Unless you’ve been off with the fairies over the last few years, you will know that the mortgage market isn’t great at the moment. Generally, lenders are lending less, and when they do tend to target the cream of the crop. They are much more happy to lend money to people who have a large deposit, who have very high income levels, and who have a top credit rating. Of course, not everybody meets this criteria, and if you are in this position then you should be looking for mortgage advice from a qualified and independent whole of market advisor. Here are five main reasons why this is the case:
1) Choice: Everyone loves choice, so why would you restrict yourself by going straight to a building society or a bank? An independent mortgage adviser will be in a position to filter all of the different deals available which meet your criteria. Generally by having more choice you will be able to find a better deal. As such, don’t restrict your options, but seek independent advice.
2) Sales v Advice: If you choose to go to a building society or a bank then they are much more likely to sell to you, even if you see somebody who is labeled a ‘mortgage adviser’. Their job is to provide you with advice to make sure that the mortgage that they recommend is affordable and suitable for you. However, always remember they are required to sell products of the building society or bank. Historically, these institutions have more complaints than advisers working independently for this particular reason. At the end of the day, what a building society or bank tries to sell you may not actually be best for you.
3) Working for you: An independent adviser will be working for you. They will look to represent you and your best interests and will, therefore, help you to find a suitable and affordable mortgage. Their aim will be to develop happy clients who will stay with them for years to come, and will tell their friends about them. This is often not the case with building societies and banks.
4) If you get declined this can cost: If you get declined for any mortgage or for another form of credit, this is likely to have a negative impact upon your credit rating which will, in turn, affect your chances of finding credit from another lender. By employing the services of a professional adviser you will not only get advice over which deals may be best for you, but you will also find those that you are much more likely to be accepted on. These days it does not always pay to shop around. In fact, shopping around can sometimes cost you.
5) Not just a one off transaction: Remember, a mortgage is not just a one off transaction. Most people have a mortgage for 25 years or more. Look at the longer term picture, find an adviser you trust, build a relationship with them and feel safe knowing that they are there for you throughout your mortgage term and can offer you a continuous mortgage advice resource.
If you think you could benefit from whole of market mortgage advice from a qualified mortgage advisor then get in touch with Economic Financial Solutions.
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