Where can I get a mortgage?

There are many different lenders, companies and business by which you are able to get a mortgage, but Lenders and Intermediaries are the two main branches. Below are details of each.

Lenders.

Mortgage lenders such as building societies, banks and specialist lenders sell mortgages direct to borrowers. You are able to go to them for advice, and they recommend and sell you a mortgage from their own range. This can limit your choice so shop around and see what different deals are on offer, but only do this if you are confident of the mortgage you want, if not, consult an independent financial advisor.

Intermediaries.

An intermediary, other wise known as estate agents, mortgage brokers, independent financial advisors (IFA’s), solicitors, life insurance companies and accountants, are people who are able to help you decide on a mortgage, and then they pass your mortgage application on to a lender. Some intermediaries can help you choose a mortgage from the whole market, (known as ‘independent mortgage advisors’), while others have limited access from a selection of lenders, or even just one!

Intermediaries fall into the following pigeon holes: -

Tied Agents.

Tied agents, as you would have thought, are tied to only one lender and can only recommend and sell you a mortgage from this particular lender.

Independent Financial Advisors.

Similar to mortgage brokers, IFAs can either look at several lenders, or the whole market. But remember that different IFAs usually specialise in different financial fields so check before hand whether they specialise in mortgages. They can sometimes offer exclusive mortgage deals which can be extremely good value.

Mortgage Brokers.

Mortgage brokers again have the option of looking at several mortgage lenders, or the wider market, but they are often tied to insurance and investment products, meaning that they can sell these types of products from only one specific provider. Make sure you find out whether they are tied in this way, and if they are remember to compare their quotes with other providers to find the deal for you. (Some brokers are bale to negotiate exclusive mortgage deals with lenders that are not directly available from the lender.)