A mortgage adviser helps property buyers find the right mortgage deal for individual circumstances. You could be a first-time buyer, a new buy-to-let landlord, or wanting to upgrade to a family-sized home – whatever your property situation, an adviser is here to help.
But how do you know the mortgage adviser you choose is the right one for you? A good mortgage adviser in York will know the area you’re buying in, help you access a wide range of deals, and understand your personal circumstances in detail.
Here’s how to make sure you find a mortgage adviser who’ll provide the best service possible.
What does a mortgage adviser do?
Before you find a suitable adviser, it’s good to understand how they will – and won’t – be able to help you.
Your adviser will have access to lots of specialist mortgage deals as well as those you can find on the high street. They’ll find out about your personal circumstances and what your property intentions are before helping you to find a mortgage deal that fits.
You can also speak to a mortgage adviser about remortgaging your current property, either to save money on your repayments, reduce your loan term, or release equity from your home.
Mortgage advisers also offer access and guidance for related financial products, such as mortgage protection. They’ll help you to understand the details of related mortgage products and provide impartial advice so that you can decide whether you need these protections or insurances, too.
Your adviser will help guide you through the application process, too. They’ll make sure your application paperwork is completed correctly, submitted on time, and that you understand the terms and conditions of any mortgage application and loan.
A mortgage adviser isn’t a financial adviser. They’ll be able to assess your circumstances to recommend suitable mortgage options but they can’t provide independent financial advice on your investments. If you need more wholistic advice about your personal finances as part of your property purchase, you’ll need to speak to an independent financial adviser.
Decide on your mortgage type first
It’s best to decide what type of mortgage you’re after before you go to your adviser. For example, if you’re a self-employed contractor you may need specialist advice about proving your income for a mortgage.
Knowing your unique needs, whether you’re a first-time buyer, self-employed, a key worker, or in need of a second property mortgage, will help you to find an adviser experienced in your niche mortgage area.
Look for a face-to-face appointments
We live in an increasingly digital age, but nothing beats a face-to-face appointment to get to know your adviser.
An adviser reluctant to meet clients in person may not be able to fully assess and understand your personal circumstances and mortgage requirements. Find out if your local mortgage adviser offers in-person appointments, and how far in advance these need to be booked.
Access to a wide number of deals
A mortgage broker has access to lots of specialist deals that you won’t be able to find yourself on the high street. They work with lenders to find you mortgage offers that suit your circumstances and provide impartial advice on the options available to you.
Uses your preferred communication channels
A face-to-face meeting is beneficial for your first appointment but how do you prefer to do business after that?
Some people insist on always meeting in person, while others are happy with email-only or correspondence.
There’s nothing more frustrating than trying to get someone on the phone and only ever receiving emails instead! Make sure your adviser offers the types of communication you prefer before you agree to work with them.
Personal connection and understanding of your needs
Mortgage advisers are there to do business – but they’re always acting in your best interest. They’ll only ever suggest deals or lenders to you if they believe it could be the right option for you.
That means your adviser needs to really understand you, what you need from a mortgage, and the area you’re buying property in. They should know whether your mortgage budget is realistic for the area you’d like to buy your home rather than encourage you to borrow above your means.
A good adviser will get to know your future plans, too. They’ll understand that your financial needs may change if, for example, you have an upcoming wedding or are planning to expand your family in the near future. All of these plans can affect your mortgage application or borrowing options, so always be honest with your adviser to make sure you’re getting the right advice.
Find a mortgage adviser in York
Our mortgage advisers in York have unique local knowledge and offer a truly personalised advice service.
Contact us today to book an appointment with your local mortgage adviser in York to find out if we’re the right fit for your property purchasing needs.
Find our more about our Mortgage Advice service in York
Meet our Mortgage Advisers in York
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