Things you should know when seeking mortgage advice
One of the things to consider about buying a house is that when you receive whole-of-market mortgage advice, your broker has a duty of care to you. In fact, he or she should be so confident about the level of advice they are providing as an advisor that they can back it up by presenting it in a suitability report, which is then signed and dated. If you subsequently discover their advice is not up to scratch, you can complain and seek redress through the proper channels - a valuable layer of protection for you. On the other hand, you could decide to go straight to a high street mortgage lender where it would be nice to think that all you have to do is to choose the cheapest fixed or tracker mortgage rate. In reality, however, there are many more things you should be taking into account when you start looking for a mortgage and this is where the advice of a fully qualified and experienced mortgage advisor comes into play. Some advisors specialise in particular areas of the market so if, for example, you want to invest your hard-earned cash in an investment (buy-to-let) property, the mortgages on offer require a completely different type of contract. In this case, the advisor has to understand different lenders’ approaches to property and calculating affordability, amongst many other things. As a purchaser, it is good to know you are speaking to someone who not only knows what they are talking about but, most importantly, can choose products from the whole range of available options. So whole-of-market mortgage advice is just that, enabling the advisor to select from all the available products on the market for you. But always remember that your home may be repossessed if you do not keep up repayments on your mortgage.
‘There are many more things you should be taking into account when you start looking for a mortgage’