How To Choose The Right Mortgage Brokers in London?

Choosing the right mortgage broker in London can be a difficult task as there are many brokers available. However, there are some factors that you should consider when choosing your broker. In order to choose the right mortgage broker in London, you need to consider their location, experience and expertise. You also need to make sure that they have the best rates for your loan type and that they have a good reputation among their clients.

Location: The geographical location of a broker will be important to you for many different reasons. For example, if you are looking for a home in London and the broker is located in one of the surrounding areas, you may need to consider whether or not you would still like to work with this broker after moving from your current location where there are more lenders available.

Experience: The experience of a broker will also be important to you. A broker who has been in the business for many years and has a proven track record may be your best option as they have an established reputation. You should also make sure that the broker offers financial literacy courses as this will ensure that they are able to properly educate their clients on how to manage their finances.

Here’s a quick 5 Step Guide to choosing the right London mortgage broker:

Look for a regulated ‘whole of market’ fees-free broker who charges by commission and selects your mortgage deal from a wide variety of sources. In other words, don’t pay a fee unless you feel it is worthwhile in the long run.

Consider a Mortgage Broker who asks for a fee which is refunded by a high rate of commission. If the fee is low and the commission is higher, then you could be paying less than expected. Ask your Mortgage Broker for a full run down of figures before you agree.

Understand the meaning of the title ‘Independent Mortgage Broker’. If you choose an intermediary who describes himself as an Independent Mortgage Broker, they must offer you the option to pay fees only, as opposed to both commission and fees. What’s more, with an Independent Mortgage Broker, all of the commission should be rebated to the client.

Be aware that ‘whole of market’ fees-free Brokers generally provide a similar service to Independent Mortgage Brokers, but are cheaper. Although ‘whole of market’ fees-free Brokers work only on commission, they will often offer the same type of property advice and information as the Independent Broker.

Before choosing a mortgage brokers in London, ask them the three questions listed above and make sure you fully understand their policies and payment methods from the initial stages. Let London Mortgage Advice Ltd help you find a solution. Our London mortgage broker will provide you with options to suit your needs and budget.