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Independent Mortgage Brokers:
What is an independent mortgage broker?
A UK mortgage broker can be an individual or company who acts as a middleman
or intermediary between the borrower (mortgagee) and the lender. An independent
mortgage broker must act impartially for the client and as result will also
offer a choice about how they get paid. Any mortgage broker can charge a fee
if they so wish, but an independent mortgage broker must provide an option for
the client to pay a fee and have any commission received from the sale of the
mortgage returned to the borrower following completion.
What’s the difference between an independent mortgage broker and a whole
of market mortgage broker?
In practice both types of mortgage
broker could have access to the same lenders but a whole of market
mortgage broker is not required to offer a fee charging option. Some
borrowers prefer to pay a fee, as they believe it ensures that they
will receive unbiased advice. By paying a fee and having the lenders
commission (also know as procurement fee) returned to them, a borrower
might feel comforted that their broker will not be influenced by lenders
commission rates.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Smaart Associates is authorised and regulated by the Financial Services
Authority (FSA registration number 300530). The FSA does not regulate credit
cards, personal loans or some investment mortgage contracts. Some Buy To Let
mortgages are regulated by the Consumer Credit Act (CCA).
By following some of the links from this site you may be directed to
services provided by a third party. Where this occurs we are not responsible for
the information provided and accept no responsibility for its accuracy.
Smaart Associates is the trading name for Smaart Associates Ltd. Registered
in England No: 4325522. Loans are subject to status, type and value of property.
Insurance may be required. Minimum age 18.
Head office:
Smaart Associates Mortgage Brokers,
MWB Exchange, No 1, Farnham Road,
Guildford, Surrey,
GU2 4RG
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