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