WHOLE OF MARKET! what does it mean - WATCH OUT
October 17th, 2008
- Posted by giftwrap
- Filed under Mortgage Advice
- WHOLE OF MARKET! what does it mean - WATCH OUT
A lot of IFA’s and Mortgage Brokers advertise themselves as Whole of Market. It should mean you can rely on them to search EVERY lender for you and recommend the best.
BUT - did you know? Under FSA regulation a Broker can call himself Whole of Market whilst actually searching and recommending very few lenders, possibly as little as 5 or less!!!!
Thats bcause the FSA definition of Whole of Market is recommending from lenders that offer products and services from the A-Z of the market place. They don’t specify a number. HMMM!!! thats not our way and its allows some Brokers to be less than open and honest.
So ALWAYS make sure you are 100% sure your broker ACTUALLY uses a wide range of lenders. BETTER STILL choose one that takes EVERY lender into account EVEN the lenders who don’t accept broker relationships - ie HSBC, Britannia, EGG et al.
At Gift Wrapped Mortgages (Cheltenham) we are as honest and ethical as we would expect someone to be with us - even if it means we don’t benefit financially from it.
Always choose someone you can rely on.
Gift Wrapped Mortgages (Cheltenham), House Purchase, Remortgages, Buy to Let, Self Certification, Shared Ownership, Sub Prime (arrears, CCJ’s, IVA, poor credit rating, etc).
We don’t breeze in your door and breeze out with a signed application. We take time to really get to know you and your needs, developing a real trusted relationship for the future.
