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Letter M
Broker as in Mortgage Broker
Also know as mortgage broker, intermediary, introducer, and mortgage adviser amongst other names.
A person who arranges mortgages they are normally independent of the mortgage company and as such can shop around to get you the best deal.
However due to commercial constraints some mortgage brokers deal with a limited panel of lenders so you should check at the outset of dealing with your broker to ensure you are getting the level of service that you want.
Brokers 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 so it is usually a cost effective way of arranging a mortgage knowing that someone is looking out for your interests rather than you just dealing with one particular lender and just the products that they offer.
In addition your broker may also be paid by insurance companies for arranging your life and house insurance.
If asked your broker should be more than happy to tell you how he is remunerated for example will you have to pay him or will the lender/insurance company pay him
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