What types of Mortgage Brokers are there?
There are a number of different types of Mortgage Brokers, we are here to help you how different brokers operate.
- Tied or Panel Brokers
- The broker will have access to a limited panel of lenders. The broker will base his recommendations from these lenders only, which could result in your paying more than if a wider choice was available.
- Whole of Market
- The broker is not restricted to a panel of lenders; however, this does not mean they can access every product on the market as the term suggests. The majority of Whole of Market brokers access circa 90-100 lenders. Because of this wide scope of choice, they can often offer broker-exclusive products not available directly through the bank.
- Banks & Building Societies
- Only able to recommend their own products. In some instances, they will have exclusive products only available from their own portfolio, but most are also available via a broker and/or a bank/building society.
Customer Interaction Type
These can vary and operate as a hybrid’ however quite often brokers have a predominant operating model so be sure to check this out and ensure it meets your needs.
- Telephone
- Online or Digital-only
- Face to Face