Should I get mortgage advice?
Lenders (usually banks or building societies) and brokers must offer advice when they recommend a mortgage deal.
Usually the process is simple. The lender or broker will assess the level of mortgage repayments you can afford, by looking at your income as well as your outgoings, such as a finance agreement on a vehicle, credit card balances or personal loans and any regular spending. This information will produce amount of mortgage that is achievable based on the given circumstances.
An applicant can elect to research their own mortgage without advice. This is called an “execution-only” application.
What is a mortgage broker?
A mortgage broker acts as an intermediary who arrange mortgage loans on behalf of individuals or businesses.
Risks of not getting advice from brokers or mortgage advisors:
Being rejected by lender:
This may be due to not suppling enough or accurate information.
Getting wrong mortgage for a specific personal or financial situation:
This could cost thousands of pounds
Agreeing to the wrong mortgage type:
Please see our articles on mortgage types for more information.
Reasons for getting advice
A financial advisor or broker will:
- check the applicant’s finances to make sure they can afford a mortgage
- Offer exclusive deals with lenders, not otherwise available
- Complete the paperwork for you, so the application should be dealt with faster
- They’ll help take all the costs and features of the mortgage into account, beyond the interest rate
- Only recommend a mortgage that is suitable and will advise on what deals are likely to get.
JP-Finance are independent brokers with access to a comprehensive range of mortgages. This means we are not tied to specific lenders and often are able to offer better deals than offered by lenders directly.
JP-Finance are experts in their field and help to find the very latest deals and have in-depth knowledge of the habits and anomalies of different lenders. We do the searching for the applicant and liaise with the chosen lender, which saves a large amount of time and stress.
We can advise which lenders complete the processes the quickest or are affordable based on the applicant’s income and outgoings. JP Finance understands how lenders take certain expenditures into consideration during your affordability assessment.
All mortgage advisers must offer advice when recommending the most suitable mortgages.
This means the applicant is protected and can complain to the Financial Ombudsman if things go wrong.