Mortgage Broker - I'm a bit confused!!

Debbie123

I've been to see an independent mortgage broker (via my estate agents) which I was told was free and he is whole of market too.

I'm a little confused as if I do arrange a mortgage via him I will be charged £350 which is negotiable should I choose one of his recommended insurance companies (as he only uses one (Legal & General I think).

In essence is the "free" bit only applicable to his advice being free and not in fact the actual mortgage being set up?

dunstonh

If the adviser advertises themselves as fees free, then they are not allowed to add a fee on top of the lender's charges. Fees free relates to the advice not the products.

If you check the key facts about our services document that has been given to you, the first page should have a bit about charges and a tick box for fees or no fees. Later pages will also cover areas where they can charge.

The fact he uses only Legal and general means he is not fully independent. Full independence would be for insurances and mortgages. You should use a fully independent adviser.