Getting the best advice

Think about the job that you do.  Whether that be an investment banker, dentist or car mechanic.  Would your clients be able to do your job by themselves and as well as you?  Or do they need and value your professional knowledge and advice?

A mortgage adviser is a financial professional who searches the mortgage market for you and recommends the most suitable product for your needs.  They will provide you with a level of service that cannot be obtained directly from a lender or a comparison site.

To give you mortgage advice, they must have completed a qualification called the Certificate in Mortgage Advice and Practice (CeMAP), which is approved by the Financial Conduct Authority (FCA).  They also then need to gain and maintain competent advisor status (CAS) and be licenced to practice.  They will then be included in the Financial Services Register.  This is not an easy process, and being able to meet these requirements ensures that the advisor is knowledgeable in all national regulations and industry standards for mortgage professionals.

Mortgage advisers have a wide knowledge of the mortgages available from different lenders and their lending criteria.  They can search the market and recommend the most suitable deal for you.  Finding these deals on your own would involve a lot of research and time spent repeating yourself and talking through your circumstances with multiple lenders.

An adviser might also be able to find a deal you can’t find on your own.  They can use their knowledge to improve your chances of being accepted for a mortgage as they’ll know which lenders are best suited to your circumstances.  This is, after all, what a mortgage adviser does every day.

They can be particularly helpful if: 

• you're buying your first home
• you're buying a further property
• you have a small deposit
• you haven’t been with your employer for long 
• you’re self-employed
• want an interest-only mortgage
• you want to remortgage
• have adverse credit
• are over 50
• are buying to let

When you get regulated mortgage advice rather than doing research on your own, your mortgage adviser will recommend an appropriate mortgage for your needs and circumstances.  If the mortgage later turns out to be unsuitable for any reason, you can make a complaint.  If necessary, you can file your complaint with the Financial Ombudsman Service.  This means you automatically have more rights when you take advice.

Not getting advice means you have to take full responsibility for your mortgage decision.  If you don’t get advice, you could end up:

• wasting your time by applying for a mortgage that doesn't fit the lender’s lending criteria and being declined
• with the wrong mortgage for your situation
• paying lenders costs that could have been avoided
• with the wrong insurance or delays in receiving payment

It’s important to see an adviser at the start of your mortgage journey, whether it’s your first mortgage or you're looking to remortgage.  It will save you a lot of time and effort in the long run. 

• they can offer mortgages from lots of different lenders and often know what criteria you need to meet to be accepted
• they will deal with the lender on your behalf 
• advisers are not limited to a single lender or bank and can offer a wider range of mortgages
• they will recommend the right insurance to help protect the mortgage payments or ensure the mortgage is paid off

• they’ll check your finances to make sure you are likely to meet the individual lender’s lending and affordability criteria
• they will complete the paperwork, so your application should be correct and dealt with faster
• they can adjust your borrowing if the amount changes as a result of negotiations
• they’ll help you take all the costs and features of the mortgage and buying process into account, beyond the just interest rate
• they will only recommend an appropriate mortgage for you and will tell you which ones you’re likely to get

My initial advice is free, but I charge a fee to arrange your mortgage.  The actual amount you pay will depend on your circumstances and the complexity of the case.  The fee can be up to 1%, but a typical fee is 0.3% of the amount borrowed. 

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE