What is a Whole of market Mortgage Broker

A Mortgage Broker who will have access to the whole market when they advise you.

When you are choosing a Mortgage Broker the only realistic choice is to go for someone who is whole of market.

Not all Mortgage Brokers will be though.

Which is why it’s important to decipher between a Broker who is Whole of Market and those who can only choose from a limited panel.

The Different Types of Mortgage Brokers

Independent Mortgage Broker – similar to whole of market Mortgage Broker. However an independent Mortgage Broker can be Whole of Market and not necessarily independent.

Independent refers more to how they get paid. If they provide the option to be paid by commission or fee then they can be classified as independent.

In reality most brokers will charge a lower fee and still be paid commission.

Whole of market Mortgage Broker – simply a whole of market Mortgage Brokers is a broker who can access the whole market and therefore provide you with the best deal.

Tied or Limited panel Mortgage Broker – this is usually where the broker will be tied to a company such as a developer or an estate agent, which you are also completing business through.

Limited panel brokers usually have a limited panel of Mortgage lenders to choose from and recommend to you.

Tied brokers will often be limited. But in some cases will also be whole of market.

The main problem however with tied brokers, is that as they work for an estate agent or developer. They will often have their best interests at hand over yours.

Benefits of whole of market Mortgage Broker

Able to provide you with access to the whole market.

Able to guide you through the whole process and take the stressful parts off of your shoulders.

Able to provide you with expert advice and cut through the confusing jargon that can often be thrown at you by solicitors and others.

They can provide Advice

Mortgage Brokers are able to provide advice to make sure you are getting the best mortgage for your circumstances.

They will go through your different mortgage options, the different terms and find ways to best maximise your borrowing potential.