When the Financial Services Authority regulated the mortgage market in 2004 they introduced a requirement for advisers to disclose to clients at an early stage what type of adviser they are. There are three types of mortgage broker:

1. Those that advise from the whole of the market
2. Those that advise from a limited number of mortgage lenders i.e. a panel
3. Those that only advise on the mortgages of a single lender

Probably what is more confusing when finding a mortgage broker is the difference between the term "independent" and "whole of market". Under the new regulations to call itself "an independent mortgage broker" a broker must offer mortgage advice from the whole of the market and it must offer its customers a choice of how to pay for the mortgage advice.

If like More Choice Mortgage Centre a mortgage broker does not want to give the client an option to pay a fee because they want to offer fee-free mortgage advice then they cannot be classed as "independent mortgage brokers" but are instead "whole of market advisers".

The two most important questions to ask any mortgage broker are:

Can you access the whole mortgage market? The answer should be YES.

Will you charge me a fee of any type? Why pay to find the best mortgage deal when we will do all the work for you completely free of charge. Some mortgage brokers will give free mortgage advice but will then charge arrangement fees for processing your mortgage so do ensure you ask whether you will pay a fee at any stage of the transaction. More Choice Mortgage Centre will never charge you a fee of any type.

Whole of market doesn't mean you have to pay a fee as with independent mortgage brokers
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