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Here Are The Top 10 Whole Of Market Mortgage Brokers Offering Free Expert Mortgage Advice.
| Clever Money Limited | 17 Hanover Road, London. NW10 3DJ | 0208 933 9966 | info@clevermoneyltd.com | http://www.clevermoneyltd.com/ |
| Northants Mortgages | 13 Carey Close, Moulton, Northampton NN3 7SN | 01604 643399 | 07713 121515 | info@northantsmortgages.co.uk | http://www.northantsmortgages.co.uk/aboutus.htm |
| Mortgage World | 706 High Road Tottenham, London, N17 0AE | 020 3887 1117 | info@mortgageworlduk.com | https://www.mortgageworlduk.co.uk/ |
| Financial Solutions (N.E) Ltd | 91-93 Fowler Street, South Shields, Tyne & Wear, NE33 1NU | 01914 547130 | fsne@fsne.co.uk | https://www.fsne.co.uk/ |
| PAD Financial | Alpha House, Carver St, Sheffield City Centre, Sheffield S1 4FS | 0114 324 0045 | info@padfinancial.co.uk | http://www.padfinancial.co.uk/ |
| Berkshire Mortgage Services | C9/Acre Business Park/Acre Rd, Reading RG2 0SA | 0118 975 0345 | jasongdavies@btconnect.com | https://www.berkshiremortgageservices.co.uk/ |
| Clear Choice Mortgages Ltd | 2 Wimbledon Drive, Nuthall, Nottingham NG16 1PY. | 0115 941 1221 | info@clearchoice-mortgages.co.uk | https://www.clearchoice-mortgages.co.uk/ |
| Mortgages Made Easy | Office 7 The Granary, Newtown Grange Farm Business Park, Newtown Unthank, Leicester, Leicestershire, LE9 9FL | 0800 999 2205 | info@mmefs.co.uk | https://mortgagesbymme.co.uk/ |
Whole of market mortgage brokers are professionals who can access and assess a wide range of mortgage products from various lenders to recommend the most suitable deal for their clients. Here are the key aspects of whole of market mortgage brokers:
A whole of market mortgage broker in the UK offers several key benefits:
Whole of market brokers have access to a much wider range of mortgage products compared to other advisers. They can search across hundreds of lenders and products to find the best deals available in the entire market. This gives borrowers significantly more choice and increases the chances of finding an ideal mortgage.
By comparing options across the whole market, these brokers can often find more competitive interest rates and deals than if you went directly to a bank or used a broker with a limited panel. This could potentially save you a substantial amount of money over the life of your mortgage.
Whole of market brokers provide personalised recommendations based on your specific financial situation and needs. They have expertise in dealing with various client circumstances, including self-employed individuals, those with complex incomes, or people with credit issues.
Researching mortgage options yourself can be extremely time-consuming. A whole of market broker does this work for you, saving you considerable time and effort in comparing products.
These brokers are qualified professionals who understand the intricacies of the mortgage market. They can offer expert advice on choosing the right product and guide you through the application process.
Some lenders offer “broker-only” deals that aren’t available directly to the public. Whole of market brokers often have access to these exclusive products.
A good whole of market broker will assist you with paperwork, handle the application process, and liaise with lenders on your behalf. This can make the entire mortgage journey smoother and less stressful.
By using a whole of market mortgage broker, borrowers can benefit from a wider range of options, potentially better rates, and expert guidance throughout the mortgage process.
Panel Size: While “whole of market” suggests access to all available mortgages, in reality, brokers typically work with a panel of lenders. The size and composition of this panel can vary.
Regulatory Definition: According to UK regulations, a broker can be classified as “whole of market” even if they only work with a limited panel of lenders, as long as that panel represents different sectors of the mortgage market.
Independence: It’s important to note that “whole of market” doesn’t necessarily mean fully independent. Truly independent brokers may have access to an even wider range of options.
When selecting a whole of market mortgage broker, it’s advisable to:
Ask for their lender panel list to understand the scope of their offerings.
Verify their accreditation and regulation by the Financial Conduct Authority (FCA).
Read reviews and seek recommendations to gauge their reputation and service quality.
By using a whole of market mortgage broker, clients can potentially access a broader range of mortgage options and benefit from professional guidance in finding the most suitable mortgage for their needs.
Fees associated with using a whole of market mortgage broker can vary. Here’s an overview of the typical fee structures:
Most mortgage brokers receive a commission from the lender when a mortgage deal is completed:
This commission is usually between 0.35% and 0.4% of the total mortgage amount.
For example, on a £100,000 mortgage, a typical commission would be around £350.
This commission is paid by the lender and doesn’t directly affect the customer’s costs.
Some brokers charge fees in addition to or instead of commission:
Fixed Fee: A set amount, typically around £300 to £600.
Percentage-Based Fee: Usually ranging from 0.3% to 1% of the total mortgage value.
Combination: Some brokers may charge a fee on top of the commission they receive from lenders.
Some brokers offer fee-free services:
They rely solely on the commission from lenders.
This can be an attractive option for clients looking to minimise upfront costs.
Complex Cases: Brokers might charge extra for more challenging applications that require additional work.
Transparency: Brokers are required to disclose their fee structure upfront.
Value Proposition: Even when fees are charged, the potential savings from a better mortgage deal can often outweigh the cost of advice.
Ask for a clear breakdown of any fees.
Understand whether fees are payable upfront or upon mortgage completion.
Consider the potential long-term savings that might justify paying for expert advice.
Remember, the goal is to find the most suitable mortgage deal, which may result in significant savings over the life of the loan, potentially offsetting any broker fees.
Whole of market mortgage brokers can offer several exclusive deals and benefits that may not be available to borrowers who go directly to lenders:
Many lenders offer special mortgage products and rates that are only available through brokers. These “broker-only” or “intermediary-only” deals are not accessible to the general public and can sometimes offer more competitive terms than publicly advertised rates.
There are several mortgage lenders that operate exclusively through brokers and do not deal directly with consumers. Some examples include:
Accord Mortgages
Aldermore Bank
Bluestone Mortgages
Fleet Mortgages
Kensington Mortgages
Precise Mortgages
These lenders often specialise in niche markets or offer more flexible criteria, which can be beneficial for borrowers with unique circumstances.
Whole of market brokers have access to a much broader range of mortgage products compared to individual banks or limited-panel brokers. This increased variety allows them to find more tailored solutions for their clients’ specific needs.
By comparing offers from multiple lenders, including those with broker-exclusive deals, whole of market brokers can often secure better interest rates and terms than what a borrower might find on their own.
Some broker-only lenders offer mortgages with more flexible features, such as uncapped over payments or extended mortgage terms. These features can provide borrowers with greater control over their mortgage.
For complex cases or borrowers with challenging circumstances (e.g., bad credit), broker-only lenders may have higher approval rates compared to mainstream lenders. This can be particularly valuable for borrowers who might struggle to secure a mortgage through traditional channels.
By leveraging their extensive network and access to exclusive deals, whole of market mortgage brokers can often provide borrowers with more options and potentially better terms than they would find by approaching lenders directly.
Speak to mortgage brokers and mortgage advisers for help and advice. 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 brokers or scroll through the companies listed and contact the mortgage brokers directly.
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