Mortgages can be confusing, especially if you’re trying to figure out which one is right for you. You may have heard of different types of mortgages, like fixed-rate, tracker or offset, but what do they mean and how do they work?

For some, this is an opportunity to research and learn about the different options. However, if you don’t have the time or patience to trawl through pages of financial jargon, then it might be worth seeking out some help. The go to person is generally a whole of market mortgage broker but you may want to investigate other options..

You could ask friends or family for their advice. However, they may only be able to tell you about their own experiences and what has worked for them. It’s important to remember that everyone’s financial situation is different, so what might be suitable for them might not be right for you.

Also, not everyone is comfortable discussing their finances with family.

You could approach your bank or a building society for some mortgage help. However, they will usually only offer products from their own range and don’t always possess the necessary experience to provide you with a solid opinion.

The other option is to speak with a mortgage adviser. A mortgage adviser is a qualified person who is able to discuss and recommend mortgage products. You need to check how many lenders they work with as some are restricted to just a handful. In this article we discuss mortgage brokers Vs banks.

The best option would be to contact a whole of market mortgage broker.

What is a whole of market mortgage broker?

A whole of market mortgage broker is an experienced professional who can access the entire market of mortgage products from different lenders. This means they are not tied to any one lender, so they can offer impartial advice on which mortgage would be best for you and your circumstances.

You should find that this type of broker has over 100 lenders to choose from. This enables them to help a wide variety of clients, all who have their own personal needs.

A whole market mortgage broker will also have a great deal of expertise and knowledge about the mortgage industry. They will be up-to-date with the latest changes and criteria that lenders are looking for. This means they can keep you informed every step of the way.

Why would you use a mortgage broker instead of a bank?

How can a whole of market mortgage broker help me?

This type of broker can provide you with an extensive range of options, so you can make an informed decision on which mortgage is best for you. They can talk you through the possibility of buying different types of houses, and check which of these is affordable.

They can discuss whether an interest-only mortgage would benefit you, or perhaps one that allows overpayments.

They will also be able to give you expert guidance and support throughout the entire process, from start to finish. This includes helping you to fill out your application, collecting all the necessary documents and dealing with the lender on your behalf.

Brokers are the experts for situations that fall outside of what a high street lender is happy dealing with.

They can deal with many different employment scenarios such as; employed, self-employed, CIS workers, company directors etc. Solutions are available whereby company retained profits are used as income for the mortgage. They can help with graduate mortgages and mortgages if you have a student loan.

An independent broker will also be able to negotiate on your behalf. This means they can try to get you a better deal, or a better outcome, than if you were to go directly to a lender.

Why use a whole of market mortgage broker?

By using a broker for any mortgage type there are three clear benefits:

Choice – If you use an independent mortgage broker they will have access to over 100 different lenders and banks, giving you the maximum possible choice.

Time – Finding and applying for a mortgage takes longer than you think. With a broker assisting you the main burden of finding a loan and dealing with the lender is removed.

Advice – Only by using a qualified broker can you benefit from their years of knowledge and experience. The advice will not just relate to the mortgage but to your own finances, the deposit and perhaps any future plans you may have concerning the property.

Broker fees and commission

How do mortgage brokers get paid? – A broker’s income can come from client fees and commission from lenders. There’s no set fee, so make sure you understand any fees you must pay. The level of fee will reflect the complexity of your mortgage, and the specialism needed to access the right lenders.

What mortgages can a whole of market mortgage broker help with?

A mortgage broker will be able to access the whole market, which gives them the ability to help with almost any type of mortgage.

This includes:

• First-time buyer mortgages
• Guarantor mortgages
• Moving home mortgages
• Self-employed mortgages
• CIS mortgages
• Remortgages
• Buy to let mortgages
• Holiday let mortgages
• Commercial mortgages
• Mixed-use semi-commercial mortgages
• Second charge mortgages
• SPV mortgages
• Bad credit mortgages

Finding the right mortgage does not have to be difficult, with the help of a broker you can be sorted in no time.

When you are ready, Respect Mortgages can introduce you to one of the largest brokers in the country, with specialists trained in all types of mortgages and loans.

They are an award winning business that helps borrowers all over the UK and are fully regulated by the Financial Conduct Authority (FCA).