Virgin has unveiled its Help to Buy home loans earlier than expected. We see how they stack up.
Questions to ask your mortgage broker
Image: Paul Faith - PA
Here's a list of things to bear in mind when meeting a mortgage broker for the first time:
1. How independent are you? Will you advise me on every product on the market or do you operate on the basis of a restricted panel of lenders?
2. Are you regulated by the Financial Services Authority and under what trading name?
3. What mortgage qualifications do you have?
4. What exactly will you be doing for me that I couldn’t do myself?
5. How do you charge for your advice? Is it on a fee basis or by earning commission from the lender whose mortgage you recommend?
6. Will you tell me what the commission you earn from any lender whose mortgage you recommend? Will you recommend the right mortgage for me regardless of the commission you earn from lenders?
7. Will you be trying to earn more money by recommending other financial products for me, such as life insurance or similar protection?
8. If you are going to recommend other products, are you tied only to those of one company or a handful of companies? Or are you truly independent?
9. Are you also an independent financial adviser, able to help me with all other aspects of my financial planning such as investments and pensions, or do you only specialise in mortgages?
10. If you are an independent adviser, what qualifications do you have in non-mortgage related areas specific to my financial needs? Do you have special pensions and investment qualifications?