The Three Types of Mortgage
Advisers
As you begin the process of taking out a mortgage; you will first need to
decide which type of mortgage adviser will be right for you and your current
situation. There are three types of mortgage advisers to consider, and each has
their own special benefits to offer their customers. The three types are tied
mortgage advisers, multi-tied mortgage advisers and Independent or ‘Whole of
Market’ mortgage advisers. This article will explain the duties of each type of
adviser so that you may be able to choose which type is right for you.
Tied Mortgage Adviser
These advisers work with only one lender or company and will recommend to you
the products marketed by that lender alone. Tied advisers are typically
employed by the lender but there are some cases where they work for that
specific organization as a self-employed contractor that will usually take on
other types of work for additional income. Working with this type of mortgage
adviser drastically limits the amount of options that are available to you.
While they may be able to get you a very reasonable deal from the company that
they work for, it is usually best to have more options when you get into the
mortgage process.
Multi-Tied Mortgage Adviser
These advisers are very similar to tied mortgage advisers, however they do
offer options from more than one lender. Multi-tied advisers work with several
different companies to give you a range of prices and term lengths to work
with. While this is much better than having only one lender, there are still
limits using a multi-level mortgage adviser. They are only allowed to work with
the lenders that they are employed by and no one else. While this may be
discouraging, these advisers will work with you to find the best offer they can
since they do work on commission and receive a percentage or salary adjustment
after every successful case.
Independent or Whole of Market Mortgage
Adviser
If your financial needs require you to have a wide variety of options, then
choosing to go with an Independent or Whole of Market adviser is the best
decision for you. These advisers have no limits on what lender or company they
can recommend to you. They are paid by a set fee instead of by commission from
the companies they choose to represent and will be able to get you the best deal
on a loan or mortgage available no matter what your personal or financial
circumstances may be.Labels: independent mortgage advisers, mortgage advice, tied mortgage advisers, whole of market mortgage advisers