Yes, many advisers offer free advice and receive commission from lenders for introducing new customers. They are regulated by the Financial Services Authority (FSA) and are obliged to give you the best mortgage advice regardless of the amount of commission they might receive from lenders.
Does best advice mean I’ll definitely get the cheapest rate?
Not always. In some cases people want flexible products, the option to overpay, the ability to take a payment holiday, to not be tied in, to have a product with no exit penalties. Rates may also vary depending on your circumstances and the level of deposit you may be putting down. A good mortgage adviser will take account of your own financial position, what your priorities are, assess your risk, and then work out, alongside you, the best mortgage product that suits your needs.
Why should I get mortgage advice at the outset?
There’s no point incurring expense and time offering for properties or even viewing properties if you don’t know if you can afford to buy. Lending criteria has tightened in recent years and whilst there is a vast amount of research that can be done on the internet, in our opinion you can‘t beat using the services of a good and established independent mortgage adviser.
What are the benefits of using a mortgage adviser instead of going direct to a lender?
Advisers have access to whole of market financial mortgage products – if you go direct to a bank or building society, they can only tell you about their own product range. So, if you want whole of market advice, it’s common sense to use a mortgage adviser.
If you submit your mortgage application via a reputable mortgage adviser, they will know all the pitfalls and lending criteria of the various lenders. There’s no point in wasting your time chasing a product with a good headline rate that isn’t available due to your circumstances or a lending criteria that you are unable to fulfil.
A good mortgage adviser will package the application and chase you for information the lender needs rather than the lender themselves asking you later or a problem cropping up at the last minute.
As a client of the mortgage adviser they have your interests at heart and will proactively chase your mortgage application on your behalf. Unlike an individual, who may end up chasing and feeling helpless or not understanding what the lender is saying, by using a mortgage adviser you will protect your interests. Your adviser will additionally be able to keep your solicitor in the loop regarding the progress of the application which keeps everyone informed as to progress.
Many people now getting a mortgage (particularly first and second time buyers) often get financial assistance from a relative in addition to their mortgage. If you, in innocence, declare that your deposit is from savings, but it later transpires the deposit is a parental gift and not savings, the loan can be referred back to the underwriter issuing the loan at the last minute. A good mortgage adviser understands that and will declare any such matters to the lender in your application so there are no last-minute surprises affecting your application.
In many cases the broker will be paid a procuration (introduction) fee by the lender which means you’ll not have any additional costs but will have the benefit of the broker’s advice and support of your application.
In summary, specialised mortgage advisers know the market, know the various lenders’ criteria, and can choose the right product for you. Additionally they will guide, support and chase the application on your behalf through to the issue of the offer of loan – taking some of the stress off your shoulders.
How can we help you?
At Warners we work with mortgage advisers that are independent, have access to whole of market products, are experienced (we’ve worked with them for years), understand the lenders’ requirements, who proactively chase the lender and, where applicable, chase you for information needed to make things go smoothly, and there is no charge to you directly (as they are paid a procuration fee by the lenders).
So, why not speak to one of our recommended independent mortgage advisers for a free, no obligation advice?
Call us on 0131 662 4747 to discuss your purchase requirements, we will give you a quote for the costs of buying and then have one of our independent mortgage advisers call you to arrange an appointment.
Alternatively, complete the mortgage advice request form below and we will supply a quotation and refer you to an independent mortgage adviser.