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Is It Worth Hiring a Mortgage Advisor?

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Every renter dreams of having their own home and in today’s world, where there is high inflation, people tend to look for ways to purchase their own home without going broke.

One of the most common ways nowadays for people is to get a property on a mortgage as it’s convenient for them to pay off the net amount, which would be quite unaffordable to pay upfront.

However, with the advancement of technology, people can find a home to mortgage right at their fingertips through apps and websites which feature online mortgage lenders to connect with.

Moreover, websites like the Home Lending Pal website use artificial intelligence to help people find their home that best suits their preferences and budget.

The fact that technology has come this far is quite applaudable. However, this doesn’t cut the need for you to be well-aware of the real estate market and how mortgages work.

Although you may have heard of mortgages several times by the people in your circle, this doesn’t mean that the entire procedure of mortgage is a breeze.

Whether you are a first-timer or you simply want someone to guide you through the entire process, it’s recommended to hire a mortgage advisor.

Who Is a Mortgage Advisor or Mortgage Broker?

A mortgage advisor, also known as a mortgage broker, is a licensed professional who forms a link between mortgage lenders and borrowers. As mortgages are quite confusing regarding the terms and costs, they also walk you through the entire process to ensure you don’t have to worry about anything, therefore, saving you time.

What Are the Pros of Hiring a Mortgage Advisor?

1. Expertise in the Field

You won’t be purchasing a property on the mortgage every other year, right? Whereas, mortgage advisors deal with the processes of the mortgage every single day and even several times a day. This makes them quite experienced to know which deal will work best for you and what to avoid for a client like you.

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2. Knows the Market

Mortgage advisors are quite familiar and experienced with the entire real estate industry. Therefore, they have already built a lot of connections with numerous lenders. This gives you an edge to get the best deal for yourself.

As you don’t have links with lenders, you may not be able to get the deals to save you lots of money down the line.

3. Helps You Connect With a Suitable Lender

In order to get the services of a mortgage advisor, you have to give them details regarding your financial situation. So, this gives a clear picture to them about which lender will be ideal for you and which one best suits your situation and needs.

This allows for a seamless mortgage experience and makes sure you get the mortgage for your house without any delays.

What If You Don’t Hire a Mortgage Advisor/Broker?

If you think you can handle everything on your own, as this way you can save some extra money, you need to reconsider this.

First off, not taking advice from a mortgage broker could mean that you lose on the best cost-effective deal, and you may have to pay a hefty price in the long run.

Secondly, not hiring a mortgage advisor means that you can’t hold anyone responsible if something goes wrong with the process or your lender.

In terms of a mortgage advisor, if anything goes wrong with the mortgage, you can file a complaint against them or even take the issue to the Financial Ombudsman Service to get a viable solution.

How to Find the Right Mortgage Advisor? 

In order to find the right mortgage advisor, you need to ensure that they provide the services you need, and they’re experienced. Of course, this can be found by contacting them and scheduling a meeting with them.

You can easily find plenty of mortgage advisors online. Just make sure to do thorough research on the website and the broker before signing a contract with them.

Another thing to keep in your mind is that mortgage advisors must be authorized and regulated by the Financial Conduct Authority. This is important because if they are not registered with FCA, you won’t be able to file a complaint against them if the situation doesn’t go well.

For this purpose, you can visit the FCA website and view the list of all the regulated mortgage brokers.

If anyone in your family or friends has purchased a property on mortgage, you can also ask them to recommend a professional mortgage advisor. So, you don’t have to fret about their credibility.

What Are the Fees of a Mortgage Broker?

Usually, the fees of a mortgage advisor will be listed clearly on their website, it’s ideal to confirm the fees before hiring them. The fees of a mortgage broker vary according to their services.

As a general rule of thumb, they will either charge you on the basis of commission, an hourly rate, or a fixed rate of around £500.

How Can You Get Mortgage Advice?

The mortgage advisor will contact you to get your financial details, otherwise, you will be able to fill out a questionnaire form on their website to help you get started.

Usually, the questions will be asked about your day-to-day expenses, savings, expenditures, debts, income, and the source of your deposit.

This way, they will also be able to calculate a rough estimate of the mortgage’s principal amount. Therefore, you can start with the paperwork to help you get the best mortgage deal.


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