A mortgage is one of the biggest financial commitments that a person will make and getting it wrong could cost thousands of pounds. There are so many different types of mortgage product, interest rates and deals, that the whole process becomes confusing, whether you are re-mortgaging or are a first-time buyer.

What does a mortgage advisor do?

An independent mortgage advisor will search for the most suitable deal for a client, making sure that they have the best possible deal for their circumstances. A professional advisor knows what the criteria for each lender is likely to be, so that they know just how likely a client is to be accepted by a lender for a mortgage. Some deals may not be suitable for a client, and the mortgage advisor will be able to explain why.

In addition to finding a deal, an advisor is also able to support clients through the application process, which can also be confusing. If any problems occur, the advisor will be able to deal with the lender on a client’s behalf.

Reasons to seek professional mortgage advice

The process of buying a new home or re-mortgaging is costly, which is why some people may decide not to approach an independent advisor and search for a deal themselves. However, not seeking expert advice could turn out to be an expensive mistake.

A mortgage advisor has a duty of care to clients and must be able to explain why they are advising a particular product. If this turns out to be the wrong advice or a client isn’t happy with the service, they can make a complaint.

As a mortgage advisor, you are qualified to provide information and advice to clients, to help them find the best product on the market. The advisor will offer the most suitable products for the client and not the lender. If you approach the lender directly, they may not offer the most suitable product, although they are obliged to make sure a mortgage is affordable.

Other services offered by an advisor

In addition to helping clients secure an affordable mortgage product, they also offer advice about insurance products to make sure that the mortgage payments will be made in a time of crisis. Types of incident that may require insurance will be death, redundancy or critical illness. In all cases the mortgage will still need to be paid, which is why insurance is generally recommended.

Your services as a fully qualified mortgage advisor could make a huge difference to someone’s life.

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