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Re-mortgaging your property is one of the most important financial decisions that you will make, the right decision potentially saving several £1,000, but the wrong decision losing even more. So how do you go about finding a reputable mortgage company who will help you make the right choice?
When you compare mortgage brokers there are several questions you should ask;
1) Are they ‘whole of market’? You certainly want a broker who is, but just ‘whole of market’ is not enough. They may call themselves whole of market but still use a restricted panel of as few as 20 lenders or less. There are over 100 lenders in the market place and a good broker will have direct access to 80 or 90 lenders.
2) Are they directly authorised by the FSA? Many brokers operate as ‘appointed representatives’ of a mortgage network, restricting them to the lenders and deals available to that network. Directly authorised brokers have greater freedom to access mortgage products through different channels, often being able to obtain exclusive mortgages with better terms.
3) Will they charge you a fee? Most lenders pay brokers an introduction or procuration commission. Some brokers charge no fee to you, some will charge you a fee but then rebate the commission, many will charge you a fee and keep the commission. New FSA regulations ensure that you will know how your broker charges from the ‘Initial Disclosure Document’ (also called ‘Key Facts about our service’). There are excellent brokers who will give you expert advice, with no fee, so why pay when you can get it free?
Like in any business there are different qualities of advice. Your broker should be friendly, helpful and take time to explain things and answer your questions clearly. So when you speak to your broker you should also be asking yourself: does he give you confidence that he knows what he is talking about; is he taking the time to properly understand your needs; does he clearly explain things so that you understand his recommendations fully?
Igloo.co.uk fulfills all of the above criteria. Calls are free, advice is clear, simple and unbiased, and there is no fee charged to you at any point for the service received.
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As we have access to a large panel of lenders, our aim will be to arrange you a suitable loan with a lower interest rate than your current mortgage.
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