Mortgage Brokers London

Mortgage Brokers London – What To Look Out For

Not all mortgage brokers are created equal. Brokers, like everybody else, are human beings with all of our good and bad points. It’s true what people say – moving house is one of the most stressful things you will ever do and taking on a mortgage is one of the biggest financial commitments you will ever undertake.

That’s why when you pick a mortgage broker you should be making a business decision and try to remove your emotions from the equation.

Mortgage Brokers London

A Good Broker Is An Investment For Life

Mortgage relationship with your brokers

It’s not easy to remove your emotion from the decision but it is possible to make a rational decision based upon some factors that you should take into account when you are trying to decide which broker to work with.

The first piece of advice we’d like to offer you is to look for a broker who will be able to advice you for years to come. Mortgages change, products come and go and what is right for you now may not be right in five years time.

Life Changes, Get Good Advice

There are so many mortgage products available it takes somebody with their ear to the ground to be able to match one to your circumstances. Life changes for everybody and so do your circumstances are requirements. A good mortgage adviser should work with you over a number of years to suggest the latest product that will save you money or enable you to get a better deal for your circumstances.

Which Protection?

mortgage protection

Getting insurance protection on your home is incredibly important. Most of us think that bad things happen to other people until it happens to you. Mother nature destroys, people fall ill and can’t work, families fall apart etc. Life is full of ups and downs and we all experience a rainy day at some point so you need to be prepared for it.

A good adviser will have access to many insurance products and not be tied to a small number of providers. When you pick your mortgage adviser make sure that they are not going to try and persuade you to take on a product simply because they receive a better kick back from it.

Market Access Levels

Mortgages and Whole of the market access

This brings us on to our next point – market access levels. A good mortgage broker has full market access meaning that they are not tied into a few lenders and are able to advise on the whole range of mortgage products that are suitable for your circumstances.

Commission or Fee?

Ask your mortgage adviser if they take a commission or a fee for their service. Sometimes a mortgage broker offers a free service up until a point. It is worth knowing where you stand before you progress.

Easy To Understand

straight talking mortgage advice

The financial world is complex and unless you are familiar with the ins and outs of the financial market place some of the jargon and buzz words may pass you by. That is why a good adviser will give you advice in a clear and easy to understand manner.

Some people are great at their job but have difficulty relaying information to others, if this is the type of broker you want then this is fine except that remember ideally you will be working with this person for many years (hopefully) so they can advise you of new products that will be of benefit to you.

Regular Communication

Buying a house is never straight forward every single time, it can be quite stressful. Getting the mortgage you want / need is a very important part of this process.

A good brokerage company will keep you informed every step of the way so you are always in the loop and understand what will happen next and what is expected of you (if anything).

Previous Client Reviews

Mortgage Broker Testimonials

Look at previous client reviews of the company to see what people have to say about their service, see if there any complaints about the lack of communication and factor this into your decision.

First Time Buyers

If you are a first time buyer then you probably are entering into the world of mortgages for the first time. Pretty much every lender has a product for a first time buyer and there are lots to choose from, let your mortgage broker advise you on the best one for you.

Buy To Let Mortgages

Buying a property to produce an income is something that a good broker can assist with perhaps in more ways than you think. Buying property is a business move and a good mortgage broker will work with you for years to come advising you on the best products and therefore saving you money. It’s like paying for a good accountant, it should pay off and working with a broker should be the same.


Releasing equity or getting a better mortgage is something that a mortgage broker can certainly help you with. Changing your mortgage to a new lender can seem daunting if you are relying upon an online comparison service, using an experienced broker who is good at communicating in an easy to understand manner cannot be replaced by comparing products yourself.

There are many reasons for releasing equity, whether it is for home renovations, retirement or simply having access to a lump sum of money; remortgaging is one way to get at your capital and finding the best product to help you do it is important.

Home Movers

If you move home then you will experience the wonderful property chain! Whether you are moving up or down the ladder using a broker who knows which product is right for you is the key to a successful move.

How Else Can A Good Mortgage Adviser Help?

All good advisers will be able to answer all of your questions including:

  • essential insurance protection
  • how to get a mortgage with bad credit
  • how to get a mortgage with a low deposit
  • government schemes
  • mortgage for the self employed
  • retirement advice
  • equity release
  • a cheaper or better mortgage

and more.

Summary & Further Information

Here’s some example questions that you could consider asking your broker before accepting their service:

Do you take commission or operate on a fee basis?
Check with your broker first so you know what to expect and where you will stand once the dust settles after you move.
Are you able to access the full market or do you work with a restricted amount of providers?
Having access to the full range of mortgage products is more beneficial for you rather than the lender.
I have bad credit, can you help?
Everybody is different and your credit score can go against you getting a mortgage. There are lenders who will still lend to you though, ask your adviser.
I am self employed, what do I need to provide?
Lenders vary in what they require from self employed people and a good mortgage company will have access to these different requirements and can assist you accordingly.
Will I be assigned a dedicated broker?
It is better to work with a single broker although this has it’s down side if they are away from the office. The best scenario is to ensure that people within the company operate as a team and that any team player is able to answer your questions regarding your application effectively.
How long will my mortgage application take?
This is important because it ties in you being able to move house, it’s often advised to get a mortgage in principle before putting an offer in on a house so you know where you stand. Every lender is different but on average it takes about three months, some lenders operate faster though and you should ask this question to your broker.
What happens if my application is not approved?
Usually a good provider will have access to many other products and be ready with all of your documentation to hit the next one, hopefully it will be quicker this time too because everything is in place with your documentation.
Are you based in London?
Mortgage brokers in London are plentiful and you don’t need to go with a local broker; it can help though if you would prefer to meet up with them. Most communication will likely take place via email and phone calls though but it really is a personal preference.

Other information:

There are many brokerage firms in and around London, here are some locations for reference:

East Ham
Kingston upon Thames
St Mary Cray
West Ham
Wood Green

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