How independent is your mortgage advisor?

The effects of the current financial climate are far reaching and no one seems to have escaped unscathed. This is never truer than within the mortgage market which has had dramatic implications for independent financial advisors

Typically in the past, lenders have used four distribution channels for attracting borrowers to their mortgages – in branch, via the telephone, over the internet or through intermediaries- with the best deals mainly being offered to the mortgage intermediaries.  This was excellent for those clients who used an intermediary as they had access to the best rates from the entire market and the financial advice was subsidised by the lender meaning the client paid nothing.

However, since the credit crunch times have greatly changed and the lending market is a shadow of its former self.  The number of mortgage products available has fallen from around 14,000 in 2007 to around 1,200 today which means, with reduced competition, lenders are now offering the majority of their best rates via direct routes as this is more profitable for them.

This has meant that the mortgage products on which an intermediary will be paid by the lender are seldom the best ones on offer.  But this hasn’t stopped many mortgage advisers still marketing themselves as both not charging a fee and as being independent even though by not charging a fee they are relying on payment from lenders so they are in fact only looking at around a quarter of the products available. This is hardly an independent, whole of market service.

We are committed to putting people before products and to offering truly independent, whole of market advice.  As such, we have invested in a brand new mortgage sourcing system that includes all products from all lenders using all distribution channels meaning we cannot be beaten anywhere. We even have access to ‘retention products’ which lenders only offer to their existing borrowers to retain their business.

We will find you the best deal whether we are paid by the lender or you decide to pay us a fee (which can result in some significant monthly savings).  We can also use our new state of the art system to save you money on your buildings insurance, life insurance, critical illness insurance, income protection insurance and conveyancing costs.

Remember, not all financial advice is independent but ours is and it is guaranteed to come from the whole of the market to ensure you get the very best deal on offer.