Sunday, 17 November 2013

Questions to ask your mortgage broker

Updated: Wed, 16 Nov 2011 13:45:00 GMT | By Nic Cicutti, contributor, MSN Money

Questions to ask your mortgage broker

If you are going to see a broker about arranging your first mortgage, here is a list of questions you should ask.



Here's a list of things to bear in mind when meeting a mortgage broker for the first time: 
1.    How independent are you? Will you advise me on every product on the market or do          you operate on the basis of a restricted panel of lenders? 
2.   Are you regulated by the Financial Services Authority and under what trading name?           You can search the FSA website to find out if there have been any complaints or               disciplinary action against registered       
      operators 3. What mortgage qualifications do you have? 
4.   What exactly will you be doing for me that I couldn’t do myself?
5.   How do you charge for your advice? Is it on a fee basis or by earning commission from       the lender whose mortgage you recommend?
6.   Will you tell me what the commission you earn from any lender whose mortgage you         recommend? Will you recommend the right mortgage for me regardless of the                   commission you earn from lenders?
7.   Will you be trying to earn more money by recommending other financial products for         me, such as life insurance or similar protection?
8.   If you are going to recommend other products, are you tied only to those of one               company or a handful of companies? Or are you truly independent?
9.   Are you also an independent financial adviser, able to help me with all other aspects         of my financial planning such as investments and pensions, or do you only specialise in       mortgages?
10. If you are an independent adviser, what qualifications do you have in non-mortgage           related areas specific to my financial needs? Do you have special pensions and                   investment qualifications?

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