Unlocking the benefits of expert mortgage advice: what does a mortgage adviser do?

A mortgage adviser helps you find and apply for a mortgage that fits your needs, comparing deals, handling the paperwork and guiding you through to getting the keys in your hand and something fizzy in your glass. This guide explains what an adviser actually does, how they're paid, and how the right advice can save you time, money and guesswork on the way to your new home.

What is expert mortgage advice?

It can be tricky to know which mortgage is right for you, especially if you’re a first-time buyer, and sifting through all those options to identify the right one isn’t as straightforward as it sounds.

Should you go for an interest-only or fixed rate mortgage? Do you choose a longer term to reduce monthly payments, or pay higher monthly amounts to pay the mortgage off quicker? Decisions on top of decisions…

A mortgage adviser can simplify the whole process, saving you time, stress and, hopefully, money.

The difference between independent and tied mortgage advisers

Not all mortgage advisers have access to the same mortgages.

Some advisers (like us) can compare deals from lots of different lenders, so you’ve got a wider choice. They may even have access to deals you can’t get directly.

A tied or restricted adviser has a smaller list of lenders they can recommend from. For example, they might only work with one bank or a handful of providers, so you might not see some of the other options available.

If you want more choice, it's worth checking how many lenders and deals your adviser has access to.

How to choose a mortgage adviser

There are a few things to ponder over when you’re choosing an adviser. From the lenders they work with to their fees and experience, knowing what to look for can help you find someone who’s a good fit for you.

Here are a few things to look out for:

• They listen to you: Your mortgage adviser should take the time to understand what you’re looking for and what matters most to you.

• They explain things clearly: Mortgages can be confusing, so you want someone who can break things down and make the process easy to understand, without all the jargon.

• You understand the costs: Make sure you know what you’ll pay for their advice and what their fee includes.

• They’re properly authorised: Check that they’re authorised and qualified to give mortgage advice before you get started. It’s also important to choose a firm that’s regulated by the Financial Conduct Authority (FCA). You can check the FCA Register to make sure.

Questions to ask before you commit

Before you commit to an adviser, it’s a good idea to ask a few simple questions, such as:

• Which lenders do you work with?

• Are there mortgages you can access that I can’t get directly?

• How do your fees work?

• What can you help me with throughout the mortgage process?

• Will you explain my options and recommend a mortgage for me?

• What happens if my mortgage application is declined?

There’s no harm in asking questions and a good mortgage adviser should be happy to talk you through how they work before you get started.

Benefits of using a mortgage adviser

They have access to a wider range of products

Having access to a wide range or mortgage products means you’ve got more choice.

Mab has access to thousands of mortgage products from 100+ lenders, including exclusive deals that can’t be found on the high-street.

This can be useful if your circumstances are a little more complicated, as we can look beyond the usual options to find a lender who can help.

Help with your money

A good mortgage adviser will take the time to get to know you, understand your lifestyle and get a clear picture of what you can comfortably afford.

This means they look at your income, regular spending and any other commitments, which can help when your affordability is assessed as part of the mortgage application.

They’ll also talk to you about your plans for the future. Things like whether you’re planning to start a family, change job, or make other big life changes can affect the type of mortgage you choose.

It means you can feel confident that your mortgage is affordable and works for the life you have planned.

Speak to the lenders

Having a mortgage adviser on-side means you don’t have to deal with lenders on your own.

They’ll know what different lenders are looking for and can point you towards those most likely to accept your application for a mortgage.

They can also deal with the lender for you, answer questions and keep things moving. So, if there’s any mortgage jargon or paperwork you’re unsure about, you’ll have an expert to explain it clearly.

Support you through the process

Let’s face it, nobody wants to deal with filling out forms and all of the mortgage admin, but luckily, with an expert adviser acting on your behalf, you won’t have to.

They’ll be there to guide you through the application process from start to finish, help with the paperwork and keep your application moving in the right direction.

Do I have to use a mortgage broker?

No, you don’t have to use a mortgage adviser.

Choosing a mortgage isn’t quite as simple as finding the lowest interest rate though. Different lenders have different criteria and the deal that looks best on paper might not actually be the best option for you.

You can absolutely go it alone, but having an adviser on your side means you’ll have someone who knows the mortgage market. They can explain your options and help you through what’s likely to be the biggest financial decision you’ll make.

When might a mortgage adviser be helpful?

There are some situations in life where having a mortgage adviser on hand could make things easier:

• If you’re a first time buyer: There’s a lot to get your head around as a first time buyer, from understanding affordability to choosing the right type of mortgage. An adviser can explain your options and guide you through every step.

• If you’re self- employed: Being self-employed doesn’t mean you can’t get a mortgage, but lenders may look at your income a little differently.

  An adviser can help you understand what you’ll need and find a lender that’s more suitable for you. Having a clear picture of your finances and keep your paperwork in order to make the process run more smoothly.

• If your money situation is a bit more complex: This could cover things like non-regular income, multiple income sources, existing debt or anything else that might make your mortgage application a bit more complicated.

• If you have poor credit: It can still be possible to get a mortgage when you have bad credit. A mortgage broker will look at your situation and find a lender that can help. This could save you time and reduce the risk of a declined mortgage application, before you finally find the one that is right for you.

If you’re having money worries, you don’t need to struggle alone. It’s important you reach out and seek non-judgemental advice from professionals, such as Citizens Advice Debt Management and Debt Support Trust.

Finding local mortgage advisers

If you’d prefer to work with someone who knows the local area (where the best coffee shops are!), finding a mortgage adviser near you can be a good place to start. Remember, location isn’t the only thing to consider. It’s worth looking at their experience, which lenders they have access to, what they charge and how they’ll support you through the whole process.

At Mab, we offer flexible appointments that fit around your lifestyle and everything else you’ve got going on. Whether you want to chat over the phone, video call or a face-to-face at your preferred location.

Use our handy postcode look up to find a qualified mortgage adviser near you or book a free appointment with a local mortgage adviser to talk through your options.