More than half of all borrowers use a broker to arrange their mortgage. But how do you go about finding one? Should you be paying any fees for their services and how do they work?
#1 There are literally thousands of mortgage brokers in the UK – well over 10,000! These mortgage brokers will range from large companies with nationwide coverage through to the small one-man bands covering their local area.
These different companies may use the full range of advertising media to attract your attention such as the internet, newspapers, magazines, radio, television and yellow pages.
Should you prefer to use a local broker, you can get a shortlist of three financial advisers in your area from Independent Financial Promotions (IFAP) You can also look online at the numerous directories of mortgage brokers online to find one that best suits you.
#2 Whenever you have dealings with a mortgage broker, ensure that you find out whether they are authorised by the Financial Services Authority, either directly or as an appointed representative/principle of another company. Regulated brokers are listed on the FSA website: fsa.gov.uk
#3 Many mortgage brokers...
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