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What is a mortgage adviser or mortgage broker?

Find out more about the role of the job of a mortgage broker is and whether you’ll need one by reading our guide below.

If you’re looking to purchase a home or remortgaging your mortgage or refinancing, mortgage advice is beneficial. A professionals advice can be the difference between an application that is successful or one that’s rejected. It can also result in more value for money which could save you thousands of dollars over the term of your mortgage.

What is a mortgage advisor / broker?

The mortgage advisor Belfast is licensed expert who specializes in locating the best mortgage for your needs. They are often referred to as mortgage brokers, however there’s no difference between an adviser or an agent. The only distinction that you should be aware of is the difference between independent mortgage brokers and tied mortgage brokers. Independent brokers are able to source mortgages from all of the UK market, whereas tied mortgage brokers are only able to work with certain companies which means they won’t be able to get such great offers.

A mortgage broker or adviser is usually an expert in mortgages but certain independent financial advisors (IFAs) offer the same type of mortgage-related advice. A mortgage advisor will typically improve your chances of getting an mortgage, as well as of finding the most affordable mortgage rate for you.

What is the best time to get mortgage advice?

If you’re buying for the first time and you’re a first-time buyer, you’ve got the greatest benefit from advice on mortgages, since the application process can be more difficult (and the entire process will be unfamiliar for you). But an expert mortgage broker can help with any kind of mortgage.

Other instances where you might require advice are remortgaging or buying your next house or purchasing a second house in particular if you want to take out a larger loan. A professional can also help you find the right mortgages for the specific circumstances for you if you are buying-to-let or acquire commercial premises or a vacation residence. In addition, mortgage advice could also assist in tapping into the potential value of your house as you age, via the release of equity.

The advantages of working with a mortgage broker

A mortgage advisor who is independent does not have to be tied to any specific provider, and only acts in your best interest. Therefore, you can be sure that the loan they recommend is the most suitable mortgage available for your particular situation. A mortgage broker should:

Define the different mortgages that are available and the various types of deals
Give you advice on the maximum amount you could be able to afford to take out
You can access special mortgage deals that aren’t offered on the open market
Prepare yourself for your application to increase your chances of being successful
Save money by locating a mortgage with lower fees and interest rates.

Keep in mind that every failed mortgage application could hurt your chances of being successful the next time around, because each rejection will show up on your credit history. A mortgage consultant will increase your chances of being approved the first time around.

How much does it cost to work with an agent for mortgages?

Mortgage brokers can charge for their services various ways. Some mortgage brokers will offer a flat upfront cost, while other brokers get a commission from the lender or the bank that is making the loan. Make sure to talk about fees in your initial appointment with your broker. Discuss how they’re paid, and how much it will cost to receive a written estimate. Keep in mind that having a mortgage broker is likely to be a way to save in the long run So, ask the broker to explain the reasons why they justify their fees.

The first meeting you have with your mortgage advisor

When you first meet with your advisor, inquire if they are able to source direct deals (these could provide special rates or discounts). If your advisor recommends an individual mortgage and you are not sure, ask them to explain the reasons why this particular option is best suited for you.

A good mortgage advisor can provide helpful tips and help throughout the home-buying process. So, make sure to choose a professional whom you can get along.