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A broker is a "middle man". In terms of financial products, a broker is someone who sells loans, mortgages and such like to customers. The broker might charge a set fee for his services or take a commission from the company whose product he sells. It is therefore important that brokers should be independent and not be swayed by the commission, although it is difficult for the customer to detect such bias. Brokers who do not take commission usually have a wider range of products to look through, but will charge the borrower directly. They will also advise on aspects such as payment protection insurance and specific loan conditions.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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Licensed credit broker authorised by the Office of Fair Trading. Registered members of CFB, FISA, FSA, Data Protection Act 1984 |
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| Processing by LL Processing (UK) LTD, Intec 4, Wade Road, Basingstoke RG24 8NE |
© 2007 LoanLine - Broker |
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