Getting a mortgage is one of the biggest financial decisions you’ll make, so it’s important to get it right. This guide will help you work out whether you should get a mortgage adviser, where to get Independent Mortgage Advice, how your bank might be able to help and which comparison websites you can check.
The mortgage market is incredibly competitive and it can be hard to understand what exactly is on offer. One thing for sure is that you will need to be as attractive as possible to lenders if you want to get the best mortgage deal. There are many different providers and a wide range of products and rates available so it’s a good idea to talk to an independent mortgage advisor to get the Best Free Mortgage Advice before making up your mind.
Mortgage advisors must offer advice when they recommend a mortgage for you. They will assess the level of mortgage repayments you can afford, by looking at your income as well as your current debt repayments and day-to-day spending. This means you should end up with a mortgage that suits your needs.
Getting advice, rather than doing research on your own, means that if the mortgage turns out to be unsuitable for you, you will have more rights when you make a complaint. For example, you could make a complaint of financial mis-selling if the advice you were given turned out to be unsuitable for you. Not taking any advice means you must take full responsibility for your mortgage decision.
With the wrong mortgage for your situation, which would be a costly mistake in the long run
Being rejected by your chosen lender, because you didn’t understand the restrictions clearly or what circumstances the mortgage was designed for
They’ll check your finances to make sure you can afford a mortgage
They might have exclusive deals with lenders, not otherwise available
They often complete the paperwork for you, so your application should be dealt with faster
They’ll help you take all the costs and features of the mortgage into account, beyond the interest rate
They should only recommend a mortgage that is suitable for you and will tell you which ones you’re likely to get