What is a Whole of Market Mortgage broker?

A Whole of Market mortgage broker is able to offer a much wider range of products, representative of the entire market, as opposed to mortgage advisers that are tied to a specific lender or a limited list of lenders.

Should you use a Whole of Market Mortgage Broker?

As an independent mortgage broker, directly authorised by the FCA, NM Finance is often asked how ‘whole of market’ benefits our clients.

A simple search of fixed rate mortgages revealed 5,214 products in January 2019 – 644 products more than the previous year. The range is increasing from the well-established two-, three- and five-year mortgages, to ten-year mortgages, which are growing in popularity with homeowners.

Additionally, there are a wide variety of niche products available covering discounted rates, tracker products and variable rate mortgages to consider. It’s easy to see how complex finding the right mortgage product for your individual needs can become.

Compare this to the number of regulated lenders currently in the market, which at the time of writing is around 68, and even a search by lender would be a challenge for an applicant to navigate thoroughly.

The use of a mortgage broker is becoming more commonplace, representing 74 per cent of mortgage lending by volume in 2018, the highest share on record. The Intermediary Mortgage Lenders Association predicts that this will grow to £169bn in 2019 and £171bn in 2020 with mortgage brokers’ share rising to 75 per cent and 76 per cent in each respective year.

In 2018, NM Finance placed mortgage and remortgage applications with 52 of these lenders, demonstrating its breadth of coverage of both lenders and products.

The unregulated market provides additional access to funds for a wide range of clients looking for asset finance, development finance and buy-to-let finance. In the latter sector, there are around a dozen specific buy-to-let lenders with around 3,000 products comprising fixed-rate, discounted, tracker and variable rate mortgages for investment landlords.

Again, navigating all of these areas would be challenging and – in an area where a borrower may need to act quickly to take advantage of a commercial opportunity – it pays dividends to work with an independent mortgage broker who can access all of these options.

NM Finance’s whole of market reach undoubtedly gives residential and commercial property investors an advantage in securing the right finance at the best price possible. Our flexibility and knowledge ensure that we can find the best deal to enable them to move forwards with their purchase as quickly as possible.

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