Mortgage Advice

What is an Independent Mortgage Broker?

Every year thousands of potential borrowers look to independent mortgage brokers for help with applying to banks. These experts are highly experienced when it comes to dealing with loans – and as many offer an impressive level of success, it’s no wonder why so many turn to them in their time of need. There are two types of brokers; those that work alongside lenders to source new customers by offering exclusive deals, and those that work on an individual basis.

It’s these independent brokers that we’ll be discussing right now.

What is an independent mortgage broker exactly?

Some brokers open their own businesses and then work on developing relationships with lenders that they can act on behalf of, when it comes to helping people obtain mortgages.

These experts, although professional in nature, will often receive regular commission from banks and so many people consider them to be a little biased when it comes to connecting their clients with potential mortgage deals. The other type of broker is known as an independent provider and these specialists prefer to keep their business away from other branches and lending agencies.

They are typically considered to be unbiased and will often source a variety of lending options from a range of banks. They will then compare rates and repayment terms, before presenting their clientele with the most beneficial options at their disposal. This in itself can help to reassure a client that the deal that they are getting has no strings attached.

Which type should you choose?

Both types of broker are great at performing their own specialities. Those that work with lenders will often be able to provide exclusive deals to their clients in exchange for them signing up to a mortgage, through the broker themselves. Independent alternatives might not have access to the most exclusive deals, but they will still be able to compare the best options and find payment solutions that reflect the specific needs of their clients. It all comes down to what you’d prefer; an insider’s capabilities, or an unbiased approach to finding the ideal loan.