The Importance of Using a Mortgage Advisor

Mortgages – for some people, just the mere mention of them might fill them with dread! Endless financial jargon, long lists of confusing rules, and unexpected fees everywhere you turn.

But mortgages needn’t be so daunting. When you have someone with all the know-how to explain and guide you through the process of getting a mortgage, you’ll probably find that it’s way more simple than you once thought.

What is a mortgage advisor?

That someone with all the know-how I mentioned? That’s a mortgage advisor. Their role is pretty self-explanatory – they advise people on mortgages. They are specialists with an in-depth knowledge of the market and are there to navigate and guide you through when you are taking out a mortgage. Not only that, but they will try and get you the most cost-effective mortgage deal, potentially saving you quite a few pennies.

When you enlist the help of a mortgage advisor, they will need to get an idea of your financial situation before they can assess your affordability and begin finding you suitable mortgage deals. They might ask you for:

  • Photo ID (current passport or full UK photocard driving license)
  • Proof of your address (utility bill or bank statement)
  • Proof of your income
  • Details of any outstanding loans, unpaid credit card bills, car finance, overdrafts, etc
  • Details of any current life, critical illness, or home insurance policies
  • Details of any other mortgages you might have (buy-to-let for example)

And it’s not just when you take out a mortgage that a mortgage advisor can help you – they also offer advice later down the line when remortgaging, buying your next home, or buying a second property. They are also invaluable if you plan on using a Help to Buy scheme, or if you have bad credit and are worried about getting accepted for a mortgage.


The importance of using a mortgage advisor

Should I use a mortgage advisor?

Yes! You don’t have to use a mortgage advisor, but it’s a really good idea to. It can be so easy to get bogged down with masses of information, lots of different lenders, and different types of mortgages when going it alone. Your mortgage is pretty important, so it’s worth getting right.

A mortgage advisor will take the time to get to know a little bit about you and your finances to make sure that you can afford a mortgage, and what kind of mortgage you’ll be able to afford. They will be able to let you know what sort of properties you can realistically start looking at. Once you’ve found a property you like and want to purchase, they can find you the right mortgage deal. They often have access to the whole market, so can find deals that might not have been available to you otherwise. They usually complete your paperwork for you and get the process completed quickly and smoothly. What’s not to like?

Not only this, but a good mortgage advisor will make sure that you understand the process, the paperwork, and how a mortgage operates. They will empower you to be in control of your mortgage.

Where can I find a mortgage advisor?

There are so many mortgage advisors out there to choose from. A simple Google search will bring you up many, however, it’s a good idea to go off a recommendation if you have friends or family that have had particularly good experiences with an advisor in the past.

Some mortgage advisors are tied to a specific lender, some look at deals from a limited list of lenders, and some check the whole market for a wide range of products. If you’d like a mortgage advisor that checks the whole market, and you’re based in or around Milton Keynes like myself, check out Mortgage Light. You’ll pay a small fee for their services and they have access to a huge range of mortgage deals to suit anyone’s circumstances.

*This is a collaborative post

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