Mortgages: should I use a mortgage adviser?

3 min read

Mortgages: should I use a mortgage adviser?
Looking to buy a property or planning to remortgage soon? A broker may be able to find the best deal for you and boost your chances of a successful application.
This article looks at what a mortgage broker and a mortgage adviser does and if you need one. Seeking independent advice can make the difference between a successful mortgage application and being rejected.
It may also lead to a better deal so that you save thousands of pounds.

What is a mortgage adviser?

A mortgage adviser specialises in finding the best mortgage deal for your circumstances. They are often called mortgage brokers, but there is no real difference between an adviser and a broker.
One big difference you need to consider is whether you use an independent mortgage broker or a 'tied' mortgage broker.
While an independent broker can source mortgages from the whole market, a tied one is limited to certain providers, so may not be able to find the most competitive deals.
A broker is usually a dedicated mortgage specialist, but some independent financial advisers (IFAs) also give similar mortgage advice.
A mortgage broker will boost your chances of securing a mortgage and finding the best deal.

When should I seek advice?

If you’re a first-time buyer, you have the most to gain from mortgage advice, as the application may be more challenging and the process will be new to you.
However, a mortgage broker can be useful for any mortgage application.
Other times when you’ll benefit from expert advice include remortgaging, buying your next home or a second property, especially if you need to borrow more.
An adviser can also find specialist mortgages if you plan to buy-to-let, buy  or a holiday home. or a holiday home.
Mortgage advice can also help you tap into the value of your home in later life via equity release.
Use Unbiased’s mortgage calculator to find out how much you could borrow, expected monthly payments and your loan to value ratio.
You can also discover information about Islamic mortgages.  

What are the benefits of using a mortgage broker?

An independent mortgage adviser is not restricted to any providers and will act in your best interests, so you should be confident the recommended deal is the best one for your circumstances.
A mortgage broker should:
  • Outline the various mortgages available and different types of deals.
  • Offer guidance on how much you can afford to borrow.
  • Have access to mortgage deals not available on the open market.
  • Help you prepare for your mortgage application.
  • Be able to save you money by finding a mortgage with lower interest rates or fees.
An unsuccessful mortgage application may impact your chances of success next time, as each rejection will appear on your credit record.
Using a mortgage adviser will boost your chances of being accepted the first time.
Image of two people sat at a table with a model house

How to find a mortgage broker

While you can do your own research to discover an adviser, there are two ways you can easily find a mortgage broker on Unbiased.
The first way is to use Unbiased’s Connect tool. You enter some details about your circumstances and requirements, and its system will match you with the nearest suitable adviser.
You should get a match within 48 hours, although it’s often much quicker.
The second way is to search and browse Unbiased’s directory.
You can enter your postcode to see a list of mortgage advisers and the nearest ones to you. Also, you can refine your search to find advisers with specialist experience or certain qualifications.

What does it cost to use a mortgage broker?

Mortgage brokers charge in several different ways.
While some mortgage advisers charge a flat fee, others receive a commission from the bank or lender providing the loan.
You should discuss any fees at your first meeting with a broker, ask how they are paid, what it will cost, and get a written quote.
Using a mortgage broker should mean you spend less money over the long term, so get an adviser explain to you how their fee is justified.

Your first meeting with your mortgage adviser

Before your first meeting with a broker, you should use Unbiased’s online mortgage checklist to test the strength of your mortgage application and discover what questions you may need to ask.
At your first meeting, ask your adviser if they can source direct deals as these may offer special rates or discounts.
If your adviser recommends a mortgage, ask them to explain in detail why it is most suitable. A good mortgage broker may offer useful tips and guidance during the homebuying process.
Your advisor can quickly connect you with a qualified mortgage broker who can find the best deal and support you with your property goals.
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