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    Oak Tree Mortgages372 Stratford Road, Shirley, Solihull B90 4AQ0121 733 8833email@oaktreemortgages.comhttps://www.oaktreemortgages.com/
    DLA Financial Services Ltd4 Medlock Way, Clitheroe, Lancashire, BB7 2FG07985 528 598 | 07986 773 935info@dlafs.co.ukhttps://www.dlafs.co.uk/
    Better Financial Services LimitedGround Floor, 480 Christchurch Road, Bournemouth, Dorset, BH1 4BD01202 402 670enquiries@betterfinancialservices.co.ukhttps://betterfinancialservices.co.uk/
    Croydon Financial Services11 Point Central, Sydenham Rd, Croydon, CR0 2DU020 8681 3229advice@croydonfinancialservices.co.ukhttp://www.croydonfinancialservices.co.uk/index.html
    Expert Mortgage Brokers558 Commercial Rd, Limehouse, London E14 7JD03333 44 3834info@expertmortgagebrokers.co.ukhttp://www.expertmortgagebrokers.co.uk/
    Harrison Brown Financial Services LtdUnit 8, Suite 2, Parsons Court, Welbury Way,Newton Aycliffe, Co Durham, DL5 6ZE01388 604040enquiries@harrisonbrown.co.ukhttps://harrisonbrown.co.uk/
    Crystal Financial SolutionsCongress House, Lyon Road, Harrow, Middlesex, HA1 2EJ020 8901 3737info@crystalfs.co.ukhttps://www.crystalfs.co.uk/
    CS Mortgage Solutions12 Queen St, Ripon HG4 1ED0330 332 5432hello@csmortgagesolutions.co.ukhttps://www.csmortgagesolutions.co.uk/

     

     

    Whole of market mortgage brokers are financial professionals who have access to a wide range of mortgage products from numerous lenders across the market. Here’s what you need to know about them:

    What Are Whole of Market Mortgage Brokers?

    Whole of market mortgage brokers are professionals who search the entire financial marketplace to find the best possible mortgage rates and deals for their clients. Unlike advisers who may only offer products from a limited panel of lenders or a single bank, these brokers have access to mortgage options from over 100 different lenders.

    Key Features and Benefits

    Comprehensive Market Access: Whole of market brokers use specialised software to compare and contrast all available options, giving clients access to a vast array of mortgage products.

    Potential Cost Savings: By searching the entire market, these brokers can often find more competitive rates than what borrowers might find on their own, potentially saving clients significant amounts of money.

    Exclusive Deals: Some whole of market brokers have access to exclusive deals that may not be available through other channels or directly from lenders.

    Expert Advice: These brokers typically have in-depth knowledge of various mortgage products and can provide tailored advice based on a client’s individual financial situation and goals.

    Time-Saving: Using a whole of market broker can save borrowers time by eliminating the need to shop around with multiple lenders individually.

    Important Considerations

    1. While the term “whole of market” suggests access to all available mortgages, it’s important to note that a broker can still be defined as “whole of market” even if they only sell products from a limited panel of lenders, as long as those lenders represent each sector of the mortgage market.
    2. It’s advisable to ask a mortgage broker for a list of their lender panel to ensure you’re receiving truly independent advice.
    3. Many whole of market brokers offer fee-free services, with their compensation coming from lenders rather than clients.
    4. When choosing a whole of market broker, it’s essential to verify their credentials, including their authorisation and regulation by the Financial Conduct Authority (FCA).

    By utilising the services of a whole of market mortgage broker, borrowers can potentially access a wider range of mortgage options and secure more favourable terms than they might find on their own.

    The main benefits of using a whole of market mortgage broker in the UK include:

    1. Access to a wide range of products: Whole of market brokers can assess mortgages from numerous lenders across the entire market, giving clients access to a vast array of options.
    2. Potential cost savings: By searching the entire market, these brokers can often find more competitive rates than what borrowers might find on their own, potentially saving clients significant amounts of money.
    3. Exclusive deals: Some whole of market brokers have access to “broker only” deals and exclusive products that may not be available through other channels or directly from lenders.
    4. Expert advice and guidance: These brokers typically have in-depth knowledge of various mortgage products and can provide tailored advice based on a client’s individual financial situation and goals.
    5. Time-saving: Using a whole of market broker can save borrowers time by eliminating the need to shop around with multiple lenders individually.
    6. Impartial recommendations: Unlike advisers tied to specific lenders, whole of market brokers can provide honest and independent advice about different mortgage products.
    7. Support throughout the process: Many brokers offer assistance with paperwork, monitor the application’s progress, and provide aftercare services.
    8. Duty of care: When receiving mortgage advice from a broker, they have a legal duty of care to recommend a suitable mortgage and justify their choice, providing additional protection for the client.
    9. Assistance with complex situations: Whole of market brokers can often help clients with unique circumstances, such as self-employed individuals, those with varied income types, or applicants with credit problems.
    10. No additional cost: Many whole of market brokers offer fee-free services, with their compensation coming from lenders rather than clients.

    By utilising a whole of market mortgage broker, borrowers can potentially access a wider range of mortgage options, receive expert guidance, and secure more favourable terms than they might find on their own.

     

    What are the typical fees associated with using a whole of market mortgage broker:

    Fee Structures

    Whole of market mortgage brokers typically use one of the following fee structures:

    1. Fixed Fees: A set amount, usually ranging from £200 to £500, with the average around £300 to £400. This fee may be payable upfront or upon completion of the mortgage.
    2. Percentage Fees: A percentage of the mortgage amount, typically ranging from 0.2% to 1%, with 0.3% to 0.5% being most common. For example, on a £200,000 mortgage with a 0.4% fee, you would pay £800.
    3. Hourly Rates: Some brokers charge hourly rates of around £100 to £200 per hour.
    4. Combination Fees: A mix of fixed and percentage fees. For instance, a fixed fee for initial work plus a percentage fee on completion.

    Fee-Free Options

    It’s important to note that not all mortgage brokers charge fees to customers:

    • Some brokers offer fee-free services, making money solely from lender commissions.
    • These fee-free brokers typically receive a commission of 0.35% to 0.4% of the total mortgage from the lender.

    Factors Affecting Fees

    The fees charged by whole of market mortgage brokers can vary based on several factors:

    • Broker’s experience and reputation
    • Complexity of your mortgage needs (e.g., self-employed, adverse credit)
    • Location (London brokers often charge more)
    • Size of the mortgage
    • Additional services offered (e.g., financial planning advice).

    Typical Costs

    • The average fixed fee for a standard mortgage case is around £500.
    • More complex cases (e.g., debt consolidation, adverse credit) may incur higher fees, around £1,000.
    • For specialist scenarios like bridging loans or commercial transactions, percentage-based fees (e.g., 1% of the loan amount) are common.

    When choosing a whole of market mortgage broker, it’s crucial to understand their fee structure, compare options, and consider the potential long-term savings from securing a better mortgage deal against the upfront costs of using a broker.

    Whole Of Market Mortgage Broker Near Me

    By using Mortgage Brokers Network we can connect you with over 2,500 Mortgage brokers throughout the UK. Please use our ‘Get Mortgage Advice’ quote form to receive advice from a local Whole Of Market mortgage broker or scroll through the companies listed and contact the mortgage brokers directly.

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