What Is a Whole of Market Mortgage Broker?

A whole of market mortgage broker can consider products from across the whole intermediary-accessible lending market, rather than being limited to a single lender or a restricted panel. This page explains what that means in practice, how it differs from other types of broker, and why it matters when you are looking for a mortgage. Mortgage One operates on a whole of market basis, giving you access to a wide range of lenders including high street banks, building societies and specialist providers.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

For a free initial consultation, call 01202 155992 or contact Mortgage One.

What Whole of Market Means

Under the Financial Conduct Authority’s Mortgage Conduct of Business rules, a mortgage broker must disclose the scope of its service to every client. A broker offering a whole of market service considers mortgage products from across the relevant market without limiting its selection to a specific panel or group of lenders. This means the advice you receive is based on a broad view of what is available, not confined to the products of one bank or a small group of providers.

It is worth noting that some lenders only sell mortgages directly to the public and do not make their products available through intermediaries. A whole of market broker considers all lenders who distribute through the intermediary channel. Where a lender offers products only on a direct basis, those products fall outside the intermediary-accessible market. Mortgage One will always let you know if a direct-only product exists that may be worth exploring alongside the options available through the broker channel.

How Whole of Market Differs from Restricted and Tied Brokers

Not all mortgage brokers operate on the same basis. Understanding the differences helps you assess the scope of the advice you are receiving:

•       Whole of market. The broker considers products from across the whole intermediary-accessible market. There are no panel restrictions limiting which lenders can be recommended.

•       Restricted or multi-tied. The broker works with a defined panel of lenders. The advice is limited to the products available from those lenders. Some high street banks and estate agency chains operate on this basis.

•       Tied or single-tied. The adviser can only recommend products from one lender. This is typically the model used by bank branch advisers who can only offer their own employer’s mortgages.

A restricted broker may still find a competitive product for your circumstances, but the recommendation is drawn from a smaller pool. If your situation is straightforward, the difference may be marginal. If your circumstances are more complex, a whole of market broker is more likely to identify a suitable lender because the search covers a wider range of criteria and products.

To find out how Mortgage One’s whole of market access can work for your mortgage, call 01202 155992 or contact Mortgage One.

When Whole of Market Access Matters Most

For applicants with straightforward employment, a clean credit record and a standard property, several lenders are likely to offer competitive products and the differences between them may be small. Whole of market access adds the most value when your circumstances fall outside the mainstream:

•       Self-employed or contractor income. Lenders assess self-employed income in different ways. Some use net profit, others use salary plus dividends, and a small number will consider retained profits within a limited company. A wider market search can identify the lender whose assessment method works in your favour. Mortgage One’s self-employed mortgage guide explains the main approaches.

•       Adverse credit history. High street lenders typically decline applicants with recent defaults, county court judgements or missed payments. Specialist lenders take a different view, but their products are rarely available through restricted panels. The Mortgage One bad credit mortgage guide covers what options exist.

•       Buy-to-let and portfolio lending. Criteria vary significantly across the market, particularly for limited company structures, houses in multiple occupation and portfolio landlords. Mortgage One’s buy-to-let mortgage guide covers how lender approaches differ.

•       Expat and overseas income. Not all lenders accept non-UK income or applicants living abroad. Those that do apply varying criteria around currency, residency and acceptable countries. The Mortgage One expat mortgages guide explains the key considerations.

•       Non-standard properties. Properties with unusual construction, short leases, above-commercial premises or in certain locations may be declined by mainstream lenders but accepted by others with more flexible criteria.

What Whole of Market Does Not Mean

Whole of market does not mean every mortgage product in existence is available. It means the broker’s search covers the intermediary-accessible market without artificial restrictions. There are some common points of confusion worth clarifying:

•       It does not include direct-only products from lenders who choose not to distribute through brokers.

•       It does not guarantee the lowest rate. The most suitable mortgage depends on criteria fit, fees, flexibility and overall cost, not just the headline rate.

•       It does not mean every lender will accept your application. Each lender applies its own underwriting criteria, and whole of market access is about breadth of search, not certainty of approval.

Broker-Exclusive Products

A number of lenders offer mortgage products that are only available through intermediaries and cannot be accessed by applying directly to the lender. These exclusive broker only deals are available through being part of the Quilter Financial Planning network and are sometimes priced more competitively than the equivalent direct product, or they may come with different fee structures or criteria. Working with a whole of market broker gives you access to these products alongside anything available on the open market. The Mortgage One guide to how brokers find you competitive rates explains this in more detail.

How Mortgage One Works

Mortgage One provides whole of market mortgage advice for residential purchases, remortgages, buy-to-let, expat lending, seafarer mortgages and specialist cases. The process typically follows these steps:

•       Initial consultation. A free, no-obligation conversation to understand your circumstances, property plans and financial position.

•       Market research. A search across the intermediary-accessible market to identify the products that match your criteria, income and deposit.

•       Recommendation. A personal recommendation explaining which product Mortgage One considers most suitable for your needs, along with a full illustration of the costs.

•       Application and completion. Mortgage One handles the application, liaises with the lender and keeps you updated through to offer and completion.

Details of Mortgage One’s full range of services, including the types of mortgage and protection advice available, can be found on the Mortgage One services page.

For a free initial consultation, call 01202 155992 or contact Mortgage One.

The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you’d like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.

Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.

FAQs

1. Does whole of market mean Mortgage One can access every mortgage available?

No. Whole of market means the search covers all lenders who make their products available through intermediaries. A small number of lenders sell only directly to the public, and those products are not included. Mortgage One will let you know if a direct-only option is worth exploring.

2. Is a whole of market broker more expensive than going direct to a lender?

Not necessarily. Many broker-exclusive products are priced competitively, and some are cheaper than equivalent direct deals. Mortgage One will always disclose any broker fee upfront before you commit to an application.

3. How is whole of market different from independent?

Under the Financial Conduct Authority’s rules, a firm that holds itself out as independent must offer products from across the whole market in the relevant product type. In practice, for mortgage advice, the terms describe a similar scope of service. Mortgage One provides whole of market mortgage advice.

4. Can a whole of market broker still recommend a product from my existing lender?

Yes. If a product transfer or further advance from your current lender is the most suitable option, a whole of market broker can recommend it. The difference is that the recommendation is made after considering what else is available across the market.

5. Do I have to use the mortgage Mortgage One recommends?

No. Mortgage One provides a personal recommendation based on your circumstances, but the decision is always yours. You are free to proceed with the recommendation, choose a different product or decide not to proceed.

6. What types of mortgage can Mortgage One advise on?

Mortgage One advises on residential mortgages, remortgages, buy-to-let, limited company buy-to-let, expat mortgages, seafarer mortgages, bridging finance, equity release and other specialist products.