When it comes to taking out a mortgage or re-mortgaging your property, speaking to your bank might seem like a logical, natural first step to take. But you could be overlooking an alternative that would help you make a much more informed decision, as well as get a better deal on something that is one of the biggest financial commitments you are ever likely to make.
Here are our top five reasons why you should speak to a mortgage advisor.
1. They specialise in Mortgages
The mortgage market is so large and complex that finding the best deals on your own can be really difficult and time-consuming. How do you know where to start?
By contrast, an independent mortgage adviser is a specialist in this area, with a wide knowledge of the marketplace and what’s on offer from different lenders. They’ll search the market on your behalf and consider your specific needs and circumstances every step of the way, making sure you meet a provider’s lending and affordability criteria.
A mortgage adviser can then recommend the right deal for you, and even help you with the paperwork, so the whole application can be processed much more quickly.
In short, they can take the complexity out of what can otherwise be a long-winded, laborious, daunting and complicated process. That, in turn, empowers you to make a well-informed decision with confidence and certainty.
2. They can give you their advice quickly
Getting an appointment with a mortgage specialist at your bank can be fraught with difficulty. For instance, it might be several weeks before they can fit you in, and you can’t really afford to wait that long.
However, a mortgage adviser is solely dedicated to working with their clients, so they’ll probably be able to answer your questions and give you advice on the same day, either remotely or in person, depending on what you prefer.
3. They have the entire mortgage market to choose from
A bank will be limited to offering you their mortgages and won’t be under any obligation to let you know if a competitor is offering better rates. But an independent mortgage adviser can access products from across the entire market and identify the right one for you from a larger number of lenders.
4. They may offer exclusive deals
Many independent mortgage advisers have exclusive deals with lenders that aren’t available elsewhere.
Even when your bank tells you that they have a mortgage product that’s only available to existing customers, there’s a good chance that an adviser can offer the same rate – or even point you towards an even better one.
5. They can give holistic financial advice
A good adviser will also look at your financial situation as a whole to make sure that you do not have any gaps, such as inadequate life insurance, critical illness or income protections.
