Independent Mortgage Advisors in Manchester
Independent Mortgage Advisors in Manchester
This page explains what ‘independent’ really means, and tells you a bit more about Independent Mortgage Advisors in Manchester.
What does Independent Mortgage Advisor actually mean?
A Mortgage Advisor can only call themselves independent if they can offer first and second charge loans. A first charge loan is a normal mortgage. A second charge loan is when you take a second mortgage on a house that already has a normal mortgage. These are usually more expensive as they are riskier to the lender. Not all Mortgage Advisors can do them, so not all Mortgage Advisors are independent.
If you’re searching Google for Independent Mortgage Advisors in Manchester, the chances are you aren’t actually that bothered if your advisor can do second charge loans or not. You are more likely looking for a personal service, from a Mortgage Broker with access to lots of lenders. If you don’t want to deal with a ‘big brokerage’ and be given a customer number, you just want to be treated as you, and have a direct dial to your advisor, ahem, me, then you may have found what you are looking for.
Am I an Independent Mortgage Advisor in Manchester?
Yes. I have access to the products that allow me to be classified as independent. I live and work in Manchester, and that’s where most of my clients are too. Find out more about me here.
Do you need your Mortgage Advisor to be independent?
No. Unless you specifically need a second charge mortgage, or bridging, you don’t actually need your advisor to be independent. However, it does give peace of mind that you are working with somebody who could arrange these products if it were in your best interests.
It’s more important that you work with a Mortgage Broker that has access to lots of lenders and are not tied to just a few lenders, but have a large panel of lenders representing the entire market. It doesn’t mean that they have access to every single mortgage and lender in the UK though. It’s common for estate agent or developer brokers to have very limited mortgage lenders available.
How to find Independent Mortgage Advisors in Manchester?
Well you’ve already found one – Jamie Thompson Mortgages. I specialise in First Time Buyers. I’m also happy to help people moving home and to remortgage. However, if you’re looking to do a buy-to-let, a company mortgage, or development finance, I’m not your man.
Of course, you can find all the ‘big’ companies on the front page of Google. If you’re searching for an Independent Mortgage Advisor in Manchester because you want to work with an individual, or small company, you may have to look a little harder. Try sites like VouchedFor and Unbiased.
I choose not to be on those sites though. They make the advisor pay for your details if you enquire online. This is a cost that gets passed back to you, the client. The same is often true when advisors pay estate agents to introduce them to home hunters.
Googling “Mortgage Broker Near Me” and using the maps will show you local brokers regardless of their size. You can also check out their reviews on there. Here are mine.
The best way to find an Independent Mortgage Advisor in Manchester is…
…to pick a Mortgage Advisor who is recommended by friends, family, and colleagues. Most of my new clients come through previous clients recommending me. Knowing an advisor has successfully helped somebody you know and trust, and are confident to recommend, is worth more than any directory listing or review site.
How much do Independent Mortgage Advisors in Manchester charge?
You can read more about my fees here. Spoiler, on most cases I don’t charge anything at all.
When arranging a mortgage, the advisor will get a set commission from the lender. This is usually around £350 for every hundred thousand pounds borrowed. They will receive this regardless of whether or not they charge you a fee. If you pay a fee or not does not alter the deals available.
For complicated cases, for example you have bad credit, or are tying to buy a non-standard property, you will probably need a specialist advisor in that type of mortgage. You should expect to pay a fee for that.
There are plenty of fee-free Independent Mortgage Advisors in Manchester. Those that do charge vary when the fee is payable. It may be paid right at the outset before they have even started research, or at application, or at mortgage offer, or when the mortgage completes, or a combination! If you want to know more about an advisor’s fee structure, just ask them. It’s something they have to be up front about.
What’s the difference between a Mortgage Advisor and a Mortgage Broker?
There isn’t one. Some people prefer to call themselves brokers, some people prefer to call themselves advisors. I prefer to say I’m an advisor as that is where my value lays, in giving people great, independent, mortgage advice.