Are there special broker mortgages?

Leg-end_2

I spoke to an independent mortgage advisor recently who suggested that there are four channels to access mortgages-

Online offers
Telephone offers
In Branch offers
Broker offers

Is it true that there are mortgage deals that are only available to brokers and that these are not available to anyone else?

I want someone to search the entire market and I appreciate that there may be a fee to be paid to the broker, but I was given the impression that a mortgage that is available through a broker only may cost me a higher fee as they have to get more involved.

Please do not misinterpret my post. In my initial discussions the broker seemed honest. It was also discussed that the ‘right mortgage’ could come from any source. I was just uncertain that there were special mortgages only available through brokers.

Is this true? Are there any ‘independent brokers’ that will search the entire market including every single mortgage available and not charge a fee?

I have no adverse credit history. I have equity in my house and no other debts. I will have a deposit of around 20-25% so I would be surprised if my mortgage options are that limited.

Thanks in advance for any help or advice.

Conrad

Brokers get the odd special deal but they are not normally unbeatable.

Some brokers state they will give advice on all lenders including the likes of the CO-OP and Direct Line that pay no commission.

If your case is straight forward, I imagine you will perfectly well be able to source your own mortgage and shouldn't need a broker to give up time in thier life for free, unless you are happy to return the gesture and work for them for free.

Thrugelmir

A link that may help you in your search

http://www.fsa.gov.uk/tables/

Leg-end_2

Interesting reply. I can of course use the usual websites for research, but it was the element of doubt cast by the 'special broker mortgages'. Their fees are not high so I may pay them to do the work anyway as time is indeed money and my time could be spent on my own business.

Thrugelmir

Leg-end wrote: »

Interesting reply. I can of course use the usual websites for research, but it was the element of doubt cast by the 'special broker mortgages'. Their fees are not high so I may pay them to do the work anyway as time is indeed money and my time could be spent on my own business.

As the number of lenders in the market has reduced and some lenders no longer use brokers at all. I'm not sure how many special deals are out in the market now.

Treadmill

Brokers generally have a more limited amount of deals than you can get direct with lenders, I've always been dubious of brokers myself.

happybroker

brokers do get "exclusives" and some of these are not available to all brokers even. Some lenders don't deal with brokers and some don't deal directly with the public either (though these tend to be more specialist).

if this guy is going to search the entire market, including direct deals, and you feel he is value for money then that's fair enough. If it's a deal that he can arrange (ie not direct to lender) then he will also get paid by the lender so I'm not quite sure why that would result in a higher fee.