Types of mortgage advisors

There are four types of mortgage advisor in the Netherlands: one tied to a single provider, one working with a small panel of lenders, an independent advisor with access to the whole market, and an advice-only planner who guides you but doesn't arrange the mortgage itself. The more lenders an advisor can compare, the more likely you are to get a mortgage that fits your situation. Since the commission ban (provisieverbod), advice on a consumer mortgage is always paid by you directly, never funded by lender commission, so you can compare advisors purely on independence and quality. Below we explain each type so you can choose the right one.

Mortgage advisors employed by one provider

A mortgage provider who is employed by a single provider exclusively works for that particular provider. This means that the mortgage advisor is an employee or representative of a specific bank or financial institution. Their role is to assist clients in obtaining mortgages, but they can only offer mortgage products from the provider they work for.

Being employed by one provider has certain implications. Firstly, the mortgage advisor will have an in-depth knowledge of the mortgage products offered by their employer. They will be familiar with the terms, conditions, and application processes specific to that provider's mortgages. This can make the mortgage application process smoother and more efficient.

Mortgage advisors working with a small number of providers

Working with a small number of providers allows the advisor to offer a broader range of mortgage options compared to a dependent advisor. They have access to mortgage products from a select group of lenders, which enables them to provide more choices to borrowers.

The advantage of working with a small number of providers is that the advisor can assess and compare mortgage products from different lenders within their network. This allows them to find more competitive interest rates, terms, conditions, and features for their clients and select the most suitable options for their clients.

Mortgage advisors cooperating with many providers

A mortgage advisor cooperating with many providers, often referred to as an independent mortgage advisor, works with a wide range of mortgage providers in the market. Unlike advisors employed by one provider or working with a limited number of providers, independent advisors have the ability to access and recommend mortgage products from numerous lenders.

The key advantage of working with many providers is that independent mortgage advisors offer borrowers a vast selection of mortgage options. They have the flexibility to compare and evaluate multiple mortgage products from various lenders, considering factors such as interest rates, terms, conditions, and eligibility criteria. This enables them to provide tailored advice and recommend the most suitable mortgage options based on the borrower's specific needs and preferences.

Independent mortgage advisors act as intermediaries between borrowers and lenders, helping clients navigate the mortgage landscape and find the best solutions available in the market. They are not tied to any specific lender, which allows them to provide unbiased and objective advice and prioritize the client's best interests.

Mortgage advisors only provide advice

A mortgage provider that only gives advice but does not underwrite products is typically referred to as an independent financial planner or advisor. Unlike traditional mortgage lenders or brokers who both offer advice and underwrite mortgage products, these providers focus solely on providing expert guidance and recommendations to clients without directly handling the underwriting or processing of mortgage applications.

The primary role of a mortgage provider that only gives advice is to assess the client's financial situation, goals, and preferences and provide personalized recommendations regarding mortgage options. They analyze various factors such as income, credit history, and desired loan terms to offer advice on the most suitable mortgage products available in the market.

Once they have provided the advice, the client can then approach a financial institution or lender to proceed with the mortgage application and underwriting process. The independent financial planner does not have direct involvement in the underwriting process. The underlying goal is to help guide clients in making informed decisions.

Choosing a mortgage advisor

Before you commit to an advisor, check three things. First, how independent are they? Ask how many lenders they compare across; a genuinely independent advisor checks the whole market rather than steering you to one bank. Second, what are the costs? Ask for the service document (dienstenwijzer) up front so the advice fee and the mortgage arrangement fee are clear before you start. Third, what do they actually do for you, advice only, or advice plus arranging and submitting the mortgage (mediation)?

A bank advisor is often the most convenient option if you already bank there, but they can only offer their own products. An independent advisor usually charges a clear, fixed fee and, because of the commission ban, has no incentive to push one lender, which typically means more flexibility and a more personal approach.

Frequently asked questions

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