A MORTGAGE ADVISER, also known as an independent mortgage broker, is a specialist with in-depth knowledge of the market. They’re able to look at a range of mortgage products which suit your needs..!
Getting a mortgage is one of the biggest financial decisions you’ll make, so it’s important to get it right. This guide will help you work out whether you should get a mortgage adviser, where to get free advice.
How to choose mortgage
The MORTGAGE ADVISER is incredibly competitive and it can be hard to understand what exactly is on offer.
There are many different providers and a wide range of products and rates available.
So it’s a good idea to talk to your bank, as well as a number of independent mortgage advisors, before making up your mind.
This guide will take you through the routes to getting a mortgage and the importance of studying your options before making a decision..!
Lenders and brokers must offer advice when they recommend a mortgage for you.
They’ll assess the level of mortgage repayments you can afford, by looking at your income as well as your debt repayments and day-to-day spending.
This means you should end up with a mortgage that suits your needs.
Although lenders and brokers must offer advice in almost all cases, you might be able choose to reject the advice and find your own mortgage deal based on your own research.
If you choose your own mortgage without advice it’s called an “execution-only” application.
Getting advice, rather than doing research on your own, means that if the mortgage turns out to be unsuitable for you later on, you’ll have more rights when you make a complaint.
Not taking any advice means you have to take full responsibility for your mortgage decision.
When to see a mortgage adviser
A MORTGAGE ADVISER, also known as an independent mortgage broker, is a specialist with in-depth knowledge of the market.
They’re able to look at a range of mortgage products which suit your needs.
It’s a good idea to speak to a few of them to see what’s on offer.
There are three main types of mortgage adviser:
- Some are tied to a specific leader
- Some look at deals from a limited list of lenders, and
- Some check the whole market for a wide range of products
They can’t advise you on mortgages that are only available if you go to the lender directly.
All MORTGAGE ADVISER must offer you advice when recommending the most suitable mortgage for you.
This means you’re protected and you can complain to the Financial Ombudsman if things go wrong…!