Is There Still a Need for Impartial Mortgage Advice When Making Big Life Decisions?

The mortgage market is certainly not what it was a few years ago, and finding the right deal is certainly no easier for that fact. Despite the drop in the number of deals available and with many banks offering deals direct to customers, there are still benefits to taking mortgage advice. While you may hope that finding your dream home means you’re done with decisions for a while, ensuring your dream mortgage doesn’t turn into a nightmare will require at least one more important decision – and one that should not be taken lightly.

Ask the experts

Mortgage advisors are basically financial advisors specialised in the mortgage market. The market has undergone so much change in recent years and is likely to see more to come, means that getting specialist advice may well be more important than ever before. Currently there seems only way that interest rates can go – up. With this in mind picking the right mortgage is hugely important. The advantage of using the services of a mortgage advisor is simply that you have access to a professional who can search the market for you and find a deal that suits your circumstances now, as well as offering advice on how affordable the mortgage is likely to remain.

Types of mortgage advisor

You can, of course, get mortgage advice from the bank direct. However, their advisors are limited to only the bank’s own products. They will do their best to match a mortgage to your needs but have limited options when only dealing with their own products. Independent mortgage advisors will normally have access to a much bigger range of products available from different banks and building societies. Different advisors operate in different ways; mortgage advisors that are linked to a restricted number of lenders and can offer advice only the products supplied by those they are linked to. This is not a bad thing, but may limit the spread of mortgages they can advise upon. The main advantage to potential users is that tied mortgage advisors don’t charge an upfront fee but will take a commission when you purchase a mortgage through them. Independent mortgage advisors will charge an upfront fee – however they will not be linked to mortgage companies and in most cases can offer a wider range of advice.

Steering your way through trouble waters

Whichever route you choose – dealing direct with the bank or using the services of a mortgage advisor getting the decision right is crucial. Despite great deals on offer from the banks – attempting to stimulate growth in the housing market – the best deals can most readily be sourced through mortgage advisors. Anyone stepping on to the property ladder or moving up a rung or two is well advised to consider finding a mortgage advisor who can give you the best overview of the products available. Getting the right mortgage advice on one of the biggest financial decisions you will make should be a priority for everybody in this uncertain financial climate.

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