What Does a Mortgage Advisor Do and Should You Use One?

Recently, my husband and I have been discussing the prospect of getting our feet on the property ladder. We all know that for young families, this can be a challenge; however, with the right help, it can certainly become significantly easier. I have found myself researching and learning more about the housing market and mortgages lately, and I thought this would be an ideal opportunity to offer my insights to anyone else in a similar situation. Today, I’ll be sharing what I have learnt about mortgages, and more specifically, mortgage advisors. So if you are keen to answer the question, What does a mortgage advisor do?, or you’re wondering if using a mortgage advisor is right for you, keep reading.  

What Does A Mortgage Advisor Do? 

A mortgage advisor is a professional who searches the mortgage market to help others find and secure the best mortgage deals for their specific needs. 

Mortgage advisors act as intermediaries between borrowers and lenders, guiding their clients through the entire mortgage application process. Mortgage advisors are on hand to offer expert advice on mortgage products to ensure that clients get the best deal possible to suit their needs and finances. 

This knowledge and understanding of the mortgage market make companies like Ascot Mortgages, a mortgage advisor in Warrington, an invaluable asset for people looking to buy a new home.

Mortgage Advisor vs Broker: What’s the Difference?

What is the difference between a mortgage advisor and a mortgage broker? In the UK, the terms ‘mortgage advisor’ and ‘mortgage broker’ are largely used interchangeably. Typically, they are used to refer to the same professional role – someone who can help find the best mortgage deal for you. 

Some mortgage advisors are “tied” to a particular lender or panel of lenders, whereas independent brokers may have access across the whole market. To sum up the difference between mortgage advisors and mortgage brokers, both will guide you through the mortgage process and help you discover the best deals, however, independent brokers may have more choices available to you.

Should you use a mortgage advisor? 

Whether you’re a first-time buyer, you are looking to upsize or downsize your home, or you are ready to remortgage, a mortgage advisor can be an invaluable asset. I’ve answered “what does a mortgage advisor do?”, but now it’s time to get into how mortgage advisors can help, and answer the question, “Should you use a mortgage advisor?” 

In short, yes, you should use a mortgage advisor. Using professional services will grant you access to better mortgage products, and a mortgage advisor can help you every step of the way. From finding the best mortgage for your financial situation to securing the deal, mortgage advisors are always on hand to guide you and advise you when needed. 

Mortgage advisors have vast knowledge of the mortgages available from different lenders and know the ins and outs of their lending criteria. It is possible to do this research yourself, however, it would require you to repeatedly go through the process of detailing your finances and other information to various lenders, plus you still may not be able to find the best deal on your own. 

Not only do mortgage advisors guide you through the mortgage process, but they can also improve your chances of successfully securing a mortgage, as they have experience and knowledge when it comes to lending criteria. 

When Using a Mortgage Advisor is Particularly Advantageous

Using a mortgage advisor has its benefits, regardless of your situation. However, using a mortgage advisor can be particularly advantageous if you;

• Have a small deposit
• You’re self-employed
• You haven’t been in your current employment role for long
• You don’t have the time or resources available to dedicate to researching mortgages on your own

It’s also worth noting that mortgage advisors have access to better deals that are not available to the public.

Risks of Not Having a Mortgage Advisor

When questioning whether you should use a mortgage advisor, remember that any advice and guidance given to you comes from experts in the field. A mortgage advisor will take all of your information and point you in the direction of the best mortgage product for you, based on your circumstances. 

If, for whatever reason, the mortgage that you were advised to take out by the advisor isn’t suitable, you can make a legal complaint to the Financial Ombudsman Service. By using a mortgage advisor, you are protected from any complications or issues that arise. 

However, without a mortgage advisor, you run the risk of choosing the wrong mortgage for you and not being protected. If any issues arise, you are solely responsible for your mortgage decision. Therefore, seeking advice from an expert can ensure that you are not only protected, but that you also only apply for mortgages that fit the lender’s lending criteria, saving you time and money.

When To Seek Help From a Mortgage Advisor

Should you use a mortgage advisor? Yes! But when? The best time to start seeking advice is from the very beginning of your journey. No matter whether it’s your first mortgage or you’re remortgaging, seeking out professional advice at the start can save you a lot of time and energy.

What Should You Do To Prepare For A Mortgage Appointment?

It can be daunting attending your first appointment with a mortgage advisor, however, there are several things that you can do to ensure it all runs smoothly. Before heading to your mortgage appointment, make sure you have the following information available: 

• Personal details such as your name, date of birth, and address
• Your annual financial figures for all the applicants
• Employment information for all the applicants, including the employer’s name and address
• Savings information, including your deposit amount
• Details of any financial commitments you have, for example, debt repayments and other regular outgoings
• Details of the property you’re interested in buying or remortgaging

Using a Mortgage Advisor is Extremely Beneficial 

Seeking professional advice from a mortgage advisor can be extremely beneficial, no matter your circumstances. Some mortgage advisors, like Ascot Mortgages, offer a free first consultation, so be sure to check out a few companies before settling to make sure you’re getting the best deal for you. It’s also worth noting that mortgage advisors can also help you with the paperwork involved in buying a home or remortgaging, as well as other various tasks involved in the overall process. 

*In collaborating with Ascot Mortgages