Why Use a Mortgage Advisor?

Obtaining a mortgage is always going to be one of your biggest financial decisions; therefore, getting it right first time is imperative. With that in mind, you may be wondering if there’s a benefit to using a mortgage advisor. Here, we take a look at why you should consider using one.

Choosing Your Mortgage

There are countless different mortgages in the marketplace today, and understanding what is on offer can be challenging with so many products rates and providers available to pick from. For this reason, speaking to an independent mortgage advisor is often the best course of action as they will be able to give you unbiased advice and an explanation of the different options open to you.

What If I Don’t Get Advice?

If you don’t get advice but decide to do the research independently, you could be putting yourself in a disadvantaged position in the future should the mortgage turn out not to be suitable for your needs. Essentially, you’ll have to bear full responsibility for your own mortgage decisions. If you consult with a mortgage advisor, though, you’ll have far more rights should you have to complain.

Failing to consult with an advisor could end up with you getting the wrong type of mortgage for your needs, which is a very costly mistake. It could also end up with your application being rejected simply because you failed to clearly understand the restrictions or the circumstances that the specific mortgage was designed for.

Why Should I Consult with A Mortgage Advisor?

Mortgage advisors (also called independent mortgage brokers) are specialists in the industry who have an in-depth understanding and knowledge of the mortgage marketplace. They can look at a broad spectrum of mortgage products and determine which ones best suit your requirements.

A mortgage advisor must give you advice and recommend the best mortgage to suit you. You will also be protected and will be able to make a complaint to the Financial Ombudsman should things not go according to plan.

A mortgage advisor will be able to help you avoid some common problems. For example, they will:

• Check your finances to ensure you’re able to afford a mortgage
• Offer you exclusive deals that otherwise wouldn’t have been available
• Complete the documentation on your behalf for a faster, easier process
• Take all the features and costs of a mortgage into account
• Recommend the most suitable mortgage for you
• Let you know which mortgages you’re most likely to be offered

Will I Have to Pay a Fee to A Mortgage Advisor?

Some mortgage advisors offer their services for free, while others charge for their services. Whether or not you’re charged a fee may depend on which mortgage you choose or its overall value. In any case, the advisor should inform you upfront how much you’ll need to pay for using their service. They are also required to tell you whether they will be receiving commission from a lender to recommend their products.

Once you have your mortgage adviser sorted, its time to look at conveyancing, we can help you with that, use our quote tool to get your conveyancing costs in under a minute.