In our digitally-focused world, where most things are done at the touch of a button, you may be questioning if there is still a need to speak to an adviser when getting a mortgage.
We’re here to explain exactly what a mortgage adviser can do, and how tapping into their expert knowledge of the mortgage market can put you ahead of the game, in more ways than one.
What does a mortgage adviser do?
Essentially, an adviser’s job is to find the most suitable mortgage deal for your needs and guide you through the process, making it as smooth and hassle-free as possible.
With so many mortgages available on the market, it can be difficult knowing which is the right one for you, especially if you’re a first time buyer. Sifting through the different options to identify the perfect one for your needs requires skill and expertise.
Should you go for an interest-only or fixed rate mortgage? Do you opt for a longer term to reduce monthly payments, or pay higher monthly amounts to pay the mortgage off quicker? Do you decide on a green mortgage for the cash back options, or incentive schemes that offer financial help and alternative routes to homeownership? There really is a lot to think about.
That’s where a mortgage adviser can help. They can make sure you’re on the right mortgage for your circumstances, and simplify the whole process from start to finish, saving you time and, hopefully, money.
Help with your finances
The first step is establishing your financial position. A good mortgage adviser will take the time to get to know you, understand your lifestyle, and carry out a thorough assessment of your finances to get a true picture of your expenditure. This will help when it comes to the affordability test as part of your mortgage application.
They will ask various questions to get a feel for what your aspirations are, such as, if/when you plan to get married and have children. This will help them make the most appropriate recommendation for your needs.
You could get a better deal
We have access to thousands of mortgage products from over 90 lenders, including exclusive deals that can’t be found on the highstreet. So, if your circumstances are more complex, we’re likely to find a lender who can cater to your exact needs.
We will take everything into consideration before making a recommendation. This includes working out how much interest you’ll pay over the term of your mortgage, as well as discussing the fees involved. There is usually an arrangement fee, a booking fee, and valuation fees, so it’s important you’re aware of these from the beginning so that you’re not faced with any surprises along the way.
We also have up-to-date systems that can search the market and sift through mortgage deals quickly, narrowing your options down within minutes.
Powerful technology designed for you
Here at Mortgage Advice Bureau, we’ve invested heavily in integrating technology and AI to support and enhance the overall mortgage process for customers like you. We’ve created a specific user area where customers can log into their own personal portal to securely upload documentation, such as bank statements and payslips. On average, this saves customers between 45-50 minutes on their appointment time with an adviser. We also have the ability to generate a decision in principle in under 20 minutes, again, saving you precious time that can be spent elsewhere.
Liaise with the lenders
One of the best things about having a mortgage adviser on-side is being able to tap into their in-depth knowledge of lenders, and each of their specialisms and requirements. Your broker will only recommend lenders whose criteria they know you can meet, which reduces the chances of your application being declined and means there’s less chance of missing out on your dream home.
As well as the expert advice, a mortgage broker will also act as an intermediary between yourself and the lender. They will speak directly to the lender on your behalf, and as they understand the industry lingo, there will be no confusion or uncertainty to get in the way of your mortgage application.
Support throughout the process
Let’s face it, nobody wants to deal with the admin tasks that are required when getting a mortgage, but luckily, with an expert adviser acting on your behalf, you won’t have to.
Our mortgage advisers will be there to guide you through the application process, from beginning to end. We’ll do the legwork and keep your application moving in the right direction.
We spoke to one of our expert mortgage advisers, Rob Brookes, about the support he gives his customers during the application process:
“Each of our customers has access to a dedicated case manager whose job it is to chase lenders and insurers to proactively move applications forward, as well as liaising with estate agents and solicitors.
“Sometimes you can experience long waiting times on the phone to lenders, so rather than the customer having to sit on hold whilst juggling their working day, we do all of that for them to help move things forward.”
Do I have to use a mortgage broker?
There’s no denying that you could do your homework, shop around and find your own mortgage. This is known as an ‘execution only’ mortgage. However, how confident would you be that you’ve found the right deal for your circumstances? With limited knowledge of the mortgage industry, and with restricted access to a small pool of lenders, the answer is probably no.
Whilst you don’t have to use a mortgage adviser, it’s wise to take advantage of a professional’s expertise and knowledge when taking on what is likely to be the biggest financial decision you will make.
Mortgage advisers understand that one size doesn’t fit all, and will work hard to find a solution that’s right for you. For instance, if your income is likely to fluctuate due to the nature of your job, or perhaps you’ve got debt which is affecting your credit score.
Being self-employed
Trying to navigate the mortgage process alone when self-employed may present certain challenges, but with a broker on hand, there’s no reason why you can’t get a mortgage still.
Lenders are recognising self-employment as a common employment status, just like any other. Therefore, with more recognition, comes more products and choice which is music to any self-employed person’s ears. Just make sure you have a good understanding of your finances, and keep your paperwork in order as this will go in your favour when it comes to applying for mortgages.
Juggling adverse credit
It can still be possible to get a mortgage when you have bad credit. A mortgage broker will assess your financial status and will find a suitable lender whose criteria you can meet.
Without the expert knowledge of a professional mortgage adviser, sourcing your own mortgage could be very time-consuming, and could result in declined mortgage offers, before you finally find the one that is right for you.
If you’re experiencing money worries, you shouldn’t struggle alone. It’s important you reach out and seek non-judgemental advice from professionals, such as Citizens Advice Debt Management and Debt Support Trust.
Expert mortgage advice
We offer flexible appointments that fit around your lifestyle and commitments, whether that’s over the phone, video call, or a face-to-face chat at your preferred location.
Use our handy postcode look up to find a qualified mortgage adviser near you.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Frequently asked questions
A mortgage broker will find the right mortgage for your exact circumstances, and support you throughout the whole mortgage application process.
We work with a wide range of lenders who have products tailored to different needs and circumstances. We also have access to some deals that are not available on the high street.
Using a mortgage broker can sometimes help avoid delays with your application. For instance, they understand what documentation lenders need and can therefore send this to them quickly, which can avoid hold ups.
Start collating all the documentation you'll need, such as proof of ID, income, address etc. Find out exactly what you need in our article here.
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