Which? Mortgage Advisers is a telephone-based service from a team of qualified mortgage advisers. The service will look at every mortgage from every available lender, including those mortgages that are only available directly from some banks and buildings societies to the customer.
Which? Mortgage Advisers’ employees are paid a salary and will not get any personal commission. They are measured against the quality of their advice and the level of customer satisfaction they deliver.
Some lenders will pay Which? Mortgage Advisers a commission for recommending one of their mortgages. This commission will fund the service, and any profits will go towards the campaigning work that Which? does on behalf of UK consumers. Commission will in no way influence the mortgage recommendation that the advisers provide, according to Which? who says that on many occasions, they’ll receive no commission at all. Which? won’t charge a fee for the advice however if a customer would feel more comfortable paying us a fee, then it will offer that option.
Commenting, Which? commercial director, Chris Gardner said: “People are faced with many sources of information and advice when it comes to buying a house or looking to remortgage. We’ve listened to our member requests and have launched an impartial advice service that will ensure they get the mortgage that is right for them, whichever lender it comes from.
“Our advice will be tailored to each customer and take into account their individual circumstances, borrowing needs and their plans for the future. Choosing the right mortgage can be a difficult decision so we’re offering advice from someone people can trust and who gives them the full picture.”
The service will be fully regulated by the Financial Services Authority (FSA).
