1.
How impartial 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
impartial 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.
- By
having the latest sourcing technology, 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.
