Do I need a mortgage adviser?

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By Beehive Money

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What’s a mortgage adviser? 

A mortgage adviser is a person or a company who arranges your mortgage between you (the borrower) and a bank or building society (the lender). Depending on how they work, they’ll either be able to access deals from the whole of the market, a narrow panel of lenders or sometimes just one lender or bank. 

What does a mortgage adviser do? 

With so many providers, products and things to think about, the mortgage process can be time consuming and may feel overwhelming. It’s a mortgage adviser’s job to help cut through the complexity and do the leg work for you. They’ll also hold your hand throughout the process so you shouldn’t ever feel out of your depth.  

  • They’ll be able to find the products available for you and your circumstances.  
  • They’ll provide advice on whether you will be able to get a mortgage and how to improve your chances of being successful with your application.  
  • Once you’ve decided to apply for a mortgage, your mortgage adviser will also ask you a lot of questions and gather evidence of your financial situation like payslips and bank statements and create a file for you that they will use to apply for agreements in principle and, eventually, mortgage deals from lenders.  
  • They’ll help you with the mortgage application process and ensure that you know all the details of the mortgage deal you have chosen.  
  • Whilst your mortgage is being processed by the lender, your mortgage adviser will provide you with updates on its progress. 

Why use a mortgage adviser? 

If you’re wondering how you could ever go through all the deals that are available to you to find the right one? You’re right, it’s a big task. You could ask a mortgage adviser to help you look at a range of deals which could be more than you could look at by yourself.

Mortgage advisers are experts on different lender criteria, they will know whether you are likely to be accepted by each lender, and which lenders are the most likely to approve your mortgage at the most competitive rates for your circumstances. They’re also there to offer advice on the application process and how much you may be able to afford with your deposit and monthly income. They could be able to advise on whether you want to continue saving for a while longer before you buy or whether you have enough deposit to get the sort of property you are after.

An adviser will explain exactly what’s available to you from the products on the market that they’ve looked at for you and once you’re happy to move ahead they’ll process your paperwork for you. They will be the middleman between you and your lender which can make the process less stressful if there’s a lot of things to chase from your lender or vice versa. 

Do I need a mortgage adviser? 

A mortgage adviser isn’t essential, but they can make the house buying process simpler by finding the right deal for you using their expertise.

  • A mortgage adviser could potentially find you a deal with a lender that you might not have considered.  
  • They might be able to find you more competitive products.  
  • Sometimes they’ll have access to exclusive products that aren't available directly to the public and could open the door to a wider range of deals to choose from. 

Questions to ask a mortgage adviser 

When choosing a mortgage adviser, you could ask them some of these questions to make sure you’re the right fit for each other: 

  • How many lenders do you compare? 
  • What’s included in your service? 
  • How much are your fees? 
  • How quickly will you be able to process the application? 
  • What will you need me to do for a smooth application process? 

How much does a mortgage adviser cost? 

No two mortgage advisers will cost the same but it’s normal for them to earn a fee from lenders when they arrange a mortgage product. Some advisers will also charge a fee for finding your product, which will either be a percentage of the amount you want to borrow, or it could be a flat rate. They’ll let you know about all the fees before entering into a contract with you.

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