What is a whole of market mortgage broker?
You’ve probably heard of mortgage brokers, but what is a whole of market mortgage broker?
A whole of market mortgage broker is a type of mortgage broker that works with all types of mortgages. This means they can find you the best deal on your mortgage, regardless of the lender or type of mortgage you choose.
Working with a whole of market mortgage broker is the best way to get a great deal on your mortgage. They have access to more lenders and products than any other type of broker, so they are sure to find the perfect mortgage for you.
A broker’s job is to understand what you need from a mortgage and then search for the solution that provides the best fit.
Many people think that going to their bank is the best way to get a mortgage, but this isn’t always the case. Banks have limited products and deals, so you may not be getting the best deal possible.
What does whole of market mean?
A whole of market mortgage broker is a qualified broker who does not have any restrictions regarding the lenders they can use. This means they can shop around for the best deal on your behalf, without being limited by any one lender.
While this may not sound very revolutionary there are many brokers that can only work with a maximum of 10 lenders and tied brokers only work with one! When you approach them for a mortgage they can only pick one from their panel of 10 and will not be able to search the wider market.
If you approach a lender directly they can only discuss their own products.
While the recommended mortgage will be satisfactory, there’s no way of knowing if a better deal is out there, potentially many thousands of pounds cheaper.
With over 100 lenders to choose from, a whole of market adviser offers you ten times as much choice.
More specialised advice
Most whole of market brokers will be able to help a broad range of borrowers. From first-time buyers, to property investors and those that need to remortgage.
Some brokers will choose to work closely with a certain type of borrower or a particular mortgage range.
So for example there are brokers that specialise in helping self-employed clients or those in a teaching profession and others that concentrate mainly on buy to let mortgages.
So when you are assessing which whole of market mortgage broker to work with it is important to find out if they work with clients in your situation.
Due to their broad experience, brokers can also help with other parts of the property and mortgage journey.
They will be able to understand how a self-employed person’s income works, what retained profits are for a shareholding company director and explain the different types of property survey.
Mortgage Calculators
Get started with our free and easy to use mortgage calculators.
Will I be charged a fee?
It’s quite possible that your whole of market broker will charge a fee for researching and arranging your mortgage.
There’s no set scale of fees and some brokers are ‘fees-free’, preferring to just rely on the commission they get from the lenders.
Importantly, your broker should confirm in writing what their fee structure is before you are committed to anything.
The independent mortgage brokers that we work with do charge fees.
Do mortgage brokers charge a fee?
Which lenders do they use?
This is an important aspect of using a broker who has access to so many lenders.
They will choose the lender that offers the best solution for the client out of the hundred or so available.
Rather than being restricted to a small number of lenders and trying to squeeze you into a mediocre deal.
Just a small selection
of the 120 banks, building societies and specialist lenders that you could have access to.
Only an independent mortgage broker has the ability to search the whole of the market to get the best mortgage for their clients and their individual situation.
Not on the High Street!
The high street lenders can’t help every mortgage customer and they prefer the simple, low-risk ones.
If your situation is a bit different or needs a more personalised solution then our brokers can help.
Expert advice, for all situations.
Bridging Loans
The most flexible of secured loans and often misunderstood. Bridge loans can be used in so many different ways and can be arranged super fast.
Large Loans
High net worth mortgage brokers understand complex large loans and unique situations and can source bespoke deals from the right lenders.
Let to Buy
Let to buy combines a buy to let remortgage with a residential mortgage. Allowing you to move house while keeping your current home.
What is an independent mortgage broker?
Under regulatory rules, only mortgage brokers who are able to advise on the entire range of products available in the mortgage market are able to call themselves an ‘independent’ broker.
Many advisers will claim that they have access to thousands of products and that they offer their clients access to impartial advice based on their individual needs.
While this may be true, they may not have access to all of the products and specialist solutions such as bridging loans, expat mortgages and second charge mortgages.
This lack of clarity can be misleading to clients who may not know that their broker is making recommendations from what is effectively a large but restricted panel of lenders.
Respect Mortgages works with an award winning independent mortgage broker who can offer advice from across the mortgage market.
After completing the initial fact find, their experts will look at all products, solutions and lenders from across the whole market and make recommendations based on a client’s individual needs and circumstances.
Find out how our service works.
In terms of choice, an independent mortgage broker will have access to the same lenders that a whole of market mortgage broker works with.
Can a mortgage broker always find the best deal?
A whole of market mortgage broker has access to thousands of different mortgage rates and products, so very often a broker will be able to find you the best deal.
However, on occasions a lender will offer a special rate mortgage for existing customers which can be hard to beat. Your broker will work hard to better the deal but sometimes they have to concede and confirm that your offer is the best option.
In most situations brokers can uncover deals that you would never have access to and lenders that can accept borrowers where the high street banks aren’t so interested.
CONTACT A MORTGAGE BROKER
If you are ready to take the next step then we can put you in touch with a fully qualified independent mortgage broker.
