Fee-free, worry-free mortgage advice?

Firstly, let's define advice. A whole of market broker will look at all the options available to you from the market, discuss your plans, hopes, dreams and your current and immediate financial position in order to ascertain the best product and the best lender for you. They are bound by their own ethics and regulations to do this and must document fully to you (and for their regulator, the Financial Conduct Authority, otherwise known as the FCA) exactly why they have recommended that particular mortgage. This is advice.

When you discuss your mortgage with one adviser at one high street bank, they will be able to tell you about their most suitable product for you. This is not advice. They are giving you information that allows you to make an informed choice from their range of products. And you will uncover more information on other products should you choose to approach a second high street lender – or a third, or a fourth – though, you will still not have received advice; furthermore, you will not have received advice from someone who knows the whole of the market. Ultimately, if you make the wrong choice in those circumstances you have to live with the consequences.

Why take that risk with one of the most important financial decisions of your life? Our advisers deal with mortgages every day and have the experience to guide you through the maze of deals and criteria.

The lender who offers the best rate may not lend you what you want or may not lend money on your dream home. Your broker will know who to go to, so you don't waste your time or give the estate agent the opportunity to sell the home you want to someone else. They are there to get you the best product available.

Your broker is in your corner and will help you with paperwork too. They are also there to help with the other people in the process, like solicitors. They can advise you on the different types of property valuation and the individual foibles of the banks and building societies.

In order to obtain good, unbiased, transparent, independent advice, it is worth checking if your potential provider is whole of market and doesn’t just have access to a ‘wide range’ of mortgages; and that they are qualified and regulated by the FCA. You can check your broker on the FCA register.

It is also worth checking that they, like us, do not charge broker fees – we don’t for mortgages secured against UK property. However, many do, with some adjusting this cost according to your chosen product or the mortgage value. Instead, confirm that they will only receive commission from the lender on completion of your mortgage. If they do charge fees, establish the cost in advance. It is worth knowing that advisers who charge a fee will also be paid commission by the lender.  

Go for face to face advice if you can. Who wants to use just another call centre? Buying your home is more important than that. Let us help you into your home.

December 2017