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100% mortgage brokers
Not everybody knows the difference between a mortgage broker and a mortgage lender. Here is a quick explanation. A mortgage brokers does not actually lend you the money himself. He acts as an agent or a representative of one or more financial institutes.
If a broker is only tied to one mortgage provider then he will solely try to sell you mortgages from this one provider. All the mortgage advice he gives is purely about the one mortgage company that he sends all his applications
to. He is merely a mortgage advisor for just one mortgage lender and will probably not have much scope as to the types and styles of mortgages he is allowed to offer.
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If a mortgage broker is allowed to offer a range of mortgages from different mortgage companies, he is still a broker; however, he will probably be able to offer more choice, especially when it comes to 100% mortgages.
Please be advised that although 100% mortgage brokers may be able to set up a 100 percent mortgage, there may be something called
a finders fee attached to the application which can vary from £750.00 to up to 5% of the actual borrowing price which may have to be paid out of your own pocket. Other 100% mortgage brokers do not charge this fee, but receive what is called as a kickback in the industry from the actual mortgage company that your 100% mortgage comes from. Although it is a relatively small amount compare to what you are borrowing, it will make your interest rate slightly higher.
100% mortgage brokers have the advantage over
you, because a lot of the mortgage providers they deal with do not deal directly with the general public. So you either pay the finders fee, or you can expect to pay a slightly higher interest rate when dealing with a mortgage broker. Please be advise to check that the mortgage broker him or herself is either recognised by the FSA ( the Financial Standards Agency ), or the mortgage company he is representing is.
100% mortgage lenders
A mortgage lender is a company or individual that actual lends the money directly. The do not, like mortgage brokers, have access to different mortgage packages from different mortgage providers, but only offer mortgage from their own institute or company.
There are benefits when dealing directly with an actual 100% mortgage lender. Probably the most significant is that you will rarely have to pay any finders fees, commissions or set up fees. Dealing directly with mortgage lenders can
also mean a quicker turn-a-round meaning your 100% mortgage is available sooner, so you can find and put in an offer on a property in your price range.
The downside to dealing directly with 100% mortgage lenders and providers is that you are tied to the mortgage products that they offer. The very rarely offer another mortgage companies services. We would advise to check that the mortgage lender you are dealing with is again recognised by the FSA. We would also recommend to get your 100% mortgage quotes from at
least one 100% mortgage broker and at least one 100% mortgage lender.
100 percent mortgage broker and lender quotes
We can help you not only find a 100% mortgage, but also get numerous quotes from different mortgage brokers and mortgage lenders. We work closely with an array of both and can organise your 100% mortgage quotes from different mortgage lenders, mortgage providers and mortgage brokers, all of which are regulated by the Financial Standards agency ( the FSA ).
Simply complete the necessary questions and we will make sure your mortgage enquiry goes through to recognised brokers and lenders
so you can get numerous enquiries regarding your 100% mortgage. Directly from our enquiry form.
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