Whether you’re buying your first home or looking to remortgage your current one, getting mortgage advice can be a great way to make sure you’re getting the right deal to suit your needs. Using a mortgage adviser can help take some of the stress away from the home-buying process, leaving you to enjoy the moment of buying your new home! You might be unsure of what a mortgage adviser is and the things involved when seeking mortgage advice. But don’t worry, we’re help to explain it to you.
What is a mortgage adviser?
A mortgage adviser is a qualified individual who holds a qualification to provide regulated mortgage advice. There are two types of mortgage advisers, an adviser that is connected directly to lenders, who usually recommends mortgages products specific to the lender e.g. a bank. Or a mortgage broker, who has access to many lenders and who can look at mortgages from a panel of lenders. Mortgage advisers, also known as mortgage brokers, take the hassle out of getting a mortgage by searching competitive mortgage products on your behalf, to find the right deal for you.
Benefits of mortgage advice
There are many benefits to using a mortgage broker when getting a mortgage. Mortgage brokers generally have access to mortgage deals that aren’t readily available to the public or by going to direct to lenders, and so might be able to secure you a better deal, at a lower rate which could save you more money each month. Not only this but seeking mortgage advice will help you better understand what you can and can’t afford and help guide you in getting your finances in the best possible position when applying for your mortgage. Any failed mortgage applications will negatively affect future applications because they will be logged on your credit file so getting advice beforehand is always a good idea. And perhaps the most desirable reasons to get mortgage advice: mortgage advisers handle all the paperwork and take (some of) the stress away from buying a home!
Things to consider
Although mortgage advice is definitely a wise idea, it’s worth noting that it can come with some fees. Some mortgage advisers will charge a fee for their service and the amount of money you’ll have to pay will depend entirely on the individual adviser or the work involved. For example more complex mortgage applications which may include Debt Consolidation, Adverse Credit or Shared Ownership Schemes the fees charged may be higher. Some advisers charge a flat fee whilst others charge a percentage of what you borrow from the lender. Either way, it’s best to speak to the adviser you use and ask them to explain their fees before making any commitments – this way you won’t be surprised by any unwanted to charges once everything goes through.
Find a mortgage adviser
With so many advisers out there, it can be hard to know where to start. At Primis mortgage network, it’s our job to put you in touch with the right mortgage adviser for your needs. If you do want mortgage advice and are looking for a mortgage adviser near you, get in touch and we can help you get that one step closer to buying your dream home.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Depending on the broker, fees may be charged for mortgage advice.
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Primis mortgage network has over 2,600 advisers to help you get a mortgage.
