Have you ever wondered what a mortgage adviser does?
A mortgage adviser acts between you (the customer) and the mortgage lender. Their role is to help identify your needs and requirements to then find a mortgage lender that will lend to you. They will also recommend a mortgage product that is suitable based on your current circumstances and future needs.
At Prestige Mortgage Solutions, we have access to over 100 lenders and 1000 mortgage products. That’s a lot to keep up with! But, with not one persons circumstances being the same we ensure we keep up with the market. We are here to find a mortgage solution, if there is one out there and match you to a lender that is likely to say yes!
The advice we give is from a real person, who can relate to real circumstances, not a machine robot. We know the market, We know our lenders and by only making one application for a mortgage this avoids multiple applications which could harm your credit score.
Are all mortgage advisers the same?
No! Mortgage advisers all work different. Most mortgage brokers have access to the same products, but it is understanding the lenders requirements and working in the specific area that sets mortgage advisers apart. Areas such as Bad credit, self-employed, buy to let are seen as a niche, which not all advisers specialise in.
At Prestige Mortgage Solutions, we have mortgage advisers with knowledge and expertise in all areas, so we’ve got you covered.
What are the advantages of using a mortgage adviser?
- Mortgage Advisors are trained, qualified professionals with experience and extensive knowledge of their field. They are best placed and duty-bound to help you in your mortgage decision, meaning they can help make sure you don’t end up with an unsuitable mortgage.
- Mortgage Advisors save you time by comparing the market for you and they can help you with the ‘red tape’ side of purchasing a home or remortgaging your current home.
- A mortgage advisor will probably save you money. Because of the vast amount of lenders and products they have access to, they can find a deals you might not be able to. Ultimately, you are more likely to get better rates with a mortgage broker than without.
- A mortgage adviser will be with you from the start of your journey until you get the keys, ensuring lenders and solicitors are chased and queries answered
Not every case is the same!
Many people have very different situations. They could be a couple and one or both have previous or current bad credit. A customer might be self-employed or have complex income. Whatever the circumstance, Prestige Mortgage Solutions will try and help you.
Do I have to use an estate agents mortgage adviser?
No, you can use whoever you want to arrange your mortgage.
It’s seen as unfair practice to make a customer speak to an estate agency mortgage adviser, before putting across an offer on a house, when they have already spoken to an independent mortgage adviser. We can provide you with documentary evidence to supply to an estate agent or builder.
Estate Agents and Builders may not look at the whole of the market when it comes to mortgages, and you may not get the best deal for your circumstances or be told there aren’t any lenders for you. As bad credit specialists, Prestige Mortgage Solutions have the knowledge to cover all areas of lending.
As with most things in life it is worth finding someone who can shop about and search the market for that mortgage which is tailored to your needs.
The main thing the estate agents need to know is you can get a mortgage. We can arrange a DIP (decision in principle) quite quickly so you can use this as proof when making an offer for a house. A DIP is not 100% proof of mortgage, but it’s a good indication that the lender is willing to lend you money.
When should I see a mortgage adviser?
You should see a mortgage adviser at the start of your house hunting process. That way you will know what you realistically can afford and what your budget of properties will be.
Far too many people look at a mortgage adviser AFTER they have found a house. By having a DIP, you are one step ahead of the competition when putting an offer in on a property.
What if I have bad credit?
A mortgage adviser will know lenders that will accept a person’s past credit history and be willing to lend. A mortgage adviser can support you with an application to a mortgage lender.
There are things a lender may look out for in your spending habits, which you might not know about. It is worth speaking to a mortgage adviser to get some advice before you do a full application.
What if I have been turned down for a mortgage?
This is where a mortgage adviser really earns their money. Quite often, high street banks and building societies have stricter lending criteria.
If you have been turned down, the experience of a mortgage adviser is invaluable, they will often know the lenders that could lend you money. Of course, this is down to each individual case, but they will let you know that prior to applying.
Are Prestige Mortgage Solutions FCA regulated?
When do fee’s become payable?
All companies work differently. At Prestige Mortgage Solutions, our initial advice is free, if you decide to go ahead with a mortgage application a fee will become payable.
How should I choose a mortgage adviser?
Speak with friends, recommendations. At the end of the day, it’s your choice on who you feel comfortable with.
A mortgage adviser will also:
- Find the right product for you, so only one application
- Check your credit score and do an affordability assessment with you so you are not stretched beyond your means and can afford your repayments
- Advise on all aspects of the application process
- Speak to the solicitors for you
- Help with the mortgage application
- Chase the lender and keep you updated
- Plus a broker should ensure that your home is properly protected by recommending a suitable Building & Contents Insurance and life protection
A good mortgage broker is not just there for your initial move. At Prestige Mortgage Solutions we monitor your mortgage and will contact you to talk when any product is about to expire on your mortgage to ensure that you are always on the best rate possible.
What should I do now?
If you are thinking of looking to purchase a property or remortgage your current home, you should speak to a mortgage broker as soon as possible. As mentioned earlier, the sooner you can get a Decision in Principle the better.
Speak to one of our experienced mortgage brokers in Glasgow today to see what is possible.
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