1.
How independent are you?
Many
brokers that describe themselves as independent will actually work
from a panel of different providers that are representative of the
market. However I am a truly independent mortgage broker and deal
with all reputable lenders in the UK.
2.
Which lenders' products can you offer me?
I will
select and recommend the product that best meets your personal and
financial circumstances together with your individual needs and preferences.
The product that I recommend will be selected from all those available
in the UK market that meet your criteria.
You will
therefore always obtain the best product available.
3.
What will you do for me?
Typically
I will provide:
- Initial
general mortgage advice and information plus an indication of
products that might be available
- A
detailed Factfind that will ascertain my clients' personal and
financial circumstances together with their individual needs and
preferences
- A
comprehensive market search to identify the best product for my
client
- A
Key Facts Illustration that will provide all the relevant details
and costs of the product that I am recommending
- A
detailed explanation of why I am recommending the product
- Completion
and submission of the application and supporting documentation
- Monitoring
the application and reporting progress
- Resolution
of any queries raised by the lender
- 24/7
availability to deal with my clients questions
- Recommendations
regarding mortgage protection plus competitive quotes
4.
How do you operate?
Over
the telephone, by post and email. This means that I am in the office
all of the time and therefore easily available to all my clients.
As my clients have different demands on their time I can also be contacted
in the evening and on weekends.
5.
Are you regulated by the Financial Services Authority (FSA)?
Yes,
details of my registration and what do if you have a complaint are
shown in the document "Key Facts about our
Services" which is given to all my clients.
6.
How will you be paid?
In two
ways:
- I
receive commission from some lenders. I see this as being the
lenders payment to me for the amount of work that I do on their
behalf.
- I
charge my clients a fee, which varies according to the size of
the mortgage, the amount of work involved in arranging the mortgage
and the value I provide. The fee is advised to my clients at the
time a mortgage is recommended and charged only on successful
completion of the transaction. For the year-to-date the average
fee has been 0.2% of the advance,
7.
Some advisers don't charge a fee. Why do you?
For a
number of reasons:
- First
and foremost, I do an excellent job on behalf of my clients. I
spend time ensuring that I understand their needs and circumstances
thoroughly and I find them the very best deal in the market. I
take away all the hassle of arranging the mortgage and dealing
with the lenders' call-centres and am available personally 7 days
a week. I have been in the industry for more than 25 years and
use all my experience on behalf of my clients. My clients think
all of that has a value, because they come back to me and recommend
me to their friends and colleagues.
- If
a broker doesn't charge the client a fee he has to be paid by
the lender. On many occasions the very best deals are offered
by lenders who don't pay a commission. Therefore, in my experience,
those deals are not offered by brokers who don't charge a client
fee.
- I
have seen examples where brokers that don't charge a client fee
will select a deal from a lender that pays them the most commission,
even though it may not be the best product for the client.
- Often
brokers that don't charge a fee will try to recoup that sum by
earning commission by selling inappropriate mortgage protection
products.
- I
also have access to a range of exclusive products that can't be
found elsewhere.
8. What other services can you offer me?
I will
undertake an assessment of my clients' mortgage protection needs and
make appropriate recommendations which take into consideration the
level of client risk and existing provisions
9.
What can you offer me that a lender can't?
A high
level of professionalism and service.
Impartial
advice, access to the most suitable and competitive deals on the market,
and assistance through the application process and beyond.
Access
to special deals which wouldn't be available direct from the lender,
and clients' legal or valuation fees could be refunded too.
10.
What next?
I will
ensure that every aspect of your mortgage is completed satisfactorily,
but this doesn't mean the end of the relationship. I will offer ongoing
support and get in touch with you when your special rate expires and
you're due to remortgage.
