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Why should you use a mortgage adviser?

What is a Mortgage?

Before I get started on why you should use a professional mortgage adviser, let’s talk about what a Mortgage is. In simple terms a mortgage is a loan secured against a property. This can be for a property that you want to live in (residential), or for an investment property that is rented out to someone (buy to let), or even a business building (commercial). 

There are many different types of Mortgages, and different variations to them that this can be why it is best to speak to an adviser. There is no ‘one size fits all’ when it comes to Mortgages. What can be right for one client may not be right for another. You can have Mortgages over different terms, with different ways of repaying back the money borrowed, and different ways of lenders charging and paying interest. A mortgage can be used to purchase a property, or you can increase your Mortgage to raise money for other things such as debt consolidation, home improvements – or even for new cars and weddings.


What is a Mortgage Adviser?

A professional adviser who has studied exams and is authorised by the Financial Conduct Authority to give advice, and submit your application for you. As advisers, we are here to help you understand the process, give the best advice, and guide you through each step of the process. We have an understanding of the process, hints and tips, and what may be best for your circumstances providing a bespoke service tailored to find the right mortgage quote for you.

Get a free mortgage quote from us today to start the journey on finding your new property.


How much does it cost to speak to a Mortgage Adviser?

Some brokers will charge you a fee for an initial consultation before they have even established if they can help but at Mortgage 1st we will have a good conversation with you before establishing if we can help you. We will provide Mortgage quotes and advice to find the right mortgage for you. If we can help you we charge a fee on completion for a remortgage, or on mortgage offer on a purchase. This should give you confidence in our ability to help you because if we cannot help, there is no fee for our time. All brokers will have a different charging structure.


Can my bank give me Mortgage Advice?

Absolutely a bank generally will have a mortgage adviser but the key difference here is that they are not a mortgage broker. They can normally only give advice on the mortgages from that bank or building society. So their advice is limited to their criteria and rates. Meaning that the rate may not be the best.

Similarly they may also say that you cannot get a Mortgage. This can often lead people to think that they cannot get a Mortgage at all because their bank has declined them, but this is more than likely just that bank that will say no, and that there will be another lender out there who will lend.

This can be key when looking for a mortgage broker is better for you than just one lender.


Why should I use a Mortgage Broker instead of going to my bank?

As mentioned before, a bank may decline you for a Mortgage but if you speak to a broker we have a wide range of lenders who will cater for varied circumstances where you may in fact then be accepted for a Mortgage. 

A common example will be if you have a low credit score or have adverse credit on your file. Typically mainstream banks will not have an appetite to lend in those circumstances but as brokers we have lenders who may consider that. If you have been declined for a mortgage from your bank, then our advisers may be able to help find alternative solutions available to you.

Even when searching for a mortgage for our clients, the best lender for that client based on rate and criteria changes all the time. It can even change for the same client over a period of time.

Paying for a broker can lead to you saving time and money in the long run. We are here to get the best deal for your circumstances but also ease the process. So whilst some may see it as money that does not need to be spent, the majority see that it is the best money they have ever spent.

Contact our mortgage advisers if you have any questions about how we can help you, or get a free mortgage quote today using our online form from the ease of your home!


Written by Mortgage & Protection Adviser Megan Kearney. With over 20 years of experience in the industry Megan has assisted hundreds of customers during that time. Visit her social media pages by clicking on the links below to find out more and to see how she could help you.