When it comes to searching for a mortgage, it’s not uncommon to ask yourself whether you should use a mortgage adviser. When alternatively you can walk into a high street bank and receive advice from one of their advisers, are there any benefits for paying a fee to an adviser for their advice? Do you even need advice at all, or can you simply find your own mortgage?
Here’s why you might consider using a mortgage adviser to help you find a mortgage.
They are qualified professionals
A mortgage adviser is a qualified professional. While you could choose a mortgage without taking any advice at all, that can be risky. You could end up with the wrong mortgage for your circumstances, which could end up being very costly. Or you may have your application rejected by the chosen lender because you didn’t clearly understand the mortgage product and eligibility restrictions. Getting mortgage advice means you’ll be offered a mortgage that suits your needs and has repayments you can afford.
Access to different lenders
Some mortgage advisers are tied to one specific lender – these are typically the advisers that work for high street banks and can only offer mortgages from that one particular bank. Other mortgage advisers can offer deals from a wide range of mortgage products.
Working with an adviser helps take the hard work and time consumption out of finding a mortgage, because your adviser will find and compare suitable mortgage deals from a variety of lenders before making a recommendation to you.
It's more than just a mortgage
A mortgage is a big financial responsibility. Getting a mortgage, becoming a homeowner and committing to that financial responsibility are about more than just the mortgage itself. A mortgage adviser will help you to protect your home and your family, so that in case the worst should happen, you can manage it more easily.
A mortgage adviser will be able to provide advice on suitable general insurances. It will also be a requirement from the mortgage lender that you insure the building; a mortgage adviser will be able to help you with buildings cover, too.
Mortgage advisers have a duty of care to you to give the expert advice. They’re qualified professionals that can help save you time by searching for and comparing the most suitable mortgage products and deals for your circumstances, taking into account factors such as interest rates, deposit size, product flexibility, deal length and product set-up fees. There’s a lot to think about, getting advice from a mortgage adviser can help you to find the most suitable mortgage as well as supporting you through the whole process.
Find out more about our Mortgage Advice service in Lincoln