What to look for when appointing a mortgage adviser.

Many of you may not be aware that around 70% of all mortgages are now done through a broker such as ourselves. We thought it would be a good idea to give our blog readers some top tips on what to look out for when appointing a mortgage adviser. 

Many of you may not be aware that around 70% of all mortgages are now done through a broker such as ourselves. We thought it would be a good idea 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. Key point number one: Do they offer a free initial consultation? 

A free initial 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 completely free 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.

What to look for when appointing a mortgage adviser. Key point number two: How do you feel about the adviser? 

Do you like them? Did you get on well with them? Do you trust them? Were they so confident in what they were saying that you wholly trusted that they knew what they were talking about? Did they give you confidence that they could assist you in buying your dream home, or creating your dream extension by raising money on your property?

What to look for when appointing a mortgage adviser. Key point number three: Fees 

Most mortgage brokers charge a fee for their service. Charging a fee allows us to dedicate our time for fact-finding (getting to know you) & mortgage research. If you are shopping around for a mortgage adviser, you need to find out their fee information. Do they charge a fee? Is it one off or are there ongoing fees (do you get charged every time you remortgage)? Is the fee upfront or on completion? Is it refundable?

What to look for when appointing a mortgage adviser. Key point number four: 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).

Key point number five: Recommendations.

Here at One Roof Financial, at the end of our process, our clients are sent a survey about their experience. The survey asks if they would recommend us to a friend, family member or work colleague. 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 use 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 & Facebook reviews. If you go to an adviser based on a recommendation, then you are not going in completely blind. If a client/friend/family member recommends an adviser, listen.

So in summary, the questions you should ask a potential adviser are: 

  1. Do you offer a free consultation?
  2. How much do you charge? When do I pay? Is it refundable? Do you have to pay repeatedly?
  3. 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.

What are the red flags you should look out for?

Unfortunately there are still advisers out there that want to cut corners. Here are some red flags to watch out for:

  1. Did the adviser put pressure on you to make a decision? Everybody needs to be given ample time to reflect on what they’re doing. It’s a massive decision when you are getting onto the property ladder for the first time or moving to a bigger house. If you have an adviser who keeps pestering you to sign up, they’re definitely not the right adviser for you. We recommend an adviser who gives as much time as you need. 
  2. Have they given you an agreement in principle certificate from a particular bank or building society without getting to know you and finding out what’s important to you and making a formal recommendation? Our industry is regulated and advisers are required to follow a process of getting to know a client before conducting research & making a recommendation. If you are supposedly getting approved for a mortgage after a short initial meeting, the process may not have been followed correctly. 
  3. Have you been forced to speak to a particular adviser? Whether it be the selling estate agent for a particular property or a new build developer. You are under NO obligation to speak to their adviser. You have the freedom of choice. No third party should force you to use their adviser just because they say so. You should choose someone you trust & someone that has been recommended. 

We hope that you have found this blog useful and we welcome your feedback on whether this has helped you to find an adviser that gave you a great experience. https://onerooffinancial.co.uk/about-us/

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