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Getting help from a mortgage broker

Mortgage brokers aren’t all the same. Keyfacts logo documents tell you what kind of service the broker offers and how much their service costs.

When you visit a mortgage broker there are a few things you'll need to consider. For example:

  • Some brokers offer products from a limited number of lenders and some brokers may offer products from the whole of the market. Make sure you are clear about what the broker can and cannot offer to you. Consider carefully the range of lenders and products that a firm is offering. This will be set out in the Keyfacts logo about our mortgage services document.
  • Some lenders provide products direct to consumers via their own branches, websites and call centres – so there may be products available that your broker is not in a position to offer. Shop around to see what else is out there – use our impartial Comparison tables.
  • Mortgage advice is not normally free and the way that you pay for a broker's services can vary enormously. Some brokers are paid commission - a set fee paid to the broker by a lender for selling one of their products. An 'independent' broker has access to mortgages from the whole market and will give you the option of paying a fee for his services to avoid any risk of product bias. Details of any fee you will have to pay or whether the broker will be paid by commission will be set out in the Keyfacts logoabout our mortgage services. Shop around and consider the payment options available to you – see Fees and costs.
  • Will you need advice on other products, such as an investment product? There is a difference between advising on mortgages and advising on investments. For example, in an interest-only mortgage, advice on an investment or savings plan to pay off the loan at the end of the term is investment advice. The Financial Services Authority (the UK’s financial services regulator) regulates both types of business, so Check the FSA Register to see whether your adviser can advise on both. Paying two sets of advisers can be expensive.

If a firm provides you with information or advice on other products in addition to mortgages, you will get a combined Keyfacts logo about our mortgage services document setting out the level of service, fees and other information that you can expect in relation to each.

Getting the Keyfacts logo

Step 1
When you contact a lender or mortgage adviser they must give you details of the service they offer. It will be in a Keyfacts logo about our mortgage services document. It will tell you:

  • whether they offer mortgages from the whole market, a limited range of lenders or a single lender;
  • whether they'll give you advice and a recommendation, or just ask you some questions to narrow down the selection of products they'll provide information on;
  • whether you'll have to pay a fee for their service; and
  • whether any or all of any upfront fee may be refundable.

Use this document to shop around to get the service you want at the price you're happy with.

Step 2
When an adviser makes a recommendation, or the broker or lender provides you with personalised information, they will give you a second document called Keyfacts logo about this mortgage. This is also known as a Keyfacts illustration or KFI. You'll get this whether you're getting advice or not. It will be a personalised illustration for you and will set out things like:

  • confirmation of the service you're getting;
  • what you've told them about how much you want to borrow and the type of mortgage you're interested in;
  • a description of the mortgage – who the lender is and the interest-rate deal;
  • overall cost of the mortgage, as well as the fees you'll have to pay;
  • how much you'll have to pay each month;
  • how much your payment would be if interest rates went up – so you can see whether you think you could cope with the increase;
  • whether the mortgage has early repayment charges, and if so details of these; and
  • any other additional features, for example overpayment and additional borrowing facilities.

Make sure you get this and that you read and understand it. Ask the lender to explain anything you don't understand.

Use this document to shop around and compare similar mortgages from other lenders. You can also use our Comparison tables to see what other deals are available.

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Top tips

  1. Read your Keyfacts logo documents – it's information you need to know.
  2. Give the full facts to the adviser so they can recommend the right mortgage for you.
  3. Ask questions if something is not clear.