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Mortgage market is undoubtedly competitive. It can be really hard for the consumers to know what exactly is available as there is no lack of providers offering different products at different rates. And choosing the right product from the right company is not always easy for the consumers, unless they are being supported by a professional. Therefore, it would be a good idea to talk to a professional mortgage advisor before making any decision.

Why is it needed?

Mortgage advisors including lenders like banks, can offer some valuable mortgage advice. While giving suggestions, they usually consider the amount of mortgage repayment you can afford by taking your income into account. They also look at your daily spending and debt history. Accordingly, they advise you a mortgage that suits your budget and requirement. However, there is no compulsion; it is up to you whether or not you will listen to their advice. You can get your own mortgage deal depending on your research as well. And this type of mortgage is often called ‘execution-only’ application.

Mortgage Advisor

What could be the risk of not having advice?

First of all, getting an advice instead of choosing one depending on your research allows you to lodge a complaint. If the mortgage advised by the professional turns out to be a failure for you later on, you will have rights to lodge a complaint.  You can, for example, complain against them for mis-selling financial products in case the advice you were provided was not ideal for you.

Also, not taking any advice means you need to take the whole responsibility for the mortgage decision – be it good or bad. By not taking expert advice from professional mortgage advisor Lancing, you may end up with the following:

  • You could end up with unsuitable mortgage for your requirement that will surely be an expensive mistake for you in future.
  • You might be declined by your preferred lender as you failed to understand the restrictions properly or the circumstances the product was designed for.

It will be better to start with your bank or building community as they are well aware of your financial situation. They can help you by telling about their own mortgages so you can see how those products stack up against the hard competition before making your mind. Such advice is usually free.

When should you meet a mortgage advisor?

A mortgage advisor or an independent mortgage broker is the right person to help you with your mortgage, as they have detailed knowledge of the existing market. They also have an idea of how the market is going to be in future. They can look at a wide array of mortgage products that might suit your needs. It will be great to talk to a few of them to see what they are offering. There are mainly three types of mortgage advisors,

  • Some, who are tied to any particular lender
  • Some, who pick up deals offered by a limited list of mortgage lenders
  • Some, who consider the entire market for different types of products though that doesn’t cover everything

However, they can’t give you any advice on the products that are available only through the lenders directly.

Considering the above discussion it might seem worthy to you talking to a mortgage advisor.