'Whole of market' mortgage advisors

nakmeister

Do independent mortgage advisors that search the whole of the market really have access to the whole market or not? Are there some products that only available if you personally apply to the provider and not through a broker?

The reason I ask is that I'm ideally looking for a 95% mortgage, and my IFA says there are none available. I read an article published only yesterday in a major publication stating that lenders such as Leeds Building Society, Newcastle BS and several others are still offering 95% mortgages. My advisor specifically told me that the Newcastle had stopped theirs. Why am I not being offered these, is it because you can only get them direct, or is my advisor telling me they're not available to try and get me to take up other products?

Thrugelmir

Suggest you ring them. Conceivable that your broker does not deal with a 100% of lenders.

The smaller building societies only transact relatively few mortgages a year.

dunstonh

Do independent mortgage advisors that search the whole of the market really have access to the whole market or not?

Yes they do. It is whole of market mortgage adviser that do not (or technically they could but as they wouldnt get paid, there is no point, so they dont).

Are there some products that only available if you personally apply to the provider and not through a broker?

Yes. there are branch specific products and broker only products. The independent is the only type that can recommend both type distribution channels.

The reason I ask is that I'm ideally looking for a 95% mortgage, and my IFA says there are none available. I read an article published only yesterday in a major publication stating that lenders such as Leeds Building Society, Newcastle BS and several others are still offering 95% mortgages. My advisor specifically told me that the Newcastle had stopped theirs. Why am I not being offered these, is it because you can only get them direct, or is my advisor telling me they're not available to try and get me to take up other products?

Are you employing the IFA on independent basis or whole of market basis? if you are fee paying then that is independent basis and they will recommend across the market. If you are employing them on whole of market basis (no fee) then they wont look at deals outside of those available to brokers.

The term IFA does not exist in the mortgage world. So, an IFA doing mortgages is doing so with a mortgage adviser hat on and that mortgage adviser hat could be panel, whole of market or independent. An independent can offer independent or whole of market advice. Most people dont understand independent advice and pick whole of market thinking it means whole of market (thank you FSA for making a mess of the terminology).

Dave_Ham

As Dunston says above, whole of market will specifically only look at commission paying deals and select the most suitable.

There are 95% deals out there and whilst some are direct, some are intermediary.

I got one approved this morning at 95% with Ipswich BS, although I must note have had more declined than approved as the criteria is rigid and income multiples (affordability) is low..

Good luck

ACG

Im a Whole of Market advisor, im sure there are 95% deals available to us - although i havnt looked in a month or so.

Independent mortgage advisors have access to everything - including deals which are available if you went direct to the lender.
Whole of Market have access to pretty much everything except deals if you went direct to the lender.

You then have tied and multi tied mortgage advisors.