Obtaining the best Mortgage Advice

Mortgage advice may not be for everybody, however for those who are looking for it, it can be a beneficial service in assisting them to achieve an improved deal compared to what they would have achieved by themselves. The function of a mortgage consultant is always to work with a buyer to locate them the most appropriate option for their situation.

The primary way a mortgage consultant accomplishes this is by assisting a purchaser throughout the mortgage application process. This consists of investigating the numerous mortgage choices for the buyer, and also gives guidance and knowledge on life cover, repayments, re-financing and home insurance. Keep in mind potential bias, however: a mortgage consultant employed by a bank is only going to offer recommendations on the services supplied by the bank; whilst an independent consultant, or one employed by an estate agent, will probably advise on a broader spread of services and companies.

If you’re searching for a mortgage consultant, there are several important aspects to bear in mind. Anybody giving specialist mortgage guidance is required through the Financial Conduct Authority (FCA) to possess a specific degree of expertise. It’s therefore essential for any mortgage consultant to have undertook studies for either a Certificate in Mortgage Advice through the Chartered Insurance Institute (CII) or Certificate in Mortgage Advice and Practice (CeMAP) through the ifs School of Finance (which will soon be renamed The London Institute of Banking and Finance). Regardless of whether you locate them via your bank or another route, ensure any mortgage consultant whose services you employ has a minimum of one of these credentials.

Should you already pay for the assistance of a financial adviser, it’s worth checking if they offer mortgage advice. One path to to become a financial adviser could be to qualify as a specialist mortgage adviser and then complete further training. If your financial adviser has taken this route into their profession, not only will selecting them as your mortgage consultant help you save money, but as they already understand your finances, it will help you save the time and effort of detailing this to a different mortgage consultant.

Lastly, keep in mind that any advice you get is simply that. Whatever your mortgage consultant, whomever they may be, advises you to do, there’s no obligation on your side, until you’ve signed any formal paperwork. It’s essential to never feel pressured or simply to go along with any recommendation you’re provided. A mortgage is a significant investment decision, so don’t agree with anything before you feel completely satisfied with any plan your adviser offers.