Important Questions You Should Ask Your Mortgage Broker

Important Questions You Should Ask Your Mortgage Broker

Making important financial decisions requires time and research. Dozens of mortgage brokers offer assistance to clients throughout the UK and Chester features various service providers, as well. In our years of experience, we have found out that certain characteristics happen to be much more important than others when it comes to assessing the competences of brokers.

You can learn about these characteristics by asking the right questions. Here’s our list of the most important inquiries you have to make before hiring a mortgage broker.

What Are Your Qualifications?

The validity of credentials has to be verified before you hire a mortgage broker.

Financial Conduct Authority (FCA) recognised qualifications are the key ones. These could include CeMAP or Cert MA credentials.

How Are Clients Being Charged?

We believe that the quality of service is much more important than its cost (some of the biggest bargains out there prove to be a massive disappointment). The pricing structure that mortgage brokers choose for their services, however, can reveal a lot of information to potential clients. Tips On How To Get A Mortgage With Bad Credit But Good Income

Some brokers will charge a commission, others have a set fee (either flat or hourly). Both of these approaches bring certain benefits to the table.

Important Questions You Should Ask Your Mortgage Broker

According to some clients, paying a fixed fee is a better idea because it guarantees unbiased approach on behalf of the broker. A fixed fee, however, could make the services more expensive. A commission is charged to the lender. In such instances, the services of the broker will often be advertised as “fee -free.”

The work of brokers in the UK is regulated strictly, which is why you shouldn’t worry about a certain professional being biased. You’ll simply have to pick the charging structure that makes the most sense to you.

Do You Cover the Entire Market?

Independent brokers usually work with numerous loan providers. It’s best to pick such a broker, rather than someone who partners up with a selected number of lenders. If you opt for the second professional, you will be given a limited number of options.

Do You Offer Additional Services?

Based on our experience, we know that most people looking for a broker will need a lot more than loan suggestions.

The best brokers out there are financial advisors, as well. This means that they can help clients make the most adequate decisions when it comes to their long-term financial stability.

It’s always a good idea to inquire about the range of services you’ll be given access to. Will you be given access to insurance advice? Does the broker offer help with income protection? Don’t be afraid to ask about such additional possibilities.

How Will a Loan be Picked for Me and How Long Does the Process Take?

While there are dozens of other inquiries you can make on the basis of your individual preferences, we believe that these two should also be included in the essential list.

The selection of the right loan will obviously differ from person to person and it will necessitate a customised approach on behalf of the broker. A good broker will ask the right questions, thus gaining the knowledge needed to pick the best option for their clients.

Finally, you should get some information about the amount of time needed to give you a good offer. A rough estimate should be provided before you partner up with the respective broker.

Always think about the questions in advance and draft a list before your first meeting with the broker. Apart from listening to the information, you should also pay attention to the manner in which the broker responds. The language they use and the communication style will be determining for your satisfaction with the final outcome.


May 2, 2018

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