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Speaking To A Mortgage Advisor: Your Guide

Sep 03, 2024
what to ask a mortgage advisor
When you’re looking to find a new home, you’ll almost certainly be looking to find the right mortgage too. While you can do this yourself, some people choose to use a Mortgage Adviser to help with the search and application process

Key Takeaways

Key Questions to Ask Your Mortgage Adviser:
  • Market Access: Inquire whether the Adviser has access to lenders across the market. Broader access ensures comprehensive advice.
  • Qualifications: Verify that your Adviser holds qualifications from the Financial Conduct Authority (look for the Certificate in Mortgage Advice & Practice, CeMap).
  • Best Solution: Understand why their recommended solution is best for your circumstances. Don’t hesitate to seek clarification.
  • Costs: Learn about the total cost of the mortgage. New home Mortgage Advisers receive fees from lenders, but this doesn’t impact what you pay. Some advisers offer fee-free services.

What is a Mortgage Adviser?

A mortgage adviser is a qualified professional who guides you through the mortgage application process. Here’s how they can help:
 
• Financial assessment: They analyse your monthly income and expenses to determine what you can afford.
• Product selection: Based on your financial circumstances, they help you choose the most suitable mortgage product by searching through deals with multiple lenders.
• Application support: They guide you through the process of securing a mortgage, ensuring a smooth experience.
 
   

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Difference between a mortgage adviser and a mortgage broker

There’s no difference between a mortgage adviser and a mortgage broker. They both assist you throughout the mortgage process.
 
However, there is a difference between mortgage advisers employed by a bank and independent mortgage advisers. The former represent their banks and offer only their specific deals, while the latter explore the full property market to find the best deals from various lenders.
 

 

 

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Are mortgage advisers necessary? 

Working with a mortgage adviser offers plenty of advantages, including:
 
• Best available mortgage: Independent mortgage advisers who aren’t tied to a specific lender can find the best deal for you.


• Access to special deals: Some advisers have exclusive access to special mortgage offers.


• Expert guidance: Advisers help you navigate the process, explaining mortgage types, interest rates and borrowing limits.


• Speedy process: Advisers can speed up the process by helping you with the paperwork.
 
In summary, a mortgage adviser is there to act in your best interests and get you the best possible deal.
 

 

When to see a mortgage adviser

To streamline your mortgage application process, consider consulting with mortgage advisers early on – ideally, before you start house-hunting. Explore your options by speaking with multiple mortgage advisers. Assess their costs, consider whether they cover the entire market and determine if they’re the right fit for you.
 

Top mortgage adviser questions

Before selecting a mortgage adviser, you should address the following key questions.
 

1. Do you advise on mortgages from across the market?

An adviser with access to lenders across the market can advise on all your options. However, some are limited to specific lenders, such as independent mortgage advisers representing a particular bank. This may narrow your search and prevent you from receiving the best advice for your situation.
 

2. What are your qualifications?

You must ensure your mortgage adviser has qualifications from the Financial Conduct Authority. Look for the Certificate in Mortgage Advice & Practice (CeMap).
 

3. Why is this the best solution for me?

As well as verifying an adviser’s qualifications, ensure that any recommended solutions align with your circumstances. Don’t hesitate to ask questions, and only proceed if you’re completely happy with their explanation.
 

4. How much is the mortgage going to cost?

New home mortgage advisers receive a fee from the lender they place your mortgage with. This fee does not affect what you pay for your mortgage. Some advisers may charge a fee for their service, while others offer fee-free advice.
 
Buying your first home? Our homebuying guide includes tips and advice to help you get onto the ladder.
 
Explore stylish 2 bedroom homes to 5 bedroom homes across the UK and unique homebuying offers for a hassle-free move.  
 
Contact our Sales Advisers today to learn more. 

 

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