What’s Whole of Market Mortgage Broker?
Finding the right lender with the best deal is crucial when seeking a mortgage. This task can be overwhelming due to the many lenders and products available. To simplify the process, many people turn to mortgage advisers and brokers. A whole-of-market mortgage broker offers a wider range of products representing the entire market. Unlike brokers tied to specific lenders, whole-of-market brokers provide access to multiple providers simultaneously.
Some mortgage advisers only recommend products from a limited panel of lenders. This restricts the customer’s options, limiting their ability to compare different offerings. Conversely, advisers based in banks or building societies typically only discuss their own products, missing out on a broader comparison. Whole-of-market mortgage brokers, however, focus on the customer’s best interests, ensuring access to all possible options for securing the best mortgage deal.
Benefits of Using a Whole-of-Market Mortgage Broker
Choosing the right mortgage adviser is vital. It can influence both the success of your mortgage application and the total amount you pay over the life of the loan. Whole-of-market brokers offer significant advantages to clients looking for the best possible outcome.
These brokers have access to numerous lenders and can compare hundreds of products from across the market. This wide range offers clients better deals than going directly to a single lender. Whole-of-market brokers can find suitable options for almost any situation, providing advice tailored to individual circumstances. They often uncover hidden deals that might otherwise go unnoticed. Clients save time on research and product comparison by using a whole-of-market mortgage broker instead of getting a personalised search for the best deal.
Lenders and Their Range
Whole-of-market mortgage brokers deal with major high-street banks, smaller lenders and specialist lenders you may not even heard of. In complex situations, such as using income from a second job or being a seafarer, knowing which lender will approve a mortgage when most others might decline can make a significant difference.
Addressing Common Mortgage Problems
Residency Issues
Many clients face challenges when they don’t have indefinite leave to remain in the UK. Lenders might view clients with a spouse or tier 2 visa as high-risk. First-time buyers often lack large deposits, but whole-of-market brokers can still help, depending on the client’s income type and factors like how long the client has lived in the UK. Clients from the EU with pre-settled or settled status might also face difficulties if they have less than three years of address history. Yet, whole-of-market brokers have experience assisting these clients.
Varied Income Types
As house prices remain high and job flexibility increases, more clients work via agencies or have zero-hour contracts. Many lenders have strict criteria for such applications, but others are more flexible. Whole-of-market brokers assist clients like supply teachers or those using additional income sources such as overtime, bonuses, or pension income. They tailor solutions to each client’s circumstances, considering exclusive deals and the wide range of mortgage products available. Foreign income mortgages, where clients are paid in currencies like Euros or Dollars, are also possible with the right lender.
Property Types
Obtaining mortgages for certain property types can be challenging. Issues arise with properties like timber-framed houses, high-rise flats, and properties above commercial premises. Whole-of-market brokers assist clients with these and other situations, such as right-to-buy mortgages and new builds without NHBC certificates. Their extensive knowledge helps clients find suitable mortgages, saving them time and effort.
Self-Employed Applicants
Self-employed clients often find it harder to secure mortgages. Since Covid-19, many businesses have faced disruptions, leading to stricter checks for these applicants. Whole-of-market brokers help self-employed clients navigate the specific criteria and find suitable deals. They assist those wanting to use the latest income figures or those with only one year of accounts. Using a knowledgeable broker can make a significant difference for self-employed applicants.
Credit Problems
Clients with adverse credit histories face unique challenges. Whether due to income problems,self-exployment or a messy divorce, whole-of-market brokers can help. They can access specialist lenders for clients with defaults, CCJs, or historical bankruptcies. Brokers provide expert advice to find mortgage options suitable for these clients.
Unusual Deposit Types
Typical lenders prefer deposits from savings or close family gifts. However, whole-of-market brokers handle more complex deposit types, including deposits from abroad or non-family members. They have experience with various deposit scenarios and ensure clients get the support they need.
Online Versus Traditional Brokers
The mortgage process has evolved, and so has the way clients prefer to work. While starting as a one-man business visiting clients, many brokers now offer online services. These include email recommendations, online document portals, and continuous communication to ensure a smooth application process. Many clients appreciate the convenience and efficiency of this approach, which is reflected in numerous positive reviews.
Whole-of-market mortgage brokers provide a comprehensive and personalised service. They offer access to a wide range of lenders, tailored advice, and support for various client needs. Clients can confidently secure the best mortgage deals by choosing a whole-market broker. At Connect Expert Mortgage Brokers, you can search for a mortgage adviser by gender, location, expertise, and more, giving you the best of both worlds.
e strive to offer clients a range of options while remaining fully accessible, ensuring no one misses the opportunity to benefit from our services.
