What is a Fee Free Mortgage Broker?

A Fee Free mortgage broker, is an independent mortgage advisor that searches thousands of mortgage products, from a wide range of lenders to find you the right mortgage deal for your circumstances. ie
Limited Company Director Mortgage or IT Contractor Mortgage
Once the right mortgage has been identified no fee is charged directly to you to provide a hassle-free arrangement of that mortgage.
The free mortgage advice to you is instead paid for by a commission payment from the lender.

This amount is clearly stated on any mortgage illustration that you are provided.
Not all mortgage brokers are Fee Free. Some charge a fee depending on the complexity or value of the mortgage and often charge the fee as well as receiving commission.

At MortgageAdvice.Biz we have invested in the latest technology to make our company as efficient as possible.

Keeping our costs low enables us to not have to charge an additional fee.
That doesn’t mean any loss of service. In fact you will deal with one advisor throughout the whole process, me – Neil Cutmore and I believe that great communication is the key to all good business

So if you want a personal service with years of expertise in the mortgage industry. To hold your hand through the entire mortgage process for no fee. Then please call us now , or fill in the
Contact Form

Fee Free Mortgage Advice in 5 Easy Steps
Step 1:- Initial Discussion
The initial discussion with your expert mortgage adviser will involve collating various documents about yourself including your credit file and discussing your personal circumstances such as income what size mortgage you are looking for. Whether you are looking for mortgage advice on residential mortgages or a Buy to Let mortgage. Whether you are looking for a better remortgage deal than your existing mortgage lender is offering or

If you are a first time buyer we will help with answer any and all questions no matter how small to help you on your way onto the property ladder

Step 2: – Search the Mortgage Market
Your fee free mortgage broker will search the mortgage market, including all the major lenders and mortgage options, and find you the best mortgage deal based on the personal circumstances you have provided. Then a combination of the mortgage interest rate, the arrangement fees, valuation fee etc . over the fixed rate period you have agreed is most suitable ie. 2 or 5 year fixed rate

Step 3:- Presenting the Mortgage Product Recommendation
As part of our expert mortgage advice process, we will provide you with a mortgage illustration. which will detail the broker fee we receive from lender to enable us to be a fee free mortgage broker.

The mortgage illustration will also detail the mortgage interest rate now and what it will be at the end of the initial mortgage rate period.

We’ll discuss your monthly payments and make sure that they are affordable both now and the foreseeable future. Any early repayment charges that may be applicable during the fixed period. What stamp duty is likely to be incurred ( though we recommend speaking to a tax expert if the case is something are mortgage experts cannot assist with)

Ultimately your fee free mortgage broker will demonstrate how you will save money compared to simply going to your existing lender / bank and make sure you are comfortable with the mortgage product recommended before proceeding to the mortgage application

Step4:- Mortgage Application
Having agreed to proceed with the mortgage deal your fee free mortgage broker has recommended There are then 2 stages of the mortgage process to get your mortgage approved and ultimately get you mortgage offer. The first one is called a Decision in Principal or DIP , also referred to as an Application in Principal or AIP

This is simply some basic details keyed in using online broker tools by your mortgage broker to enable the lender to check your credit score on your credit file. The lender will not verify any income information at this stage or whether the property you are looking at is adequate security. They will simply take the information your fee free mortgage broker has inputted.

If your credit score is acceptable then your mortgage broker will be able to issue you with a decision in principal certificate. This is the document estate agents ask for when you are making an offer on a property. When you try to make an offer on a property many estate agents will try to get you to use their inhouse mortgage broker. Most mortgage brokers charge a broker fee that work for an estate agent as they have to pay a referral fee. Very rarely are they fee free mortgage brokers

The second stage is the full mortgage application. Your mortgage broker will hold your hand through all the paperwork required for this stage. Especially as it is daunting if you are first time buyers and haven’t ever experienced the mortgage process before. From the beginning of the mortgage application process to getting a mortgage offer is generally 2-4 weeks dependent on how busy the lender is and how complicated the mortgage deal is

Step 5:-Mortgage Offer
Once your fee free mortgage broker has progressed your mortgage application to the stage of mortgage offer, they will also discuss the benefits of protection such as life insurance and the necessity of buildings insurance ( Building insurance must be in place when you exchange contracts)

MortgageAdvice.Biz is a Fee Free Mortgage Broker
Mortgageadvice.biz provides independent mortgage advice effectively free to you as a client. The free mortgage advice to you is instead paid for by a commission payment which the mortgage lender pays when your mortgage completes

This amount is clearly stated on any mortgage deal illustration that you are provided by your mortgage broker

Once the right mortgage has been identified no fee is charged directly to you to provide a hassle-free arrangement of that mortgage.

Not all mortgage brokers can class themselves as a Fee Free Mortgage Broker. Most mortgage brokers charge a mortgage broker fee depending on the complexity or value of the mortgage deal. When a mortgage broker charges a broker fee they usually are receiving a commission as well.

Types of mortgage brokers
When looking for mortgage advice services there are generally two categories of mortgage advice.

Direct from a lender or from a mortgage broker

Direct to lender mortgage advisors where the mortgage advisor can only advise on the mortgage deals available from that particular lender

Independent Mortgage Advisers will consider all mortgage products and mortgage lenders that they have access to. Offering Independent mortgage advice doesn’t necessarily mean that they wont have access to all possible mortgage lenders and mortgage deals. This could be because a mortgage broker is part of a mortgage network / mortgage club that has access to certain exclusive mortgage deals with a slightly lower fixed rate or lower arrangement fees. Some mortgage brokers have to work only from a select number of mortgage lenders, this is called a mortgage lender panel

Financial Services Register
In the UK, nearly all financial service activities must be authorised by the FCA (Financial Conduct Authority). Mortgage Advice is a financial service that you have to be authorised for. You can search the Financial Services Register (the Register) for firms and individuals, and the activities for which firms have permissions.

MortgageAdvice.Biz are regulated by the Financial Conduct Authority under FCA number 939122 . A link to our place on the financial services register can be found here Kite Communications Limited (fca.org.uk)

We are a directly authorised mortgage brokers as opposed to an appointed representative of a directly authorised firm.

At MortgageAdvice.Biz we have invested in the latest technology to make our company as efficient as possible.

Keeping our costs low enables us to offer expert mortgage advice, without having to charge an additional broker fee.

That doesn’t mean any loss of service. In fact you will deal with one advisor throughout the whole process, me – Neil Cutmore and I believe that great communication is the key to all good business

So if you want a personal service with years of expertise in the mortgage industry. To hold your hand through the entire mortgage process for no fee. Then please call us now , or fill in the

Contact Form