Local
Mortgage
Advisors

Independent Mortgage Advisors have extensive knowledge of the mortgage options available from various lenders and their specific criteria. They can search the market and recommend the most suitable deal for you.

Finding these deals on your own requires a lot of research and repeatedly explaining your situation to different lenders.

An advisor might also be able to uncover deals you wouldn’t find on your own and can boost your chances of mortgage approval by knowing which lenders are the best fit for your circumstances.

They can be especially helpful if:

• You have a small deposit

• You’ve been with your employer for a short time

• You’re self-employed

When you receive regulated mortgage advice instead of doing the research on your own, your Mortgage Advisor will recommend a mortgage that suits your specific needs and circumstances.

If the mortgage turns out to be unsuitable for any reason, you have the option to file a complaint. If needed, you can escalate it to the Financial Ombudsman Service. This gives you additional protection when you choose to receive advice.

On the other hand, if you don’t get advice, you’ll be fully responsible for your mortgage decision.

Without advice, you risk:

• Choosing the wrong mortgage for your situation

• Applying for a mortgage that doesn’t meet the lender’s criteria.

Mortgage Advisors may charge a fee for their services, depending on the type of product you choose or the size of your mortgage. The charge could be a flat fee, an hourly rate, or a percentage of the amount you borrow. Some advisors may offer their services for free but receive a commission from the lender.

In some cases, advisors may charge fees while also receiving commission. They are required to inform you upfront about how they will be paid and any costs involved in providing their advice.

If the fee is added to the mortgage, you must agree to this arrangement. Keep in mind that you’ll pay interest on the fee, along with the rest of your mortgage, until it’s fully paid off.

Most Mortgage Advisors offer a free initial consultation, but it’s important to confirm whether there’s a charge for this. If it’s free, you can consult with multiple advisors before making your decision.

Once you choose an advisor, they will provide recommendations and give you a mortgage illustration document.