The benefits of working with a mortgage adviser

Whether you’re buying your first home, remortgaging or taking a step up the property ladder, a mortgage adviser can provide invaluable support.

It’s often an exciting time, but one that can also be overwhelming and stressful. Having a mortgage adviser on your side can provide you with some much-needed guidance throughout the process. If you’re not sure a mortgage adviser is right for your situation, here are six key ways they can help you secure the mortgage deal that’s right for you.

  1. They’ll take away some of the stress

If the prospect of looking for a new mortgage product and applying fills you with dread, a mortgage adviser can help take away some of the stress. Applying for a mortgage can take a lot of legwork and time, working with a mortgage adviser means they take much of the responsibility away from you.

You’ll know that you have someone representing you and acting in your best interests. It means you’re free to focus on other things, such as packing to move home or just the everyday tasks without worrying.

  1. They understand the market

When you think about approaching mortgage lenders, it’s probably your current lender or those with a high street presence that first spring to mind. But the market is huge. There are hundreds of mortgage lenders available, many of which aren’t on the high street.

An independent mortgage adviser will have an understanding of the full market. Some lenders provide specialist mortgage products, such as for first-time buyers, the self-employed, business owners or those with a poor credit score. An independent mortgage adviser will identify which lenders are most likely to accept your application and the ones that will offer you the best deal for your circumstances. Choosing the right lender can mean saving thousands of pounds over the mortgage term.

  1. They’ll compare different deals

Even with a selection of mortgage deals in front of you, it can be incredibly difficult to compare them. However, it’s an important step that could save you money in the short and long term, as well as providing other benefits.

When you first consider a mortgage product, it’s probably the interest rate you focus on. But there are many other parts of a mortgage deal you should look at before signing. A mortgage adviser will help you compare the different products on offer with your situation and goals in mind.

Do you want the flexibility to overpay?  Do you want the security of a fixed rate mortgage? How long do you want your mortgage term to be? A mortgage adviser will help you answer these questions and more, before showing which mortgage product meets your needs.

  1. They have a duty of care

Your mortgage is likely to be the largest loan you take out. As a result, it’s natural to worry about whether you’ve made the right decisions and what could happen if you make a mistake.

A mortgage adviser has a duty of care to act in your best interests. It means that in the unlikely event that you act on poor advice, you can be compensated. It’s a safety net that can help alleviate some of the worries about accessing a mortgage and give you peace of mind as you move forward.

  1. They can help ensure your application goes smoothly

Applying for a mortgage can be a lengthy and complicated process. Whether you’ve done it before or not, it requires getting a lot of paperwork in order so your lender is able to assess whether you’ll be able to meet the repayment commitments.

Forgetting to submit documentation or your paperwork not providing a clear view of your finances can lead to delays and, in some cases, may even mean your application is rejected. With experience in the industry, a mortgage adviser will be able to provide support throughout the application process. They’ll be able to suggest where further work or evidence is needed, helping your application go as smoothly as possible.

  1. They can also help with other decisions

Taking out a new mortgage product can mean big changes in your personal circumstances and financial obligations. A mortgage adviser will also be able to provide help with other decisions relating to your mortgage.

For example, if you’re moving home you may need to update your building insurance to reflect the new property. Or, if you’re taking a mortgage out for the first time, they can offer advice on life insurance policies that can help provide you with peace of mind.

When you’re taking out a mortgage, you likely have many other things on your mind. Your mortgage adviser can help make sure protection products that may be needed don’t slip through the cracks.

If you’re searching for a new mortgage product, we can help. Whether you’re planning to take your first step on the property ladder or are looking to secure a better interest rate now you own more equity, please contact us.