The majority of mortgages arranged in the UK are done through a broker such as ourselves. We thought it would be useful to give our blog readers some top tips on what to look out for when appointing a mortgage adviser.
What to look for when appointing a Mortgage Adviser Do they offer a no-obligation consultation?
A no-obligation consultation gives you the opportunity to get to know the adviser and firm and see if you like & trust them. For us personally, we want to make sure that we give everybody the opportunity to talk to an adviser without cost, so it is really important for us to offer every single person a no-obligation 30-minute advice consultation. People can come to us and say, ‘this is what I’m looking to do’, which gives us the opportunity to find out if what they’re looking to do meets mortgage criteria.
How do you feel about the adviser?
Trust your instincts. Ask yourself:
- Do you like them?
- Did you get on well with them?
- Do you trust them?
- Did they give you confidence in their abilities/knowledge?
If the answer was yes, they could be the perfect match for you.
What to look for when appointing a Mortgage Adviser Fees
Most mortgage brokers charge a fee for their service. Charging a fee allows us to dedicate our time getting to know you & conducting thorough mortgage research. If you are shopping around for a mortgage adviser, you need to find out their fee information.
Product range
It is important to know what products are being offered. If you go to your own bank for a mortgage, they can only advise on their own products, meaning that you would be missing out on potentially thousands of other mortgage products that might be cheaper. The next product range is a limited panel of lenders. This could be a mortgage broker with a select number of banks and building societies that they are able to use (this number does vary from company to company). The biggest product range available is known as ‘across the market’, which used to be known as ‘whole of market’. Looking for an adviser who has access to a large number of banks and building societies would give you the best chance of finding the cheapest deal. There is always the possibility that there are deals that require customers to apply directly to the lender (and not through a broker).
Recommendations
An indication that an adviser is doing a good job is if they are getting recommendations. You ideally want clients to shout from the rooftops that they’ve had a really good experience. We publish our testimonials on social media to let people know what our clients think of us. There are also other resources you can look at such as Google reviews. If a client/friend/family member recommends an adviser, listen.
Summary
The key questions you should ask a potential adviser are:
- Do you offer a no-obligation consultation?
- How much do you charge?
- When do I pay?
- Is the fee refundable?
- What product range do you have?
Once you have found an adviser that you trust, give them your loyalty and contact them each time they may be of service. And, make sure you give them a 5 star review as this will really help their business prosper.
We hope that you have found this blog useful and we hope you book in your no-obligation 30 minute consultation soon. https://onerooffinancial.co.uk/contact/
Blog written 25/11/2024.
The information contained within this blog was correct at the time of publication (25/11/2024), and is subject to change.
