| Finding independent mortgage advice is not as hard as | | | | By researching and reading it is relatively easy to glean |
| it sounds. It is very important though if you want to | | | | a certain amount of useful information but by seeking |
| make the right decision about which mortgage is the | | | | personal mortgage advice from a mortgage advisor, |
| best one for you. | | | | you will be gaining the expertise of someone who |
| There are plenty of information about mortgages in | | | | knows all about all the different first time buyer |
| the public domain on websites, in magazines and | | | | mortgages on the market, what special deals are on |
| tabulated over and over again in mortgage comparison | | | | offer, the peculiarities of the one lender versus another, |
| tables. We believe that because there are so many | | | | what the latest mortgage releases are and of course |
| variables within the minefield that is mortgages, that | | | | they will always take your personal plans and |
| seeking mortgage advice is essential. In fact, we even | | | | circumstances into consideration. |
| recommend you speak to independent mortgage | | | | As well as verifying who you are, you will be required |
| advisors or brokers who have access to the whole | | | | to provide evidence of major income (your salary) and |
| UK mortgages market because otherwise you might | | | | your major out-goings like car-loans, student loans etc. |
| not get advice covering all mortgages available to you. | | | | If you have loans or debts, it does not mean that you |
| This is even more important if you are trying to get | | | | cannot apply for a mortgage. |
| onto the first rung of the property ladder and are a | | | | Mortgage advice can be given in a number of different |
| first time buyer. With the property market being so | | | | ways. It can be given by phone, email or in person - |
| tough in the UK, there are more and more first time | | | | different advisors work in different ways. These days |
| buyer mortgages on the market now and good | | | | professionals are pretty flexible. In order to give you |
| mortgage advice for your first home is essential. | | | | proper mortgage advice, mortgage advisors will need |
| Since 2004 the giving of personal financial and | | | | to a great deal of information about your personal |
| mortgage advice in the UK has been governed by the | | | | finances. They want to determine that you can and will |
| Financial Services Authority. Companies or individuals | | | | be able to make the mortgage payments. The last |
| offering personal financial or mortgage advice must | | | | thing they want is to repossess your property if you |
| comply with the Financial Services Act or they are | | | | fail to be able to make the mortgage payments. They |
| breaking the law. Many companies offer consultations | | | | will ask your permission before they give financial or |
| on an 'information only' basis and you would need to | | | | mortgage advice. You will probably need to sign an |
| formally agree to having requested to be advised on | | | | agreement form saying that you agree to being given |
| financial matters. Adherence to the rules of the | | | | mortgage advices as opposed to just mortgage |
| Financial Services Act is called 'compliance'. | | | | information. |
| Mortgage advice can be sought from a number of | | | | When the mortgage advisor or mortgage brokers has |
| sources: | | | | taken all the information from you about what you |
| • A tied mortgage adviser: These work - and | | | | want and your finances, you might, after agreeing |
| will therefore recommend products - on behalf of just | | | | which mortgage and which mortgage lender is |
| one lender. | | | | appropriate to you, make a mortgage application. |
| • A multi-tied adviser: These will recommend | | | | The selected mortgage lender will scrutinise your form |
| products from a limited range of lenders. | | | | and carry outs some checks of their own |
| • An Independent Financial Adviser (IFA) or | | | | Some advisors gain their income form commission |
| Independent Mortgage Advisor: These will recommend | | | | they earn from selling insurance policies and |
| products from the whole market. | | | | mortgages whilst others charge for giving mortgage |
| You are perfectly entitled to ask on what basis your | | | | advice. You are perfectly entitled to ask about what |
| advisor is operating. | | | | charges will be applicable in your instance. |
| Be warned though, that if you go to see an | | | | Don't be intimidated by mortgage advisors. Though |
| Independent Mortgage Advisor, they will be | | | | they have trained for a considerable time to be able to |
| independent on mortgages but perhaps not insurance - | | | | offer mortgage and financial advice, they are human, |
| and most homebuyers take buildings insurance | | | | just like the rest of us. |
| alongside their mortgage. | | | | |