Why is “Whole of Market” so important

Why is “Whole of Market” so important

15:33 PM, 2nd April 2015, About 7 years ago 1

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It can be tempting to cut out the middle man when searching for a new mortgage, and people may even think they can save money doing so, but there are other considerations to take into account.Simone

An important thing to understand is that when you receive whole of the market mortgage advice, your mortgage broker has a duty of care to you. In fact, as an advisor they should be so confident in the level of advice they are providing that they back it up by presenting it in a suitability report, which is then signed and dated. If you subsequently discover their advice is not up to scratch you can complain and seek redress through proper channels, and this is a valuable layer of protection for you.

On the other hand, you could decide to go straight to a high street mortgage lender. It would be nice to think that all you have to do in this case is choose the cheapest fixed or tracker rate, but in reality there are many more things you should be taking into account when you start looking. This is where the advice of a fully qualified and experienced mortgage advisor comes into play.

Some advisors specialise in particular areas of the market. If, for example, you want to invest your hard earned cash in an investment (buy to let) property the mortgages on offer require a completely different type of contract and the advisor has to understand different lenders’ approaches to property and calculating affordability, among many other things. As purchaser, it is good to know you are speaking to someone who not only knows what they are talking about, but – most importantly – can choose products from the whole range of available options.

So whole of market mortgage advice is just that, enabling the advisor to select for you from all the available products on the market. It is distinct from the advice of a bank or building society, which will offer products from its own range. It also differs from the advice of a multi tied adviser, who will only offer mortgages from a limited range of providers. Whole of market mortgage advisors offer impartial advice, with the aim of ensuring you choose the right product for your circumstances.

A mortgage is a large financial commitment and may last for a long period of time, so it’s good to know you have weighed up the options and received the information you need to make the best choice for you. After all, unlike a pair of shoes, you can’t take the mortgage back if it doesn’t fit.

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Mark Alexander - Founder of Property118 View Profile

10:44 AM, 4th April 2015, About 7 years ago

Hi Simone

I completely agree.

I have seen many a borrower lose a property just because they decided to go direct to a lender. A typical reason is that they don't fully understand the lenders criteria or appetite for certain types of property. Weeks can be wasted on applications which are subsequently declined or which result in an offer which is much lower than the required amount.

Added to this, there are several lenders that only deal with brokers. There are also lenders that deal with brokers and directly but have special deals for clients of brokers which they do not sell directly.

Having referred a few clients to you around Cambridge and based on the positive feedback we have received it is very clear that you know the student BTL market incredibly well. We are delighted that you have decided to remain on our panel of recommended advisers since merging your business into a larger network for the benefit of your clients 🙂

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