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mortgage broker
noClue
Posts: 163 Forumite
Hi guys,
I just talked to a mortgage broker for the first time. They told me they are NOT whole of market but have access to 70 lenders (e.g. all main streams). They are an appointed representative of Sesame Ltd. They charge up to 600.
I know online guides say to find one with whole market access etc etc. Wonder what you guys think? Keep looking or it sounds all right?
Thanks!
I just talked to a mortgage broker for the first time. They told me they are NOT whole of market but have access to 70 lenders (e.g. all main streams). They are an appointed representative of Sesame Ltd. They charge up to 600.
I know online guides say to find one with whole market access etc etc. Wonder what you guys think? Keep looking or it sounds all right?
Thanks!
0
Comments
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Whole of market is not really a term used officially anymore. It has changed that many times in 10 years I dont even know what the official terminology is now. I think we are on limited/unlimited now. If they have access to 70 lenders, they are what you would most likely class as whole of market.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2
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For a vanilla case the fee is a bit heavy but overall rhe scope of lenders is what youd want from a broker.
No one has the ability to arrange mortgages from any lender. Just not possible. Lots of lenders only deal direct, or only deal with brokers, or only deal with big brokers, or ones tied to other companies.
60 is as wide a scope as you need unless you have a complicated case1 -
Even ‘whole of market’ brokers will only actually use about 20 lenders in practice.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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