Multi-tied Mortgage Brokers are likely to be a better choice than tied Mortgage Brokers, who can only recommend products from a single provider.

However if you want a Mortgage Broker who can select from the whole marketplace, to find you the best deal, an Independent Mortgage Broker is your only option.

 

Mortgage Broker Qualifications

Until 2003 anyone in the UK could call themselves a mortgage broker or adviser.

However thanks to the various financial scandals anyone who sells mortgages needs to have specific qualifications. They have to sit an exam called CEMAP – so they must be “CEMAP qualified”.

On 31st October 2004 there were other major changes to the rules. For example, now no one is allowed to “cold call” the public at their homes to sell them mortgage services – as used to happen.

The whole area of mortgage advice is now regulated by The Financial Conduct Authority. They operate the Financial Services Register which lists financial services firms and individuals in the UK authorised to give mortgage advice. Search their website to see if who you are dealing with is registered with them. http://www.fca.org.uk/register/