What are the benefits of talking to a Mortgage Advisor, even if I want to stay with the same lender? Great question and one we can hopefully help give clarity on.
Getting a mortgage in your life or even multiple it is a big thing and can be fairly stressful in some instances and so talking to a Mortgage Advisor can help you navigate this often confusing time. Because of this, it is imperative you get it right and make sound decisions when deciding on your mortgage and who to go for when getting your mortgage. Most people will try and make this decision themselves or even just stick to the same lender because they think they have to (or someone recommends this is normal – it’s not) because they think it might be easier, than going through the mortgage process again, but easier is not always cheaper or better as you can end up getting a worse deal by not shopping around and gaining an understanding of what is available to you and keeping your options open.
Not everyone will think about getting an independent mortgage advisor who can help you make these decisions. If you are looking for a mortgage but are unsure if you should stay with the same lender you already have used or have, then this guide to a mortgage advisor may help you understand it further and make your decision easier.
What is a mortgage advisor?
A mortgage advisor, also known as a mortgage broker, is someone who specialises in finding lenders that would meet your requirements for a mortgage. They do this by giving you advice and recommendations of any mortgage that would be best for you and what you want or need. Another great aspect of using an independent mortgage advisor is that they will, once they have found your mortgage, sort out the application process for you; they are also regulated by the FCA (financial conduct authority) and will have to meet specific requirements to actually be a mortgage advisor so you have some security that they are legit and can be trusted. At Yes Mortgage Services we are what’s referred to as a whole of market broker – so have full access to over 120+ lenders, including some you have probably never heard of – whereas your bank will have 1/2 a dozen products and can only recommend or sell you those loans.
We often find we are that impartial, not emotionally attached part of your home buying process. We can talk you through the whole process, giving you honest support.
Why should I use a mortgage advisor?
When using a mortgage advisor, they will only advise you on mortgages that match your requirements; they also will have the ability to get mortgage deals not directly available to the public. They also have plenty of knowledge of which lenders are more likely to accept your application and can advise on this also. They also take away most of the administration side to getting a mortgage and reduce the hassle and stress of finding a mortgage. They also offer some protection as well as if they for some reason give you incorrect advice, and it is probable then you may be able to bring a claim against them; this is because they have to advise you as best a possible depending on your requirements if the mortgage recommended is not suitable and they can not justify why it is the recommended one for you then you can complain and get some compensation.
Using independent mortgage advisors
Using an independent mortgage advisor is more likely to find you the best overall deal as they have access to a whole spectrum, so you will have a choice from the widest possible range of mortgages. With a lender’s advisor, they will only be comparing offers with the specific lender they are attached to, so you are only getting a choice from that one lender, which limits you from getting the best overall deal to just the best deal with that lender.
An independent advisor is someone that can also save you money because fo the fact they have access to more offers; if you use a lenders advisor, they will look to get you hooked in as long as you are not high risk and make sure they secure you, but it does not mean you are getting the best deal for you, it is more they are giving you the best deal for them to make as much money as possible. Because the independent advisor is not specific to any lender, they will get you that best deal for you, saving you money overall; obviously. We don’t judge you on your financial situation and we can look at your finances holistically – where as if you go direct, you are probably only going to answer the questions asked – we will help you to look at the bigger picture and see where this mortgage loan fits for you.
With independent advisors, they will also help you complete the mortgage application process making it a less stressful time and making sure you understand everything instead of having to deal with it yourself. With lender advisors, they tend to only advise on the mortgage offers then leave you to handle the application.
If we have done your first mortgage and you are coming to the end of your rate, don’t just go with the new rate that the lender recommends you take – talk to us. Remember we DO NOT charge you a broker fee and so it’s in our interest to help secure you the best possible rate), often we have access to broker only rates that you won’t see or be offered but also if we know of something better we can held you secure that. With the lender you are an account number, with us you are a person who we care about finding the right mortgage product for your needs.
At Yes Mortgage Services we don’t charge you a broker fee – you see, we get paid in the same way as every other Mortgage Advisor – by the lender for recommending their services, but other brokers will charge you a fee as well as taking the lender payment. We don’t do that – as we always say, we want to work with you for the lifetime you are a home owner, so we don’t charge a broker fee in the hope that you keep coming back to us because you respect the work we do for you time and time again and hope that you will recommend us to family and friends.
If you are someone who is looking for a new mortgage and you are not sure if you should stay with a current lender or branch out to an advisor who can take you through your option, then hopefully, this guide will be able to help you understand what a mortgage advisor can do for you and whether they are good for you.
At Yes Mortgage Services, we offer a comprehensive range of products from across the market.
Irrespective of whether you are looking to buy a new home, re-mortgage an existing property, or looking to protect your family from the unpredictability that life throws at it or protect your income if you are unable to work due to accident or ill health.
Yes Mortgage Services are committed to offering you the highest possible standards of service. We can undertake the whole process from answering the initial questions through to handling multiple product applications. Ensuring that everyone gets treated with the same urgency and maintaining your best interests are our main goals irrespective of the value of the mortgage.
We recognise that both we and our customers have everything to gain if we look after your best interests and treat you fairly in all aspect of our dealings with you.