Getting a mortgage can be a stressful experience but it doesn’t have to be. There are so many things to consider and it may seem that you are getting conflicting advice left, right and centre. Knowing where to turn and who to take notice of at this time is so important as a mortgage is a big commitment for you and your family, so choose an advisor who cares.
So what things should you be considering?
Work Out What Mortgage Is Best For You
The mortgage market can be extremely competitive so it is important to work out what mortgage works best for you and your situation. With a range of different products and indeed many providers, you will want to choose the best one for you.
This would historically require talking to your bank and seeing what competitive rates they can offer you. These days, Love Mortgages have revolutionised the market and we've partnered with a leading number of partners in order to do all the work for you. A mortgage advisor is also a fantastic port of call as mortgages are their speciality and they will know exactly where to look and what to do, guiding you through the options available to you.
If you feel that you cannot make the decision on which mortgage works out best for you, then that’s okay - that is what the professionals are here for. We know exactly what to look for and what things we need to consider when getting you the best deal possible. If you're interested in getting the ball rolling, click here.
Do I Have To Get Professional Mortgage Advice?
No, you don’t have to get professional mortgage advice however mortgages are complicated and it can be tough to work out exactly how one differs from the next. When you are being recommended a mortgage, lenders and brokers must offer advice - assessing your income, debt repayments and everyday spending alongside the mortgage repayment amount you can afford. You don’t necessarily have to take this advice but they are better equipped to help you find one suited to your needs.
In the unlikely circumstance that things do go wrong, you will also have the grounds to make a complaint - if you do it all yourself, you shoulder the burden of responsibility. If you do choose to use an adviser, make sure that they are FCA authorised - although this does not assume your advice is automatically covered by the FSCS or FOS so check this before proceeding. By using an adviser, you may be covered by and able to claim compensation from the Financial Services Compensation Scheme (FSCS) should your advice be deemed irresponsible or incorrect. With that in mind, it's always important to choose the most reputable advisor you can, along with the fact it's important to find one that cares.
Going it alone could mean you end up with the wrong mortgage for your situation which could prove quite costly in the long run or it could lead to you being rejected by your chosen lender, simply because you didn’t understand any restrictions that particular mortgage had or you didn’t realise that it was only for use in specific circumstances. That's not to put you off going it alone, it's to encourage you to get the support you not only need; but deserve.
Why Should I Use an Independent Mortgage Adviser?
If you are looking for someone with a truly in-depth knowledge of the mortgage market, then a mortgage adviser is your best bet. There are a few different types - ones tied to one specific lender, ones who have a limited list of lenders and ones who look at the whole market; like we do.
If you are worried about whether you will be able to afford a particular mortgage, a mortgage adviser will be able to find you one best suited to your needs. They will check your affordability and make sure you actually can afford a mortgage. Once they’ve done this, they will only recommend one that is suitable for you and let you know which ones you have a better likelihood of getting - some may be exclusive to them. They will also generally complete the paperwork for you which may enable your application to be dealt with faster.
How Do I Find One?
Do some research for one in your local area - perhaps using a comparison site to find one - or choose a company who covers the whole country such as us at Love Mortgages - we find the best solutions that suit you, picking out the best deal for you and your circumstances from the thousands of deals available to us.
What Should An Adviser Help Me To Look For?
A decent mortgage advisor should help you to check a variety of things such as the APRC (Annual Percentage Rate of Change), the standard rate, how often interest is charged and flexibility of overpayments, among other things.
They will look at your deposit and work out how big a mortgage you can get and how affordable repayments are. An adviser knows where to look for the tiny details that you may miss by proceeding on your own.
How Much Will It Cost?
This all depends on the service they offer. Some will charge for their service depending on what product you choose or how much the mortgage is for. This will be explained upfront to you so choose your adviser wisely
In conclusion, a mortgage adviser is a great idea if you aren’t sure what mortgage will be most suitable for you and your situation. With so much choice out there, it is brilliant that there are knowledgeable options out there to help you choose the right one for you.
If you have any questions or queries, shoot us a question here - with no further obligation once we answer it!
Disclaimer: Any mortgage offer forms a contract between you and the lender. It is important that you always take time to check that the offer they provide you with is exactly what you required, before agreeing to proceed. A good mortgage advisor will always assist you with this. Finally, property values may fluctuate according to the conditions of the market. This may affect your savings and investment. This can be addressed and explained in more detail by your mortgage advisor during the application process.
If you have any questions or queries, shoot us a question here - with no further obligation once we answer it!
Disclaimer: Any mortgage offer forms a contract between you and the lender. It is important that you always take time to check that the offer they provide you with is exactly what you required, before agreeing to proceed. A good mortgage advisor will always assist you with this. Finally, property values may fluctuate according to the conditions of the market. This may affect your savings and investment. This can be addressed and explained in more detail by your mortgage advisor during the application process.