Difference between Mortgage Adviser & Mortgage Broker?

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There are some big differences between being Mortgage Adviser & Mortgage Broker but the 2 can also overlap and mean the same thing.

To think of it another way, you may go to the Doctors about a dodgy stomach or you may go to see your GP – chances are the 2 are the same person, but you could also find a Doctor specialises in something rather than being a General Practitioner. If that has not cleared things up, lets break it down a little.

Mortgage AdviserMortgage Broker
Employed by:A bank or Building Society usually. A Mortgage Brokerage directly, but the customer indirectly.
Access to:The lender they work for only. Typically many lenders, in our case around 70-80.
Fully Qualified:Yes.Yes.
Regulated:Yes.Yes.
Fee Charging:No.Usually yes.
Can help with Insurance:Yes but usually have what is known as “loaded premiums” meaning it costs more. Limited insurers and products available. Yes.
Can help with Solicitor queries:No.Yes.
Can help with Estate Agent queries:No.Yes. This is a very big plus point for brokers. We can give a full explanation of where your case is up to which can be useful if there are delays.

Differences between Mortgage Brokers & Mortgage Advisers

The job title can cross over, but in the main brokers are deemed as someone who works for the customer and not for a bank or building society. We have access to more lenders and in turn more deals.

We can also offer a greater service. Where as a bank will help you with your application, that is typically all they will do. Brokers on the other hand can speak to estate agents to keep them up to speed with the case. This can be useful if there are delays or problems. By keeping them up to speed with everything and knowing you have a broker working with you it can help to instil confidence which may be the difference between them putting it back on the market or not.

We can help you with questions or concerns you may have from solicitors, surveyors, estate agents. Mortgage Brokers will be able to guide you about the processes and time frames to expect with your Mortgage and the legal work.

The major downside from Mortgage Advisers to Mortgage Brokers is that Brokers typically charge a fee. However, the fee we charge can sometimes be outweighed by the money we can save you elsewhere, the time we can save you and lastly the service we offer along the way and lets not forget the moral support at what can be a stressful time… it is not every day you spend tens of thousands, if not hundreds of thousands or pounds on a new home.

What is Mortgage Success?

We are a family run Mortgage Brokers, you will have a dedicated adviser to look after you if you choose us to be your Mortgage Broker.

With access to over 70 lenders from high street banks through to more specialist lenders, we are confident we stand a good chance of being able to help you obtain a mortgage no matter what your circumstances.