a couple on the phone you like meet with them and tell them your shopping around, if they like you and you like them you'll know which one to choose.

Best of luck

stanmoresaver

Best Bet is personal recommendation from friends, family or work collegues.

Whole of Market a must- Face to face preferable unless you feel otherwise

Don't get too hung up about fee's it's too bigger a transaction in your financial life, (especially first time!). More importantly, you need to feel comfortable in the brokers company and if you aren't, move on and try someone else!

SS

zonker84

Many thanks :T