Independent Online Mortgage Brokers
A Mortgage Now is an independent online mortgage broker. This means that you can provide us with the information we need to assist you safely and securely, online, 24 hours a day, seven days a week, at a time to suit yourself.
This gives our Brokers the opportunity to consider your circumstances before coming back to you for a short telephone conversation to discuss your options and preferences and agree action.
Our clients will typically spend up to 30 minutes on the telephone with their designated mortgage expert during the whole of the process.
Our independent online mortgage broker service means:
- no meetings
- no paperwork
- no fuss
How our online mortgage broker service works
What does an independent online mortgage broker do?
An independent mortgage broker assists you in obtaining the right mortgage for your circumstances. Whether you are seeking a purchase, a re-mortgage, or buy to let mortgage.
Your mortgage advisor will assess your circumstances and identify which mortgage lenders will consider your case, and which lenders have the most competitive rates available to you.
Your independent online mortgage broker is regulated by the Financial Conduct Authority, and authorised by mortgage lenders across the whole of the UK market to act on your behalf and submit your application to the mortgage lender.
Your mortgage broker will request the relevant supporting documentation from you and submit it in the correct format to the lender. During the application process your broker will liaise with the lender to ensure smooth progress and keep you updated.
What is an independent online mortgage broker?
There are thousands of mortgage brokers serving borrowers, but some give you the additional advantage of being independent online mortgage brokers.
An independent mortgage broker is a licensed and regulated business that can access lending from the whole of the market and does not work from a restricted lending panel. They offer you advice on, and access to, mortgages from the whole of the market for purchases, re-mortgages, and secured loans.
Many mortgage brokers work from a limited lending panel, or do not offer advice on secured loans and this means they are not independent.
Clearly, as a borrower you want to obtain the best mortgage deal available to you and that is most likely to happen if you deal with an independent online mortgage broker.
If your mortgage broker’s paperwork does not state they are independent you can assume they are not.
How independent mortgage brokers work
All mortgage brokers will provide you with advice on your mortgage and manage your mortgage application. How they do this dictates the service they provide and whether it suits your preferences and needs.
Are independent online mortgage brokers better than banks?
Independent online mortgage brokers offer advice and recommendations whilst considering the whole of the market. If you approach a single bank, you will only get information on that single bank’s mortgage products.
Face-to-face independent mortgage brokers
Usually local, these brokers will visit you at your home or ask you to attend a local office.
They will typically assist you across two or three meetings of 90 minutes duration. The first meeting will focus on gathering information on your circumstances and collecting supporting paperwork. The second meeting is focused on presenting you with the solution and signing application forms. The third meeting will be to discuss your insurance options and make the necessary arrangements in that regard.
Some face-to-face independent mortgage brokers work for large national companies where appointments are managed centrally and local brokers are sent out to assist you.
National independent online mortgage brokers
There are a few mortgage brokers that deal with you over the telephone and therefore can handle enquiries from across the UK. These brokers typically work through a series of long telephone calls during which your circumstances are discussed and recommendations made. Working in this way is suitable for borrowers who do not want the hassle of travelling to meetings but are still prepared to put considerable time aside for lengthy telephone conversations.
If you want your independent online mortgage advice without the hassle:
Independent mortgage broker’s costs
Mortgage lenders pay independent mortgage brokers a consideration for finding a suitable client and putting together their application in a format that makes it simple and inexpensive for the lender to make a lending decision. This consideration is known as a procuration fee within the industry but it is sometimes referred to as commission.
This payment does not cover the cost of providing you with mortgage advice and therefore your independent mortgage broker will charge you for their time and advice. Before you incur any cost with your mortgage broker they will set out the terms of their advice, what needs to be paid, and when.