Posted on 10 June 2016
With the arrival of the latest regulation bought into force through the Mortgage Credit Directive in March 2016, there’s been a debate in the mortgage world about the benefit of mortgage brokers and intermediaries being able to describe themselves as ‘independent’.
Under new regulatory rules, only mortgage brokers who are able to advise on the entire range of products available in the mortgage market are able to call themselves an ‘independent’ broker. John Charcol has independent status which means we can offer the best advice and recommend products based on a client’s specific individual needs, from across the mortgage market.
Many mortgage brokers out there will claim that they have access to thousands of products and that they offer their clients access to impartial advice based on their individual needs.
While this may be true, they may not have access to all the products and specialist solutions such as bridging loans and second charge mortgages. This lack of clarity in what they are able to offer their clients may be misleading to consumers who may not know that their broker is making recommendations from what is effectively a restricted panel of lenders.
When a client contacts John Charcol we understand that they place their trust in us and expect to receive impartial, expert advice, based on all lenders and products in the mortgage market. Being independent means our advisers can offer advice from across the mortgage market. After completing a fact find with our clients, our experts look at all products, solutions and lenders from across the market and make recommendations based on a client’s individual needs and circumstances.
Being independent means that as well as being able to recommend from the usual range of mortgage products and solutions we are also able to offer our clients advice and access to specialist products that include second charge mortgage loans. It’s important that clients understand what independence in the mortgage market means and that they have the information required to choose an expert who can truly offer an independent advice service.
To speak with an independent mortgage expert email or call us on: 0344 346 3672
The blog postings on this site solely reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.