At this time one can find a number of different types of mortgage broker. The services which are provided by them are not always being same. So in this article I am trying to clarify the difference between them which will help you in finding the best mortgage deal for your property. The law changes makes mortgage into three main categories. So you need to be cleat that form which category you need to go for best deal.
The first service on which you will find the most limited type of broker is known as Tied services. If you will go for such type of services, you may find very less number of mortgage brokers in it. The brokers who offer such type of services can only advice you on some specific mortgage. A bank or a building society is the example of it. If such type of brokers advices you best mortgage they have it means there is another better option is available which is not recommended by these service provider because such type of deals is not came under his belt. So if their company is not getting any benefit why he will share that thing to you. In this case you need to search for an alternative.
The second category which is provided by these brokers is known as Multi-Tied. Such type of service providers provide you wider services in respect to first one but still there are limited range of mortgage companies are offering such type of services. Many real estate agents works as a multi-tied and offers deals from a panel of lenders from which they have agreed to deal with. But instead of getting better service in comparison of Tied service provider it may be possible that you are not getting the whole picture. It possible that you miss out the best deal as the panel they work with is representative of all lenders.
The most demanded and recommended type of mortgage services which is in use is known as 'whole of market' broker. In such type of services the service providers are well experienced and they can easily give you the best deal according to your situation and they have also the access of the whole market. That is why they can offer you a full range of potential deal according to you and your situation. The service provider of this category are not tied with anyone. That is the reason that they often give you the deal which is generally not been offered by some mortgage provider. So I think the provider who providing such type of service can give you best deal.
Whichever level of broker you choose for your deal be sure about the fee and also that how he will take the fee amount. I will suggest you to visit an independent mortgage broker instead of choosing any type. Some brokers take their fees via commission while some take commission as well as fees. So, firstly understand all the things and then go for anyone.
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