Home and living

How to choose a mortgage advisor

Before deciding to buy a property, you first need to find out how much you’ll be able to borrow for a mortgage, as there are a number of different factors outside of your annual salary that will affect this loan figure.

Before approaching a mortgage adviser, it’s a good idea to put together a detailed budget planner showing your monthly income and expenditure. This will help you understand how much you can comfortably afford to spend on mortgage repayments each month.

Finding a mortgage advisor

It is possible to find your own mortgage deal by doing some internet searches and speaking to lenders. However, engaging the services of a qualified mortgage adviser could save you time and money.

An Independent Financial Advisor, or a Restricted ‘Whole of Market’ Adviser is able to shop around a large number of lenders on your behalf. This will mean that they can recommend the right mortgage product for your specific circumstances and, more importantly, your budget.

What about the estate agent’s mortgage adviser?

You will probably find that your estate agent will be keen for you to talk to one of their in-house mortgage advisers. However, be aware that these advisers are often tied to one specific lender or, if they do shop around, they will often work from a small panel of mortgage lenders.

Whatever your estate agent may say, they cannot make it compulsory for you to speak to their mortgage adviser. You are entirely free to shop around and work with an advisor who has access to the whole mortgage market, and who will advise you on the most suitable mortgage lender and product for your circumstances.

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