The Benefits of Using an Independent Mortgage Adviser

Types of mortgage advice So what are the various types of mortgage advice and where would you find them to be found?

Non-advice This type of mortgage broker provides the least security for customers, they will simply ask a set of questions to limit customer requirements and thus filter the number of available mortgages. They then give a limited list of possible mortgages to the customer to choose one that fits them. Consumer protection here is based on the broker’s question file. The script is a process decided before the appointment of the user, and is impersonal. Thus it is doubtful that specific personal conditions will be determined. It also means that the customer answers are factually correct, and that the final choice is made by the user alone. Such brokers do manage the structure of the mortgage on behalf of customers although no guidance is given, and therefore deal with all the chasing and eliminating tension from the operation.find more info about Island Coast Mortgage Lenders

Where would you want brokers not to be advised?

Okay, assume it is within the high street banks and building societies, or not many unadvised brokers.

Advice-only This category of services is where a mortgage broker uses their knowledge and skills to provide the most suitable mortgage to fit the personal circumstances of a borrower. This will include a full fact-finding interview, a feasibility evaluation, discussion of future plans and expectations for customers, all of which include key facts about customer needs, and thus a way for the consultant to identify appropriate goods. However, the lawyer will not manage the mortgage agreement, and thus the borrower would have to deal directly with the bank or building society in order to arrange the mortgage.

Where would you want there to be counsellors only?

Such advisors do not generally exist alone this is often a service provided by the form ‘ Independent Mortgage Advisor’ below. And often occurs when the most acceptable mortgage is only sold directly by high streets (i.e. not through mortgage consultants / brokers). Consequently, the counselor will give the client a counsel-only alternative and often charge a fee for this service. Even though the customer has to deal directly with the bank or construct community, their mortgage advisor also provides the borrower with assistance.

Linked mortgage consultants Tied mortgage consultants come in two ways’ only offering mortgages from one lender or their own mortgages’ or’ only offer mortgages from a limited number of lenders.’ It obviously limits the number of mortgage products available to fit a consumer’s personal circumstances and in many cases they may not be able to offer the most appropriate mortgage product and therefore advice may result in the best mortgage they can provide, becoming badly inadequate.

Where would you find advisors on tied mortgages?

Branches high in the driveway. A customer calls into their local building society branch and can only sell mortgage products from that building society to their home mortgage advisor. Consumer choice and suitability for the mortgage product are significantly reduced. What’s more, high street outlets also offer low mortgage rates / fees as a leader in damages (marketing term to get in business) and then try to sell their linked insurance products which are often horribly poor and costly too.

Whole sector advice These advisors will give mortgages from all the UK mortgage lenders (having mortgage advisor / broker routes) by far the best coverage. The vast amount of mortgages available through these brokers is likely to cover a consumer’s individual circumstances. Whole market mortgage advisors offer advice by conducting a full fact finding interview, evaluating affordability, exploring future plans and expectations for customers and then arranging the mortgage through the lender thus alleviating the tension that occurs when buying a house.