Reputable Broker? how do i know

joel10873

I am looking to find a decent mortgage broker as we are not a straight forward mortgage prospect (self employed etc etc) i have found a local person with a very snazzy looking website but i can see any kind of logos or information regarding any kind of proffesional body?

shoudl there be one e.g FSA or some kind of bureau of mortgage advisors?

i want to make sure i choose to go and see someone on the level so any hints and tips would be greatly appreciated!!

ACG

Every advisor has to be regulated by the FSA (or FCA as its now known). Its not required to have the logo on the website - and to be honest having a logo isnt an indication of how good they are.

Do you have anyone who can recommend a broker to you?
Avoid the estate agent based broker - thats one key thing.
Call up an advisor, see how you get on with them see if they atleast sound like they know what theyre talking about.
I use freeindex for some companies i need. They have reviews on there, but its worth taking those reviews with a pinch of salt as they could be friends/family.

Senior_Paper_Monitor

Brokers/advisers are not allowed to display FSA/FCA logo.

They will refer (usually at bottom of first page at least) an authorisation statement - either authorised by the Financial Conduct Authority or an Appointed Representative of a 'network' who are authorised by the Financial Conduct Authority.

Frankly this gives you very little guidance as to how they do business, whether they will suit you etc. If you can't get a recommendation from friends or family, have a chat with them and see who you feel comfortable with them.

Senior_Paper_Monitor

As ACG says - Freeindex is a very 'review orientated' site and once the company is well into double figures of reviews it is probably fair to say that they have real customers voluntarily adding the reviews (validation is quite strict) over and above the 'friends/family' content.

dunstonh

shoudl there be one e.g FSA or some kind of bureau of mortgage advisors?

Whilst the previous regulator allowed the use of its logo by regulated firms, the new regulator, the FCA, does not allow companies to use its logo. You would just expect the usual compliance message at the bottom of the page.


Statistically, independents have a very low complaint rate. So, you could try a local independent. Avoid estate agent advisers. That is where many of the problems have been over the years.

peytonx

I am in the same boat.

I really need to see a broker soon but just have no idea how to select one.

I have started viewing properties so have been getting the estate agents trying to get me to meet up with their branch advisor before seeing the property.

ACG

avoid estate agency brokers where possible. Theyre not always acting in your best interests.

kingstreet

I would use https://www.unbiased.co.uk, switching off the "sponsored ads only" option, so you get a full list for your area.

Then call a few and have a chat to them. Get a feel for the way they work and see if you can bear to deal with them for the next few months.

Some will probably not call you back. Others will not come across well. Hopefully, you'll be able to shortlist a couple where you can compare their costs and services using a copy of each firm's initial disclosure document which they should provide very early in the process.

joel10873

thanks all some very useful advice there much appreciated!