Should You Use a Mortgage Adviser?
Getting a mortgage is one of the most significant financial decisions you’ll make. To ensure you find the best deal, it can be highly beneficial to work with a mortgage adviser. Here’s a guide to understanding their role and how they can help you navigate the mortgage market.
What Does a Mortgage Adviser Do?
A mortgage adviser, often referred to as a mortgage broker, specialises in searching the mortgage market to find the best deals tailored to your needs. They may be independent or tied to specific lenders, which can limit their options. Highfields are an INDEPENDENT WHOLE OF MARKET adviser.
To provide advice, they must hold a qualification known as the Certificate in Mortgage Advice and Practice (CeMAP), accredited by the Financial Conduct Authority (FCA). Always verify that the firm is regulated by checking the [FCA register](https://www.fca.org.uk).
Do You Need a Mortgage Adviser?
Independent mortgage advisers possess extensive knowledge of various lenders and their lending criteria. They can efficiently search the market and identify the best options for you, which can be time-consuming and challenging to do on your own.
Advantages of Using an Adviser
– Access to Exclusive Deals: They may uncover deals you can’t find on your own.
– Increased Acceptance Chances: Advisers understand which lenders align best with your circumstances.
Risks of Not Getting Mortgage Advice
Opting out of professional advice places full responsibility on you for your mortgage decision. Without guidance, you risk:
– Selecting an unsuitable mortgage
– Applying to lenders that don’t fit your circumstances
When you receive regulated advice, if your mortgage proves unsuitable, you can file a complaint, potentially escalating it to the Financial Ombudsman Service. This provides you with additional rights and protections.
When to See a Mortgage Adviser
Engaging an adviser early in your mortgage journey—whether it’s your first mortgage or a remortgage—can save you significant time and effort. It’s wise to consult several firms to compare offerings and fees.
Types of Mortgage Advisers
1. Lender-Connected Advisers:
– Recommend mortgages from a specific lender.s.
2. Independent Mortgage Brokers:
– Provide access to a broad range of lenders.
– Handle all dealings with lenders on your behalf.
– Brokers like us offer a “whole of market” service
If you’re exploring mortgage options, selecting a broker who provides a comprehensive whole of market service makes sense. Always compare deals, including associated fees.
Additional Benefits of Using an Adviser
– Financial Assessment: They evaluate your finances to ensure you meet the lender’s criteria.
– Paperwork Assistance: They help streamline the application process, leading to faster approvals.
– Flexible Borrowing Options: They can adjust your loan amount based on negotiations.
– Comprehensive Cost Analysis: They consider all mortgage costs and features, not just interest rates. Instead of just the headlines a good broker will always recommend a mortgage after assessing its “true cost”
A mortgage adviser will recommend only suitable mortgage options, informing you about your eligibility for each. A lenders adviser can only ever offer you a deal from its own employers range.
In summary, engaging a mortgage adviser can simplify your journey and enhance your chances of securing the right mortgage deal. Consider your circumstances and weigh the advantages of professional guidance to make an informed decision.
At the of writing we contacted 4 High Street lenders, none of them could give us an appointment this week, in fact the earliest was 8 days later and others asked us to go online or await a call back within 24 hours. Brokers tend to be more flexible and able to work faster.
If you just want a mortgage – without advice and consideration to what is available on the wider market then you may just want to contact any lender. If you want a bespoke fully assessed package which is best suited to you and potentially going to save you thousands over the term, as biased as we may sound – a qualified and most importantly highly experienced broker has to be the number one choice.
Initial advice is always free of any charge, in the unlikely event you do not like what we have to say, all you have lost is a few minutes on a call.
To speak to an adviser, use our contact form and we will get back to you within the day.
Fill out our contact form and we will arrange for an expert to contact you free of any obligation and cost.
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Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.