Mortgage ID are acclaimed FCA regulated independent mortgage, loan and insurance brokers, established in 1999 and headquartered in Cardiff with highly trained advisers serving all of the UK.
Mortgage ID’s experts have direct access to every bank, building society, specialist lender and insurance company in order to find the keenest mortgage or insurance deal for you. We guarantee our advice to be accurate and to be the most suitable for your circumstances.
All our advice is Free to our clients.
Finding a mortgage broker: Dos and Dont's
- Choose an independent broker with whole of market access: This means they have access to the widest possible range of mortgage deals. Note Banks & Building societies advise on their products only. Many estate agent advisers work from a limited panel of providers.
- Ask how they are paid: Some firms will charge you an advice fee up front which is supplement by an introducer commission from the lender. Others will charge you a higher flat fee and rebate back all commission they receive to you. Your adviser should tell you the full cost straightaway so you can make an informed decision.
- Check your mortgage adviser is properly qualified: They should be on the Financial Conduct Authority website. - check here.
- Always Compare: If you have an existing mortgage or a bank account with a lender, try them first, your past account conduct will help you score a good deal. You can check out some of the lowest rates around here, and the best deals for a 10% deposit and a 5% deposit here.
- Let an estate agent bully you into using their adviser: This is a particularly odious trick where you are told you must use their adviser to pass vetting and to ensure the price doesn’t go up. This is illegal, as point 7c of the Code of Practice for Residential Estate Agents makes clear. Independent brokers are almost always the best choice.
- Take up with the first adviser you see: You can compare advisers using a directory like Spotlight. Always ask them for testimonials from satisfied customers.
- Be tempted by ‘advisers’ offering self-cert: As a process this ended abruptly with the 2007-8 crash. There are lenders who take a more lenient line on past credit misdemeanours but ALL will seek verification of your income to meet the requirements of the Financial Conduct Authority. You can find out quickly if the adviser's a fraud by searching for them on the Financial Services Register. Self-employed applicants often struggle to show a salary yet live financially comfortable lives, check out our guide here.
- Get taken in by the sales patter: Mortgage advisers will often lead you to believe that you qualify for a much lower rate before carrying out a fact find. Nothing they say until a full and thorough fact find has been carried out can be relied upon. Never sign up to use an adviser until you have received a Key Facts Illustration.
- Take out a mortgage without considering mortgage insurance: You don’t want to leave your family in the lurch if disaster strikes and you can no longer pay the monthly mortgage. A good independent adviser will have access to a broad range of protection products, ask for quotes but make sure you compare rates. Comparison sites will give you rates for basic cover but may not cover all your needs. Only an adviser can ask all the questions to ensure you get cover to meet your needs.