Mortgage Advice – Do You Need a Mortgage Adviser in London?
According to information from the Council of Mortgage Lenders, mortgage advisors in London play a significant role in arranging mortgages for many borrowers, with about two-thirds of home loans obtained through an advisor.
They are there to assist you on which type of mortgage best meets your needs, as the term implies. They’ll talk about your circumstance to have a better understanding of which lenders are likely to consider your application.
A mortgage adviser, also known as a mortgage broker, will figure out how much you can borrow from various lenders and what kind of product will most likely meet your needs. They can, for example, assist you in finding a suitable fixed-rate mortgage or a suitable lender even if you have adverse credit history.
Benefits of Using a Mortgage Broker:
An independent mortgage broker in London isn’t tied to any one lender and will always operate in your best interests. As a result, you can rest assured that the mortgage they propose is the most suitable one available for your situation. In addition, a mortgage advisor should:
- Explain the many sorts of mortgages available as well as the numerous sorts of arrangements.
- Assist you in determining how much you can borrow.
- Have access to exclusive mortgage offers not accessible on the general market
- Assist you in preparing for your application in order to increase your chances of success.
- You’ll be able to save money in the long run if you discover a mortgage with cheaper interest rates and fees.
Remember that each failed mortgage application will appear on your credit report, potentially jeopardising your chances of getting a mortgage the following time around. Using a mortgage broker/advisor increases your chances of being approved on the first try.
Also Read: Is It Really The Best Time To Get a Mortgage In The UK?
When To See a Mortgage Adviser:
An independent mortgage broker, often known as a mortgage adviser, is a professional with extensive market expertise.
They can look at a variety of mortgage options to see which ones are the most suitable for you.
It’s a good idea to chat with them to learn more about what service they can offer. You should see a mortgage advisor just before you start looking for property you wish to buy. They can give you an estimate of how much you can afford or how much maximum mortgage you can get. It saves you time and helps you plan your budget.
There Are Three Main Types of Mortgage Adviser:
- Some are reliant on a single lender.
- Some look at offerings from a select group of lenders, while others search the whole market to find the most suitable product and lender for your circumstances.
- Even ‘whole of market’ advisers aren’t able to cover all bases.
- They are unable to provide advice on mortgages that are only available through direct contact with the lender.
- When proposing the most suitable mortgage for you, all mortgage advisors must provide you advice.
Also Read: 5% Deposit Mortgage Scheme in the UK for First Time Buyers and Homeowners
Speak To Your Bank or Building Society:
This is a fantastic place to start because they are familiar with you and your financial condition.
They’ll only inform you about their own mortgages, so compare them to the competitors before making a final decision.The majority of the time, their advice is free.
Fees:
Different mortgage brokers may have different advice fees. A lot of mortgage brokers provide free initial advice. It is worth discussing your circumstances with them.
Others will provide free advice to you, but they will be paid commission by the lender.
They should notify you up front how much their services will cost. You should also be informed whether an adviser will receive a commission from the lender or not.
Your First Meeting With Your Mortgage Adviser:
You should always prepare yourself for the first meeting with your mortgage broker. It is always advised to explain your circumstances and needs properly to the advisor so that he/she can understand and advise accordingly.
In your initial encounter, inquire if your advisor can source intermediaries only products (these may offer special rates or discounted rates available to brokers). If your advisor suggests a certain mortgage, ask them to explain why this specific product is suitable for you.
A Mountview Financial Solutions can advise you and provide helpful advice and ideas throughout the home-buying process, so make sure you choose one you get along with.For more information, you can call us @ 02080950120 or send us your requirements on info@mountviewfs.co.uk!
