Getting a mortgage is a huge decision and commitment financially, so you need to make sure you’re getting the right deal. To help comb through all the different mortgage deals, it’s best to seek professional advice. But what can a mortgage advisor do for you and should you get one? Read on to see how they can help.

What is a Mortgage Advisor?

A mortgage advisor is a qualified professional that will search for a mortgage deal on your behalf. They will work to find a mortgage that suits you and your circumstances, all you need to do is provide them with your information. In case you were confused, mortgage advisors are also known as mortgage brokers, there is no big difference between the two names.

How to Find a Mortgage Advisor

The way of getting mortgage advice has changed over time. A few decades ago, it used to be a case of travelling to the bank with a bunch of paperwork, thankfully things have simplified since. You can still get mortgage advice through your bank, either by visiting or contacting them over the phone, however these days you can find an independent online mortgage advisor by searching for one online.

Try speaking to friends and family also, to see who they used to find a mortgage and get recommendations or advice.

The Benefits of an Online Mortgage Advisor

Not only is it incredibly easy and convenient to start your mortgage search through an online advisor’s form, but going through an independent advisor can mean they have a wider range of connections and access to more (and better) mortgage deals than your standard mortgage advisor at a bank.

They’re also very experienced and able to save you time by dealing with mountains of paperwork for you, whilst answering any questions you may have about the process.

What Information Do I Need to Give to Advisors?

When filling out the online form, the first step you’ll need to take is choosing what mortgage you are looking for between a new mortgage, remortgaging or a buy to let purchase. You’ll then need to enter…

  • How much you have saved for a deposit (you will need at least 5% to 10% of the property value)
  • The total income for all people applying for the mortgage (if a joint mortgage)
  • Age of the oldest applicant
  • If you are a first-time buyer (as there may be special deals for you, such as the first homes scheme)
  • If you have already seen a property you like and if so, how much that property is worth

After answering these questions (or similar questions as each advisor will be slightly different) you will then be shown the initial estimate of the mortgage you can get. This will show the maximum amount you can borrow, plus what you can expect to be paying back roughly each month and the interest rate.

After this you’ll need to answer some follow up questions, including information about each applicant including:

  • Name
  • Age
  • Contact details
  • Current address (and how long you have lived there)
  • Whether you smoke or not

How Much Do Mortgage Advisors Cost?

The cost of getting a mortgage advisor can vary. Sometimes advisors charge up to £400 or £500 and sometimes they do not charge a fee at all, instead they take a commission from the bank or the mortgage lender.

At the beginning of your contact with an advisor, ask if they charge a fee or not and if they do, ask them to explain why so you can make sure you’re getting value for money.

Is a Mortgage Advisor a Requirement?

Whilst you can search for a mortgage yourself online, it is highly recommended to use a professional mortgage advisor. They have access to more mortgages than ones that can be found yourself, plus they have the knowledge and experience to recommend the best deal for your circumstances. It can also boost your chances of a successful application by presenting your credit history in the best way.

With such a big financial decision, you don’t want to get anything wrong, so if you’re looking for a mortgage, speak to an advisor today – it won’t do any harm.

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