Choosing a Mortgage

A mortgage is the biggest financial commitment most people ever make, so it's sensible to get the right mortgage for you – and the best possible deal.

There are lots of questions you'll need to ask. Here you'll find answers to the most important.

Using an Independent Mortgage Broker to obtain the best mortgage for you can be very helpful if:

You are unsure which is the best mortgage for you
You don't have time to scour the mortgage market yourself
Your financial circumstances make it hard for you to get an ordinary mortgage

Usually their advice to you is free. That's because the lender pays them. Mortgage brokers also can have access to special mortgage offers not publicly advertised, and they help you with the formalities.

If you walk into most banks or building societies and say, “I'd like a mortgage please” you will only be told about the mortgage products that are available through that bank or building society. They are not going to say that another building society is offering a far better rate.

Approximately 150 mortgage providers compete for customers in the UK mortgage market. Most of these offer a variety of different types of mortgage schemes and this means that there are at least 1,500 different mortgage options to choose from.

You do not have to take a mortgage from an Estate Agent.

The FT reported in September 1999 a warning from the Office of Fair Trading (OFT) that Estate Agents must not sell to customers unfairly. The OFT said examples of unfair practices included:

Telling buyers they can only get on a “preferential service list” if they take linked financial services or use the agent to sell their own property.
Forcing agents to pass offers via the agent's own financial adviser.

The estate agency bodies agree that these unacceptable practices do happen sometimes – so don't be bullied. Use a independent specialist mortgage broker.

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