What it means to be a truly independent mortgage broker

Buying a home is massive. It doesn’t matter if you’re a first-time buyer, are moving home or are remortgaging. The decision to enter into a mortgage contract is genuinely life-changing.

Repaying the loan becomes your biggest bill every month. If you don’t make the right choices at the outset, 25 years (or more) of such a monumental commitment can grate.

So, how can you ensure you get that critical decision right?

Step 1 is to align yourself with a respectable broker. But, if you’ve never used one before, how do you tell if they’re ‘respectable’? 

You can start by understanding the difference between a ‘whole of market’ broker and an independent broker. The difference can be huge; here, we outline why…

The key differences between independent and ‘whole-of-market’ mortgage brokers

That’s where an independent broker comes into their own. A truly independent mortgage broker is just that:

• they’re not restricted to the mortgages from any one lender;
• they have autonomy and can focus on the best deal for you, the client;
• unlike a ‘whole of market’ broker, they aren’t tied to a panel of lenders, which only offers a percentage of all the mortgages available.

Despite sounding like they can offer every lender on the market, a ‘whole-of-market’ broker is far more limited.

What the regulations say

The rules which govern how a mortgage broker can describe his access to mortgages are (some would say) backwards.

If you saw a mortgage broker advertising their services as ‘whole of market’, you’d naturally assume that they had access to the entire market. That’s what ‘whole of market’ implies, right?

Not so. 

A ‘whole of market’ mortgage broker only has access to a panel of lenders. As long as that panel covers all areas of the market, no matter how small that panel is, they can call themselves ‘whole of market’.

Even if this panel represents hundreds, or even thousands, of mortgage products, it’s still only a selection of what’s on offer.

Why it’s important to differentiate

In some instances, if your mortgage is straightforward, a smaller selection may make little difference to the outcome. To be certain of the choice on offer, ask a broker for a list of their lender panel. This will validate their independence, or lack thereof.

But when it comes to specialist lending, that’s when ‘whole of market’ brokers struggle. For example, they may not be able to help:

• people with complex histories or income;
• first-time buyers with low deposits;
• you gain access to exclusive deals or specialist underwriters.

In short, having so few lenders to approach blunts their scope and their effectiveness.

They’re limited to the mortgages offered by this smaller cross-section of lenders. This restrictive choice can prevent them from accessing the specialist lending solutions that an independent mortgage broker, like Mortgage Quest, has unrivalled access to.

The Mortgage Quest way

We understand how monumental getting a mortgage is for most people. That’s why our team of brokers, many of whom have been with us since our inception in 2004, cherishes the trust you put in them to get you the best deal.

Every customer will have their own dedicated mortgage advisor and case manager, who’ll handle their application from initial enquiry to completion. 

As well as the ‘Fact Find’ information, a document compulsory with every application, your mortgage advisor will have a proper conversation with you to begin with.

Getting the best mortgage for your situation isn’t always just about reducing the amount of the first payments. It’s about a mortgage deal that works for where you are now, in life and in your career. It should work for you in the short-term, but also be flexible enough to adapt to your mid- and long-term goals.

Once your manager understands that, they’ll use our independence to your best advantage. Your case manager will then be on hand to progress your application with the lender. They’ll also be there for you should you have any questions along the way.

Get the benefit of our independence

Whether it’s for a standard residential mortgage, buy-to-let, contractor mortgage, large mortgage loan, bridging or second charge loan, they can approach any lender in the country on your behalf.

All our brokers are CeMAP-qualified and, more than anything, they put you first. We have no bias toward one lender or another. We’re free to place your mortgage application with the lender that makes the most sense for you.
To talk to us about which mortgages are available to you, call 0208 421 7998.