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Mortgage Intermediary Service


A mortgage intermediary, also known as mortgage broker, intermediary, introducer, and mortgage adviser amongst other names, is a person who arranges mortgages on behalf of their client and by not being tied to any particular lender can search the available lenders products to get you the most competitive deals or find a lender that is willing to lend to you, even when your own efforts have failed to gain a "yes".
Under legislation that comes in to force in October 2004, mortgage intermediaries will be either "advisors or arrangers".
The difference is quite simple : a "mortgage advisor" will recommend a specific lender and interest rate i.e. Halifax 5 yr fixed at n% on the basis that they feel this is most suited to you.- whereas a "mortgage arranger" will provide information/quotes from a range of lenders and products so that the borrower can make an informed choice about which they feel suits them best, and ask the intermediary to arrange it for them.
Some intermediaries can and do charge fees however a lot of brokers rely solely on what is called a procuration fee that is paid by lenders. Almost all lenders pay these fees and they are not added to your costs, or incorporated in to your mortgage, so it is usually an effective and convenient way of arranging a mortgage knowing that someone is looking out for your interests, rather than you just dealing with one particular lender and the limited range of products ( and income multiples) that they offer.

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