How to Pick the Right Mortgage Advisor for You

04-01-2016 | Anne Seymour |

It’s an exciting time – you’ve saved up your deposit, you’re in a good financial situation, and it’s time for you to go out and find a house. The only major hurdle you’ve got to get through is finding a good mortgage. Well actually, there’s one little step that that might help you instead, and that’s finding a good mortgage advisor.

You see, picking a mortgage isn’t really as easy as going online and using a comparison site. You can do that if you really want, but that’s not necessarily going to see you get the best deal for your own circumstances. And when we’re talking house prices that could mean an overall difference of thousands.

Before we get into things, the other benefit of using an advisor is that you’ve got more protection if it turns out later on that the product isn’t right for you. If you pick your own (called execution-only), then you’ve got no real barrier. Openwork have some good resources that show you why going with an advisor is a good idea.

So – how to pick the advisor.

First and foremost, you’ll want to ensure that whoever you’re going to be talking to is independent.

Advisors who have a vested interest in selling you a particular product aren’t always the best ones to go with, because they might be more inclined to persuade you down a route that isn’t necessarily the best for your circumstances. It’s the law for them to tell you though, so this isn’t difficult to find out.

Next – the price.

All mortgage advisors will either charge a particular fee, or they’ll charge commission. This is a good way of helping you narrow down which ones to choose. Either way, ensure that you’ve got a full view of all costs so that there are no surprises. Lower prices are of course desirable, but can be an indicator of poorer service, which leads us on to the next point.

Before you sign a thing, take a look at reviews and testimonials online. There are plenty of sites out there that will help you with this, and doing so will ensure you don’t fall into the trap of choosing a cheap but ineffective advisor. Most are monitored by financial authorities to prevent major issues, but it doesn’t save you from a poor service.

Finally, the UK’s Money Advice Service, funded by the government, has some very good guides about what you should ask any potential mortgage service providers. You can read a PDF here.

About Anne Seymour

Anne is a young webpreneur, interested in all things related to money: earning, investing, saving. She's paid off her student loans and now is looking forward to doing a lot of writing and traveling.

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Recent Comments

  • rz3300

    August 14, 2016 at 12:13 am

    This immediately reminded me of the advice that I got from my grandfather when he was still with us…to find someone who knows the market. He had a lot of strange pieces of advice throughout the years, but I would like to think that this was one of his more coherent and sensible ones. He was right, though, and we made sure we got an expert on out local market and we ended up getting a great deal and a great home. Thanks for sharing.

  • Ken Lee

    October 24, 2016 at 10:52 am

    Before choosing a right mortgage advisor, we should be aware about his/her certification or his/her membership with any of the certified financial authority.

    Thanks for sharing.

  • Ruby J. Cummings

    December 15, 2016 at 6:45 am

    Wow!! great post !! Great points and well explained..absolutely worth to share. I think the things you covered through the post are quiet impressive.
    It might be easier for you to use a comparison company because they will have access to all the services that are available to you. They will be able to key in your requirements, to their computer and with a simple push of a button; they will be able to find you the exact service that you need.
    I hope these tips will help you out. Good luck 🙂
    Ruby J. Cummings recently posted…How to Ensure You Won’t Run Out of Money in RetirementMy Profile

  • MatthewRubin

    January 12, 2017 at 11:33 am

    Seriously!! great post!! Great details and well explained.. absolutely worth to share. I actually think the points you protected through the post are quiet impressive.
    It might be easier so that you can use a comparison company because they may have access to all the services available to you. They will be able to enter your requirements, to their computer and with a simple push mouse button; they will be able to find you the exact service that you need.

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