Finding a trustworthy mortgage broker is important. Here are some tips for finding a reliable mortgage broker:
1. Check they are qualified
A mortgage broker should be properly qualified and registered. In the UK, mortgage brokers are required by law to be registered by the Financial Conduct Authority (FCA), in order to be authorised to give mortgage advice. If they are not, then they should not be trusted. Most lenders insist this requirement and so you are unlikely to get the best available deals.
2. Compare fees
It is a good idea to see how brokers will take their final fee. Some will look for an upfront payment, but many others will only be paid once a mortgage is agreed, or their fee will be added on to the cost of the mortgage or more commonly brokers are paid a fee by the lender on completion of the mortgage. Choose a method that suits your financial situation best.
3. Compare services
It’s a good idea to compare the services that mortgage brokers can provide. Some work predominantly online but many prefer to work in face to face meetings or by phone, to offer a personal service. Think about what works best for you and look for a mortgage broker that suits your needs.
4. Read reviews
Often, the best form of review is by word of mouth by friend or family, but there are other avenues. Some mortgage brokers will have reviews on their website, but you can also read what people have to say on their social media platforms such as Facebook. Do enough research as some reviews may be from friends or even competitors.
Mortgages often need to be in place quickly and failure to act could see the property fall through. You should look for a broker who is flexible to your needs. That doesn’t mean that you should be able to contact them at 3am but some flexibility on weekend contact or evenings may be more suited to your lifestyle.
6. Trust your instinct
Once you have compared mortgage brokers, it’s time to trust your instincts. Do you feel you can trust the mortgage broker to deliver for you? You must feel comfortable that they will deliver on their promises.
Finding a trustworthy mortgage broker can make the house buying process a relatively pleasant experience. It’s important to be comfortable with a provider.
If you’re looking for family friendly advice, from a trustworthy mortgage broker, speak to Faulkner Powell Mortgages today.
Your home may be repossessed if you do not keep up repayments on your mortgage.