Should I use a mortgage adviser?

A mortgage is an extremely financial decision. That’s why many individuals decide to consult an expert.

A financial adviser, often referred to by the name of a mortgage broker will research the mortgage market on your behalf, evaluate offers, and help you through the process of applying for a mortgage.

Do I need assistance to obtain a mortgage?

Although you don’t need to, most lenders require you to consult with a professional before deciding if they are able to approve a mortgage.

If you decide to take out an uninformed mortgage this is known as”an “execution just” application.

You can find various mortgage options by yourself, but you may not find the most suitable deal for your needs. This is especially true when you earn income that is difficult to justify for example, if you are self-employed or an aspiring first-time buyer.

If you go it alone, you may find it difficult to receive compensation should you discover later that the mortgage is not suitable.

What are the benefits of working with Mortgage Experts?

Here are the major benefits of having an adviser

An experienced advisor will be aware of the market, which makes for an easier, more efficient procedure.
It’s easier to find the perfect mortgage
Saves you time
The potential to save thousands of pounds
They will help you comprehend the differences between particular deals and interest rates , as well as the implications of choosing one type of mortgage over the other.

Mortgage advisors ought to be able to determine if you’ll meet a lender’s standards to ensure you can be sure that the mortgage request will not be denied.

A rejected application could be expensive especially if you’ve paid a few costs for legal and valuation prior to. It could mean that you take your time in a way and you miss out on the property that you really desire.

Some brokers offer exclusive deals exclusively available to their company, which means you could have more choices than you’d get when you go on your own.

What does a mortgage broker charge?

If an adviser is worth the cost will ultimately be based on the amount they charge and the services they provide. Mortgage broker fees differ:

Some brokers are complimentary to you, however they earn commissions paid by mortgage lender.
Some lenders earn commissions and charge their customers an interest rate or fee plus
Brokers that charge may cost about PS500

Where can I find a mortgage consultant?

The majority of people would look for a mortgage advisor close to their home, since they had fill out forms in person. Since everything can now be completed online homeowners are no longer only restricted to advisors in the location they live in.

Search online on websites such as Unbiased.co.uk to find an online mortgage application procedure.

Study the mortgage products thoroughly and evaluate different advisors. Be attentive to the charges (if they are charged) that must be clearly stated in their website. If they don’t disclose their charges, steer clear!

Find an adviser licensed and regulated through the Financial Conduct Authority. The FCA website allows you to search for advisers regulated by the FCA like banks or building societies. Make sure you look through the list.

If you select an unregulated broker, you’ll not be entitled to compensation if the mortgage advice is not suitable. Check out online reviews to learn what other customers had to say about their experience with them.

What are the various kinds of advisers?

The majority of mortgage lenders have in-house advisors who can offer their own products. So you may want to talk with your building society or your bank.

However, they’ll only be able offer you products from the bank or building society which might not have the best mortgage offers.

“Restricted” advisors can be restricted to examining mortgage offers when buying a house from a limited number of lenders.

“Whole of the market” advisors have access to the thousands of mortgages available from various lenders.

There are mortgage advisors with access to many different products, and are totally free (more on this later).

Find mortgage deals using our most effective buying tool.

Times Money Mentor has teamed in partnership with Koodoo Mortgage to create a mortgage comparison tool. It can be used to compare the mortgage deals available however, if you require advice, you should consult an agent for mortgages.

It is the way in which this tool functions:

You can look up and look at mortgage deals
It takes only about a minute and no personal information is required to look up
Once you’ve received your final results then talk with a mortgage expert If you require assistance

Information about the product is provided on an unadvised basis. This means that no advice is offered or implied, and you’re solely responsible for deciding if the product meets your requirements.

What questions should I inquire about an adviser for mortgages?

When you first meet with an advisor, you must be honest about your circumstances and where you are in the mortgage application process for a house purchase you are (if you are at all).

It could be early and you’re looking to determine what amount you’ll be in a position to borrow. Perhaps you’ve had an offer accepted for the house you are interested in and would like to move the ball forward swiftly.

It is important to inform them of the price of the home you are planning to purchase as well as the size of the deposit you will need to make on your home.

When you go to an agent, be prepared with plenty of questions for instance:

What are the products they have access to?
What is the cost for mortgage advice?
What kind of service do they provide
If you’re able to talk to an individual in person, certain brokers handle the entire mortgage application online. If you’d like to have the comfort of speaking with your adviser over the phone and they don’t provide this option, look for an adviser who does.

What can I do to receive mortgage advice?

After you’ve selected an advisor, get in contact with them and set up an appropriate time to talk about all the personal details you have. Some mortgage brokers provide online questionnaires that you fill out on your own.

Prepare to answer a variety of questions. This isn’t a complete list, but your adviser will want to know your

Earnings
loans (including student loans)
expenditure
savings
Where your deposit is from

Your responses to these questions should result in the wording “mortgage as a principle” which will give you an estimate of how much you are able to get. This document can be taken along to your house inspections.

Keep in mind that you don’t need to go with the same broker that you obtained an initial mortgage from.

After you’ve been accepted as a buyer for an apartment, you should speak with your advisor. They may inquire more about your finances , so they can suggest an appropriate mortgage.

They are expected to be able guide you through the process of applying for a mortgage and provide you with the documents you will need when you are choosing the mortgage.

What should I do if I wish to get a life-time mortgage?

If you’re looking for an equity release product it is important to seek the advice of a professional.

If, for instance, you’re over 55, you may be thinking about the equity release mortgage such as a life-time mortgage. This is where you have access to a certain amount of funds that are locked in your home without the need selling it. It is a specialized product, and it comes with risks.

If you’re considering this option, you must consult an independent advisor who isn’t associated with any equity release loan lender.

This is because the advisor will then be able to search through a larger variety of equity release options to find the most affordable and most appropriate deal. If the rate is lower, it’s lower the chance the loan will increase to erase the value of your property.

All advisors who recommend equity release loans should have specialization, but not all are independently. It is important that your advisor keep your best interests in mind instead of filling their own pockets.

If you are deciding whether or not to invest in an equity release ensure you know the fee charged by the adviser and the kind of products they are able to provide.