Mortgage Broker League Tables

Published / Last Updated on 05/05/2018

Brokers Ratings TablesThe Financial Conduct Authority (FCA) has published its Mortgages Market study to try and make the mortgage market more competitive proposing league tables to be published for mortgage brokers.

The FCA plans to build a comparison tool allowing consumers to compare mortgage brokers in league tables that could include things such as:

  • Adviser Fees
  • Referral Fees e.g. fees paid by advisers to estate agents for referring a client for a mortgage
  • Areas of expertise
  • Whether whole of market or operating a restricted lending panel
  • Whether ‘direct to consumer only’ mortgages are also compared
  • Concentration/distribution to mortgage lenders e.g. is the mortgage broker placing most of their mortgages with two or three lenders
  • Numbers of mortgage complaints

Comment

Any tool that allows a consumer to compare the strengths and weaknesses of each mortgage broker must help the consumer and indeed will make the mortgage market more competitive.


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