What is a Whole of Market Mortgage Broker?
When looking for a mortgage, you might come across different types of mortgage brokers. Some work exclusively with a limited selection of lenders, while others can search the entire market to find the best mortgage deal for your needs. A whole of market mortgage broker has access to a wide range of mortgage lenders, including high street banks, building societies, and specialist providers.
At The Mortgage Pod, we are whole of market mortgage brokers, meaning we can help you secure the right mortgage by comparing options from across the mortgage market rather than being restricted to a lender panel.
What Does Whole of Market Mean?
A whole of market mortgage broker has access to a broad selection of mortgage lenders, rather than being tied to specific providers. Unlike traditional brokers, who may only work with a limited number of banks or building society’s, a whole of market broker can compare mortgage products from multiple lenders to find the most suitable deals.
This means borrowers benefit from:
- More choice across the entire market
- Access to exclusive deals that may not be available directly
- A higher chance of securing the best deal for their circumstances
- Tailored mortgage advice that isn’t influenced by a lender’s own product range
How a Whole of Market Mortgage Broker Works
More Options, Better Mortgage Deals
Because a whole of market mortgage broker isn’t tied to a specific lender, they can compare a wide range of mortgage products, ensuring you get the most suitable deal based on your financial situation.
Impartial Advice
Unlike brokers who are restricted to a lender panel, a whole of market mortgage broker provides independent mortgage advice. This means they can recommend the best mortgage for you rather than pushing a product from a single mortgage lender.
Access to Exclusive Deals
Some lenders only offer mortgages through brokers, meaning a whole of market mortgage broker can provide access to exclusive deals that borrowers wouldn’t find on their own.
Support with the Mortgage Application
A mortgage application involves providing proof of income, bank statements, and credit history. A whole of market broker ensures all documents are in order and helps navigate lender requirements to improve approval chances.
Whole of Market vs. Restricted Brokers
| Feature | Whole of Market Broker | Restricted Broker |
|---|---|---|
| Access to lenders | Large number of lenders from across the mortgage market | Limited lender panel |
| Impartial mortgage advice | ✅ Yes | ❌ No |
| Exclusive deals | ✅ Yes | ❌ No |
| Specialist mortgages | ✅ Yes | ❌ Limited |
| First-time buyer mortgages | ✅ Yes | ✅ Yes |
| Buy-to-let and commercial | ✅ Yes | ❌ No |
Local mortgage broker or online mortgage adviser?
There are many benefits to working with both local mortgage advisers as well as online, national mortgage brokers. At The Mortgage Pod, we like to cater for client’s requirements. Get Started today if you’re ready to discuss your mortgage options.
Benefits of Using a Whole of Market Mortgage Broker
More Mortgage Options
Using a whole of market mortgage broker, such as The Mortgage Pod means you get access to more mortgage lenders, whether you’re a first-time buyer, remortgaging, or looking for a buy-to-let mortgage.
Better Interest Rates
With access to the entire market, a market mortgage broker can find competitive mortgage rates, reducing your monthly repayments over time.
Specialist Help for Self-Employed and Complex Incomes
If you’re self-employed, work as a contractor, or have multiple income sources, some lenders may be more flexible in assessing your application. A whole of market mortgage broker can match you with lenders who understand complex incomes.
Help with Bad Credit Mortgages
If you have a low credit score, a whole of market broker can find lenders who specialise in helping borrowers with credit history issues.
Assistance with the Mortgage Process
From choosing the right mortgage to submitting the application, a whole of market mortgage adviser ensures you understand the process and improve your chances of approval.
Steve Humphrey
Steve, an experienced mortgage broker based in Portsmouth, is dedicated to simplifying the property ownership journey, providing clear, simple, and transparent advice to his clients.
FAQs
What is the difference between a whole of market mortgage broker and a tied broker?
A whole of market mortgage broker can access the entire market, offering a wider range of mortgage products, while a tied broker can only recommend mortgages from a specific lender or a small lender panel.
Are whole of market mortgage brokers more expensive?
Not necessarily. Some brokers charge a fee, while others earn a commission from the lender. However, because a whole of market mortgage broker can secure better mortgage deals, they often save borrowers more money in the long run.
Can I get a mortgage with a whole of market broker if I have bad credit?
Yes. Some lenders specialise in bad credit mortgages, and a whole of market mortgage broker can help you find the most suitable deals based on your circumstances.
Can a whole of market mortgage broker get me exclusive deals?
Yes. Some lenders offer exclusive mortgage deals that are only available through brokers, making it possible to secure a lower interest rate or better terms.
How do I find the best whole of market mortgage broker?
Look for a market broker who is FCA-regulated, experienced, and has strong reviews. A broker should offer impartial advice and prioritise finding the best mortgage deal for your situation.
Find the Right Mortgage with The Mortgage Pod
At The Mortgage Pod, we provide whole of market mortgage advice, ensuring you get access to the best mortgage deals tailored to your needs. Whether you’re buying, remortgaging, or investing in property, we can help you find the right mortgage with the best possible terms.
Contact us today to discuss your mortgage options.
