Mortgage Providers - Mortgage Introducer

Mortgage Providers

With more than 400 different mortgage providers offering several thousands of different mortgage products in the UK, choosing the right mortgage for your personal circumstances can be difficult.

Mortgage Providers - Mortgage Introducer

Get a Free Quote What is a Mortgage Introducer

A mortgage introducer is a person, company or other organisation that advises people about mortgages as part of their customary business practices. The mortgage introducer's main function is to introduce individuals to financial institutions in order to arrange mortgages. Since the Financial Services Authority (FSA) took on the responsibility for regulating mortgage lending, in 2004, reputable mortgage introducers almost always register with the FSA. Mortgage brokers, independent financial advisers, accountants, solicitors and other financial services' professionals may all act as mortgage introducers.

Mortgage Introducer Rules
The role of the mortgage introducer is strictly defined. In carrying out the job function, a mortgage introducer:
Bullet Point is allowed to pass on the client's name, address and other contact details to an authorised firm after receiving written permission from the client;
Bullet Point is allowed to receive a fee from an authorised firm;
Bullet Point must inform the client if any fee is to be received for making the introduction;
Bullet Point must inform the client if any other reward (e.g. use of office facilities) is to be accepted for making the introduction;
Bullet Point must inform the client if the authorised firm is part of the same group of companies as the mortgage introducer;
Bullet Point must collect only the minimum of information required from the client in order to facilitate introduction to an authorised firm;
Bullet Point must not handle money from the client (e.g. valuation fees, administration fees, etc.);
Bullet Point must write up and retain details of discussions with the client.

Mortgage Introducer Communication with Lenders
A mortgage introducer may deal with a single mortgage provider or with many different providers, depending on their circumstances and business practices.

Some of the larger mortgage lenders have set up dedicated websites to handle communication with mortgage introducers. Once a mortgage introducer has registered on the website they can:
Bullet Point instantly find out details of the mortgage provider's products (including special deals), mortgage lending criteria and gain access to a mortgage repayment calculator;
Bullet Point enter client details online to obtain agreement in principle (AIP) decisions within seconds;
Bullet Point submit mortgage applications online for clients;
Bullet Point track the progress of mortgage applications online.

Summary
Bullet Point Mortgage introducers find prospective borrowers for mortgage providers;
Bullet Point a wide range of financial services professionals act as mortgage introducers;
Bullet Point some lenders use dedicated websites to communicate with mortgage introducers.

For More information see:

FSA Do I Need To Be Authorised

FSA Becoming An Appointed Representative

FSA Regulated Activities Related To Mortgages

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