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Mortgage Advice: How to Find a Mortgage Broker

08 February 2011

Having a mortgage is a huge commitment, so it is important you prepare adequately, take out the right protection and get the best advice on what type of mortgage to take out.

If you are in the early stages of applying for mortgages then it may be worth talking to a broker.  Find out how to choose the right one.

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Choosing the Right Mortgage Broker

Getting the best advice on what type of mortgage would suit your financial situation is invaluable, it could save you thousands of pounds and take the pressure off an already heavy monthly burden.

It is important you go to an authorised financial broker to get advice on a mortgage, and these are usually authorised by the Financial Services Authority (FSA) or another official government agency.

To check a broker is authorised go to the FSA ‘Check our Register’ service on their website.

A mortgage broker can look at your particular financial situation, your future financial security and all your other savings and assets, to give you advice on which mortgage would most likely suit you.

Try and obtain advice from a whole market broker – as they will compare the whole of the market for you and suggest the best mortgage product for your financial position. 

Some lenders in comparison work on behalf of lenders so will only suggest products from their particular range.

Brokers tend to charge a fee for their advice, or they obtain commission from the lenders – so it is recommended you obtain advice from a ‘whole market’ fee-free broker who is still obliged to compared the whole of the market and not just the lenders from whom he makes commission from.

Dealing Directly with the Banks

If you are clear in your mind about the type of mortgage you are looking for, and your financial situation is not out of the ordinary you could deal directly with banks when applying for a mortgage.

You should be wary of getting advice from a bank though as they will try and steer you to one of their products, and you should always shop around once you know what type of deal you are looking for to take advantage of the best products on the market.

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