Guide to Using Mortgage Brokers - Part 1

Whether you get good advice from mortgage brokers is an interesting question and one which is a particular concern for buy to let mortgages which are treated like commercial mortgages in that they are unregulated (unlike standard residential mortgages)
Of course, with thousands of mortgages to choose from, a good broker will help you through the maze. Many people start their search by looking at sites like http://www.moneysupermarket.com/ but these sites will not list all the lender’s detailed criteria which could mean that one lender will reject you, whilst another is prepared to accept you.
This is where a good broker –who will be familiar with the nuances of each lender’s criteria - can really help. A good one will look at the whole market to find the best deals for you and do all the administrative work to get the loan approved.
Some brokers charge nothing to clients while others charge an upfront fee for advice - thus further complicating matters.
But how much time can a broker really save you? And does the fee paid by the lender to the broker (the procuration fee) sway the advice you get from the broker and at what point does a procuration fee become a consideration in the advice process? And how do "repeat fees" paid by lenders to brokers to keep clients with that lender effect the extent to which good advice is given? I'll look at these issues in part 2 soon.