When it comes to purchasing a house, most people will be doing so with a mortgage. Whether you are a first-time buyer or moving to a new home, getting the right mortgage is vital, and without a specialist help, this can be a total minefield. Mortgage advisors are highly skilled and know the UK property market and the vast pool of lenders inside out. Having a mortgage advisor can save you time and money, and they are worth their weight in gold.
What Does a Mortgage Advisor Do?
It is not just a case of getting you a mortgage; there is much more to consider. The hours they can save you on repetition and legwork will make your property purchase experience a whole lot more pleasant than trying to navigate a sea of leaders on your own. Firstly, they will run through the affordability checks, which a lender is required to do, but if you approach ten lenders individually, you will have to complete a set of paperwork in every office. Once your advisor has your information, they can present this on your behalf while you go about your day.
Access to the Best Deals
Even if you have a great relationship with your current lender and can get another mortgage with them, it is sensible to check out the market. Products change all the time, and your advisor will be looking for the best deal that offers the most favourable terms for your situation. Staying with one financial institution means you will only have access to details of the product they offer. On paper, they may seem great, but unless you line them up against other lenders, you have no comparison and could be losing out on a better deal. Again, this happens without you lifting a finger, your advisor gets on with it and trawls the vast range of mortgage lenders and the products they offer.
An Independent Advisor
What you do want to ensure is that you choose an independent mortgage broker who has access to the whole market and is not tied to specific lenders. You will pay any broker a fee, but you are looking for someone who offers fee on completion, you are not expected to pay for the work if they do not successfully get you signed up to a mortgage that works for you. The fee is generally a few hundred pounds but it is well worth the expense as they are not only doing the legwork but can offer advice and help you work out what you need. A mortgage advisor will also help you purchase the right insurance, and it will be a clause of many mortgages that you have suitable buildings insurance and, in some cases, life insurance. Again, independent advisors can access the whole of the insurance market so you can be confident you are not paying for expensive aftermarket extras that you don’t need. It is their job to offer a transparent service and explain what is required and why.
