Last month we welcomed a trio of new mortgage advisors to our company. They are ready to give a helping hand through your house-buying journey.
With the advent of the internet, many people might question why advisors are needed at all. With a wealth of information and direct access to lenders already at our fingertips.
But our recent appointments, and the fact that we have taken advisors on regularly for the past two years, shows that the demand for advisors is as acute as ever. From a business point of view, this is obviously good news. But it is heartening to know that customers still recognise that a helping hand is necessary.
There are a number of reasons why. First of all, advisors know all there is to know about the mortgage business. If they are genuinely Whole of Market, they have access to all lenders, not just a limited range of products.
They know their way around the mind-boggling number of deals available – which can number in the hundreds, if not thousands. So that if you, for example, start looking for a five-year fixed deal, you won’t just have a dozen options, you may get hundreds.
How do you decide between them? And is a five-year deal the best for you anyway?
Your advisor will have probably formed an idea of the likely lender and the best deal available within 10 minutes of chatting to you. Their recommendation can save you thousands of pounds. Or they can often find a way for you to borrow more money than you’d anticipated.
Then, even when you’ve identified a deal, you’ve got to persuade the lender to lend you the funds. An advisor can assist with this by telling you what lenders require. Such as information indicating the reliability of your income, your credit history, your outgoings and even the type of home you want to buy.
If you were to attempt all this alone, there is a large amount to do. Avoiding any unexpected technicalities that an advisor will have been able to warn you about – that dream home you had your eye on may no longer be on the market.
Advisors can also put clients in touch with solicitors or arrange their insurances and utilities. Something which, according to our reviews, is greatly appreciated.
Of course, there is no such thing as a free lunch. Although many Whole of Market Advisors offer an initial free consultation, they make their money through a combination of fees and commissions earned when they arrange a mortgage.
And if you feel your advisor hasn’t acted in your best interest? Then, since they are bound by the Financial Conduct Authority, you can take your case to the Financial Ombudsman or seek recompense from the Financial Services Compensation Scheme.
You don’t get this protection if you go it alone – which is just another reason to seek professional advice. If you think we can help, contact us on 01332 821 340 or 0800 103 2655. Or alternatively, fill in the form to the right and we will get in touch.