In June 2018 the FCA (Financial Conduct Authority) had 340 regulated mortgage providers on its books. Between them they manage seven million mortgages and have over a thousand different mortgage products. Trying to negotiate that many options as a first-time buyer is going to be tricky.
A mortgage advisor is a specialist with in-depth knowledge of the market. They can look at a range of mortgage products and help you select the one that meets your needs. All mortgage advisers 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 in the unlikely event that things go wrong. So, getting advice, rather than doing the research on your own, means that if the mortgage turns out to be unsuitable for you later, you’ll have more rights to get help with the situation. Not taking any advice means you must take full responsibility for your mortgage decision, meaning you could end up with the wrong mortgage for your situation, which would be a costly mistake in the long run. You can also waste a lot of time trying to make your own mortgage decisions. Being rejected by your chosen lender for instance, because you didn’t understand the restrictions clearly or what circumstances the mortgage was designed for.
There are other reasons to use a mortgage advisor:
- They will check your finances with you to make sure you can afford a mortgage.
- They may have deals with lenders, not available elsewhere.
- They can help complete the paperwork with you, so your application should be dealt with faster and with a higher chance of success.
- They will help you take all the costs and of the mortgage into account, beyond just the interest rate, and make sure that the money you spend works for you in the best way possible.
If you have been following our blogs recently then you will know that the advice available from a mortgage advisor can help you make the most of your money and keep you and your family protected in the event of problems in future. I am always happy to review your specific circumstances so get in touch if you need some advice.