Should I use a mortgage adviser?

With so many different providers, products and rates to choose from; it’s not surprising many people find the mortgage market daunting and a bit confusing.

For most of us making our first step onto the property ladder, getting expert advice from lenders or mortgage advisers to help make the right decision is a good idea.

You can get mortgage advice from specific lenders who can talk to you about their mortgage products, or from independent mortgage advisers who have in-depth knowledge of the mortgage market across many lenders.

Five good reasons to use a mortgage adviser:

  1. Research and experience

Mortgage advisers have access to a vast number of mortgage deals from many different lenders, and the experience to select the best deal for you.

  • Access to exclusive mortgage products

Mortgage advisers can access exclusive deals with lenders that you couldn’t get anywhere else.

  • Reassurance and security

An adviser will assess your income and expenditure and recommend a mortgage that they think you can afford and which will suit your needs.

  • A faster application process

An adviser will speed up the process of your application by taking care of the paperwork for you.

  • Legal comeback

If at a later date the mortgage turns out to be unsuitable, you have the right to complain that the financial advice you received was mis-sold.

How much does a mortgage adviser cost?

Mortgage advisers should be upfront about their costs and how they earn their money from the start. Some will charge a fee and others will be paid a commission from the lender once your application has been processed.

How do I find a mortgage adviser?

Speak to friends and family to see if they can recommend a good adviser. We  think it’s important that you also speak with at least one other adviser to find one that is the best fit for you. You can check out our adviser search to find a recommended adviser:

Search for a mortgage adviser

What happens if I don’t get expert advice?

If you decide against taking expert advice and choose your own mortgage (known as an ‘execution only’ application) you take full responsibility for your mortgage decision.You could end up with the wrong mortgage for your situation, which could end up costing you more, or your application could be rejected by your chosen lender because you didn’t fully understand the mortgage product and chose incorrectly for your situation.

Avoid the most common first-time buyer mistakes

Learn about the top first-time buyer mistakes and the best ways to avoid them with our FREE ebook

If you are thinking of buying a house in the next 12 months then you need to make sure you get this. It's packed with examples of the most common mistakes.

  • Covers every stage from planning your finances to the sales process
  • Easy to read
  • Packed with tips to help you avoid the most common mistakes
  • Receive on going tips to your inbox