Mortgage broker register on Financial Regulator site

[leaba]

We are trying to pick a mortgage broker. I've looked at the register of mortgage intermediaries and am confused about the "Appointments" section. Of course we want a broker who has access to as many lenders as possible, so s/he can source the best deal. Some of them have many listings under Appointments, with the names of banks I recognise (BoI, TSB, etc). However, many only have one or two banks listed, with names I don't recognise, like "PIBA Network Services Limited" or "Colaba Ltd". Does this mean that the broker only has access to a limited number of lenders?

Any help appreciated, as I am clearly clueless in this area. Thanks!

 

[Apollo]

If they are PIBA members, like myself, then that means they have access to any bank that has a broker channel, i.e. some banks don't have broker channels.

Be wary though as some banks offer dual pricing and whatever broker you choose should explain this to you. It basically means that broker customers get charged slightly higher interest rates than direct customers. Either way its worth using a broker, providing they know what they are doing of course, unless of course there is a significant difference in the interest rate he/she can get you compared to whats being offered by going direct.

Also be sure to ask if there is a fee involved!

Don't forget if you're a first time buyer you can still get 92%.

 

[leaba]

Thanks Apollo! Have checked for PIBA certification, that whittles down the list somewhat. Cheers!