The role of an Adviser
Posted on 16th August 2023 at 10:15
Finding the right mortgage deal can be a minefield, especially now more than ever with interest rates changing on a daily basis and lenders withdrawing mortgage products at hours’ notice. But using an independent adviser can help you navigate this minefield. So, what does an adviser actually do for you, and why should you use one?
Firstly, you should be looking for an independent adviser so that they can use their freedom of the market to find you the best possible deal. A restricted adviser will only have access to a small number of lenders which means the very best deal on the market is outside of their remit. An adviser within a bank will only have access to products that that bank has on offer. An independent adviser can access the wider market and find you the best deal to suit your needs from whichever lender is the best for you. Using an independent adviser can save you spending hours searching for the best deal online or visiting each lender. An independent adviser can use their knowledge of the wider market to find you the best deal in no time at all and speak with the lender on your behalf, saving you time.
They can offer you guaranteed advice. If you were to shop around yourself and choose yoru own mortgager deal, which didn’t complete or wasn’t the best deal available the only person to blame is you. If you use an adviser then you are using their expert knowledge to find you the best deal and if they ever gave you incorrect or negligent advice then you have the use of the FCA, Ombudsman and redress schemes to rectify any wrongdoing caused by the adviser.
Appointments with an adviser take 45 minutes, rather than the typical 2-hour appointment with your bank. When you go to your bank, they want to know your mothers first dogs, next door neighbours, cousins maiden name to help with their mortgage applications. An independent adviser will take just the information that they need to speak to their lenders for approval and enough informaiotn to package up your application. Often lenders only want to know the last 3 years history of where you have lived and worked and evidence of your income and outgoings. Why do they need to know if you are planning for children in 10-15 years’ time?
You don’t have to submit any paperwork; the adviser does all of that for you. If you went directly to the bank you would need to complete and sign tonnes and tonnes of documents as part of your vetting and application. Using a broker means they can fill these out for you and provide the lender with the documents they had taken from your on your initial appointment so you don’t have to take time out of your day to go into branch 2 weeks later. You adviser has all of this information in file from when they first saw you and can upload this to a shared portal on your behalf.
Sometimes as your purchase progresses your solicitor will need documents to allow them to complete anti money laundering measures. Many of those docuemnts they request you have already provided to your adviser so they can send them over to the solicitor for you, so you don’t have to. Also, many of the documents your solicitor requests need to be certified by a professional who isnt related to you, do you know who’s a professional not related to you? – your mortgage adviser! Let them kill 2 birds with 1 stone for you by certifying your docuemnts for the mortgage application and then sending them to your solicitor to save you having to find someone to sign them and then sending them to your solicitor.
Every penny you owe is a penny that should be protected. If you were to lose your job, your income, or your life your unfortunately your bills still need to be paid. So, a good adviser will put bespoke life insurance packages in place to fully protect your income, your family and yoru home during times of financial stress caused by death, serious illness, or injury. Finding your next mortgage on ‘compare the market’ or directly through your bank won’t do this for you.
Unlike when you go to your bank or through the internet to find your next mortgage where you will likely be passed on to a head office or worse a call centre in a foreign country, using an adviser will give you one point of contact throughout. So, when you are in a time of need or need an update on your case you can call your sole contact – your personal adviser who knows your case inside and out for an update. Rather than sit in a queue for a call centre to be put through to a customer services adviser who doesn’t know who you are, or which mortgage is yours.
Not only will an adviser save you money with their advice, but they will save you time and stress. A good broker is worth much more than the fee you will pay them when you have that peace of mind knowing all parties have the documents and informaiotn they need to make your purchase as smooth as possible, whilst also making it as cost effective as possible too.
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