Do I need to use a mortgage advisor?
Mortgages are major financial commitments that can last several decades and should never be entered into without the proper research.
For this reason, using a professional mortgage advisor is highly recommended, as they will use their years of experience in the property market to find you the best possible deal for your situation.
Why are mortgage advisors so important?
You may think that hiring a mortgage advisor is an extra expense you don’t need during the already expensive property buying process.
However, many advisors don’t charge for their services, taking their fees entirely from commission from the lender, and those who do will save you thousands of pounds in the long-term by finding you much better value deals on your mortgage.
Getting mortgage advice is highly recommended for the following reasons:
1. Whole market access
Whole of market independent mortgage advisors such as CSR financial, are able to compare all the best deals from lenders across the UK and have no affiliation with any single one, meaning their focus will be solely on getting you the best value product.
Many mortgage deals are only available to buyers who are applying through a respected mortgage advisor so no matter how extensively you scour the market on your own, you will never be able to secure the very best products available.
Failing to consult a mortgage advisor can lead to much higher monthly payments for years to come and the initial investment will pay itself off many times over during the mortgage term.
You should generally avoid mortgage brokers who are affiliated to a single lender as they will only be able to offer you their mortgage products and you may miss out on the best rates.
When you choose CSR financial for your mortgage advice we will scour the market, searching through over 2000 different products from over 40 different lenders to find the most appropriate deal for you.
2. Financial Advice
Finding a mortgage that is suitable for your financial situation can be challenging and applying for a mortgage deal that you will automatically be rejected for based on salary, expenditure, or deposit size is disheartening and a waste of your valuable time.
A mortgage advisor will make sure that you are likely to meet the affordability and lending criteria before recommending any product, meaning that you have the best possible chance of being accepted.
If you are a first time buyer who may not have a large deposit or have recently changed employer, it can be particularly difficult to secure an affordable mortgage deal, and an advisor will make sure you only apply to lenders who are willing to lend to those in your situation.
3. Admin
Buying and selling property involves a LOT of paperwork and the admin alone can put off a lot of people from moving home.
By completing much of the admin for you, mortgage advisors will not only save you the time and effort of filling out form after form but, as experts, will ensure there are no mistakes leading to you missing out on your dream home due to an accidental error or misprint.
What are the risks of not using a mortgage advisor?
If you choose to go it alone and not use a mortgage advisor when applying for your new mortgage there are several significant risks you need to be aware of.
Firstly, as mentioned, doing your own research is of limited use as the very best deals are only available to professional brokers and advisors.
If you end up securing a mortgage that is unsuitable for your situation through an accredited professional mortgage advisor, you will be able to make a complaint through the Financial Ombudsman Service.
If you attempt to go it alone, however, and select an inappropriate product you are completely unprotected and could end up paying thousands of pounds in unnecessary fees as a result.
When should you contact a mortgage advisor?
It is best to start consulting with a mortgage advisor paisley at the very start of your search for a new mortgage deal.
Not only will this save a lot of time and money in the long-run in searching for deals, it will also help set your property expectations at a realistic level so you are not going to fall in love with a house only to later discover you can’t secure a mortgage for it.
Having a mortgage advisor in place also means that you will be ready to make your move as soon as you find your dream property and will not miss out by being too slow off the block.
Contact Us Today
CSR Financial Services is a family-run business that have been offering tailored mortgage advice for over 30 years.
Based in Paisley we provide advice for clients across the UK, with the majority of our customers based in the West of Scotland, and aim to make the buying and selling process as stress-free and uncomplicated as possible.
To speak to a mortgage specialist today contact us by phone on 0141 212 2636, or drop us anemail us at colin@csrfinancial.co.uk.