Importance of Using a Professional Mortgage Advisor

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When you are considering purchasing property, whether residential or commercial, it benefits you to work with a professional mortgage advisor. A mortgage advisor, or mortgage broker, specialises in financial advice relating to mortgages.

There are several reasons why you should seek out a professional mortgage advisor to help you begin the process of purchasing a property.

Protection – A mortgage advisor has a legal duty of care towards you and therefore will help you find the most suitable mortgage deal for your specific needs. The specialist knowledge and experience your mortgage advisor holds will be used to explain to you in clear detail why a certain mortgage deal is the correct choice for you. If the advice is incorrect and you discover this after the fact, you can complain and sue for compensation. Going ahead with a mortgage without taking professional advice on board first leaves you open to problems that you cannot legally resolve.

A Qualified Sidekick – In order to provide mortgage advice, your advisor must have the correct qualifications. This immediately increases your chances of finding the right mortgage for you. They are also always looking out for the best deals and the correct specific mortgage for your needs. If you are looking at a wide range of mortgage deals from various lending sources, your mortgage advisor will provide unbiased advice.

They Have Industry Specific Knowledge – With the criteria for mortgages tightening over recent years, and regulatory principles remaining strict you can rest assured that your mortgage advisor will have industry specific knowledge that you can’t get for free anywhere else. They will understand the ins and outs of mortgage applications and variable and conditions that you might not initially be aware of at first glance.

Think About More than the Mortgage – When it comes to the financial advice you’ll receive from a professional mortgage advisor it isn’t just the mortgage alone that you should consider. Your mortgage broker will also be able to assist you with payment protection options, life insurance and other financial products that will help you at this time, such as buildings and content insurance.

Understand the Fee – As with anything else in life, if you pay nothing for a service there is no guarantee that you’ll receive anything in the way of quality. Your mortgage advisor will charge a fee, but it will be worth it when you consider the service you’ll be receiving. Always ensure that you understand what the fee will be before entering into an agreement. It will usually either be a one-off fee for mortgage advice, or advice throughout the entire mortgage process. Some mortgage advisors will charge a commission through the lender and/or insurer.

A mortgage is never as simple and straightforward as they first appear. It benefits you to understand the importance of employing the services of a professional mortgage advisor. They will undertake the cumbersome and complex tasks that ensure you are getting the best deal for your budget and needs when purchasing property and seeking a mortgage to do so.