Seeking Out Mortgage Advice

Seeking Out Mortgage Advice

Whether you are a first-time-buyer purchasing your first home or an existing home owner looking for a remortgage product, it is important to seek out expert mortgage advice to ensure you obtain the right home loan for your personal circumstances.

Evolution of the UK Mortgage Market

The UK is often referred to as having the most complex mortgage market in the world. A wide variety of products are now obtainable from dozens of lenders where only a few lenders existed before.

Mortgages are now obtainable to people with all kinds of credit histories and employment situations and are also obtainable to buy character for investment purposes. This situation is greatly different to several years ago when only a few lenders offered chief mortgage products to people with stable employment.

The UK home loan market has consequently evolved considerably in only a few short years and the need for expert advice has never been greater. Such advice on is no longer the only domain of overbearing bank managers and because of this the financial intermediary industry has flourished.

Advice Providers

Because of the increased sophistication of the market it is wise to seek advice from either an independent broker or financial adviser when searching for your next home loan.

Independent brokers have specialist software that can examine the complete market in minutes, helping them to provide quality mortgage advice that will help you choose the right product for your individual circumstances. The right advice can help you save money over the term of the loan, whether it is for a buy-to-let character or your own home.

Likewise, independent financial advisers (IFAs) can sometimes provide advice on mortgages in addition as ancillary finance products such as insurance and pensions. Often these products go hand in hand with home loans so it can be a good idea to receive advice from an IFA if you have one already.

If, for example, you are looking to buy or remortgage a buy-to-let character your IFA may be able to provide you with advice on which products to apply for in addition to any investment advice they may provide to you.

If you are seeking a mortgage for your own home your IFA may be appropriate for providing you advice on both your home loan and your home and contents insurance. You may also use the opportunity to receive advice on life assurance product or mortgage and income protection insurance.

Where to Seek Mortgage Advice

Finding a broker or IFA who can offer you mortgage advice has never been easier. There are thousands of registered brokers and IFAs in the UK, many of whom advertise on the internet and in the local press. There is also a wide range of online and offline directories which contain listings of mortgage brokers in most local areas. However, with the ease of communicating over long distances these days, it is not always necessary to receive advice from a local mortgage broker.

You may also seek out referrals from friends of relatives. Mortgage advisers and IFAs sometimes specialise in different fields of financial advice which method that not all advisers will be appropriate to providing you with information on the specific issues you are seeking advice on. A positive referral from a friend or relative may consequently save you the time and hassle of finding an adviser yourself and reduce the risk of inappropriate advice.

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