What does a mortgage adviser actually do?

Buying a Property
Joe Phelan's picture
What does a mortgage adviser do, and should you use one to help you find the best deal?

If you’ve made the decision to purchase a house, it’s likely you’ll have heard of mortgage advisers/brokers, but you can be forgiven for not knowing exactly what they do, or how they can help you in your quest to find the ideal loan.

With more and more comparison sites cropping up online, finding a mortgage that seems perfect is easier than ever. Just enter a few details and, within minutes, you could be staring at a deal that appears too good to be true.

Well, sometimes that deal will be too good to be true. Mortgages are a complex business, and many comparison sites fail to take into account various financial aspects, such as the individual’s ability to pay back a set amount over an extended period of time, or their ability to cope should repayment amounts increase.

An independent mortgage adviser has the ability to search the whole of the market for a deal that best suits their client, and will ensure they pick out a product that has the least chance of causing the buyer financial difficulties further down the line.

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But what exactly does a mortgage adviser do, and how can they help you?

Search the entire market

An independent mortgage adviser is not limited in the number of products they can assess, nor are they biased towards any one particular lender. Because the adviser does not lean towards any specific product, it ensures they are firmly on your side. Their goal is to search far and wide to secure the best deal possible for their client.

Discuss a client’s requirements in detail

An adviser will take all of your circumstances and financial needs into account before making any decisions with regard to a mortgage. They are able to assess your situation, and make choices accordingly. Also, because they are industry experts, they are aware of the specific criteria each lender expects consumers to adhere to, which can significantly enhance the strength of an application.

Offer advice

It may be that you have used a comparison site, or have been offered a tempting deal by your bank, but a mortgage adviser will be able to supply guidance so you can assess whether it really is the best option. They will also be willing to discuss the ins and outs of their advice to give you a firm understanding of how they have come to their conclusion. It is important to remember that the best mortgage is not always the one with the lowest interest rate or the one with the best looking incentives, and an adviser will be able to give you an in-depth understanding of what you should be looking out for.

Make insurance recommendations

When you purchase a house, there are numerous associated costs that must be taken into account. A mortgage adviser can offer advice when it comes to securing life insurance, payment protection, and buildings and contents insurance. They know the market, understand what is required, and will be able to offer a breakdown of what you will be expected to pay, for how long, and why it benefits you.

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