Independant Mortgage Advice: Get Some Before Seeing A Lender

2007-03-08 10:33:40

( Financial )



A mortgage is likely to be the biggest loan you will ever take out. Taking time to obtain the best independant mortgage advice is probably going to be some of the most valuable time you'll ever spend.

You may be wondering where you can get this all-important mortgage advice. You can get loan advice from mortgage brokers, tied agents, independent financial advisers and direct lenders.

The advice you get from tied agents and direct lenders will be useful. However, this will tend to be biased thus you need to obtain more independant mortgage advice. Mortgage brokers act as the mediator between you and the lender. There are many mortgage products available and the broker’s expertise should help narrow the field down to a shorter list.

Bear in mind that if a broker arranges a repayment mortgage for you, there may be a charge of up to two percent. If you get an interest-only mortgage linked to a savings plan (such as an endowment or ISA), there should be no charge to you since the plan will pay commissions to the broker. Brokers specialize in mortgages or insurance accompanying mortgages.

A good broker should draw up a choice of mortgages to suit you, with written quotations detailing payments you'll need to make. They can particularly assist you if you have a spotty credit history or are self-employed.

You can approach independent financial advisers for independant mortgage advice. They sell products of any company, giving you a wider choice. They usually specialize in mortgages, although they can also offer you investment advice. They earn commissions on the mortgages they recommend, or by charging you a fee.

It is best to get independant mortgage advice from at least three independent financial advisers or mortgage advisers to have a better appreciation of your options.


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