Why should I use an Independent Mortgage Advisor?
Also known as mortgage brokers or sometimes financial advisors, mortgage advisors work separately from any mortgage company, lender or bank to help assist you in finding the right mortgage to suit you. They provide a service to offer independent, impartial mortgage advice, which covers most of the market and is often fee free.
Applying for a mortgage is likely to be the biggest financial decision you will ever make. As it is such a commitment, it is important to get it right. Seeking advice from an independent Mortgage Advisor is a sensible approach to help you ensure that you find the right product for you.
Businesses who offer mortgage advice must be regulated and authorised by the Financial Conduct Authority (FCA).
What will the mortgage advisor do?
A Mortgage Advisor utilises their expertise and finds the most suitable mortgage for you based on your circumstances. They can:
- Help you to work out how much you can afford to spend on a new home
- Advise which lenders offer the most appropriate mortgage product and are likely to accept your application
- Provide advice about how you could improve your application
- Help with the paperwork which can speed up the process
- Find mortgage products that you may not be able to if searching independently
- Help you take all the costs and features of the mortgage into account (beyond the interest rate)
Our Sales Executives can recommend Independent Mortgage Advisors who are familiar with new homes and may have access to special rates, which you may not find yourself.
How you can Be prepared
Proof of identify - This could be a current UK/EU passport or current driving licence
Proof of residency - This could be a utility bill/credit card or bank statement which is less than 3 months old
Bank statements/credit card statements from the past 3 months
Payslips/P60 from the past 3 months, if you are employed
Audited accounts/SA302 form from the last 3 years if you are self-employed
Current mortgage statement if applicable
Existing mortgage details - Amount, rate, lender, early repayment charges etc.
Proof of deposit
Frequently asked questions
It depends on the firm, but most Mortgage Advisors will charge you for their service. They might charge a flat rate, an hourly rate or a percentage of the amount you borrow. Some Mortgage Advisors will charge a ‘lifetime rate’, meaning that if you were to sell your property in the future and need to seek their advice again, you would not need to pay another rate.
Other firms may offer you a free service but they would receive commission from the lender for suggesting their mortgage.
*Threshold Financial Services Limited provides mortgage advisory services and is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. They work independently from Taylor Wimpey UK Limited. Taylor Wimpey does not engage in financial services activity and is not responsible for any information or advice provided to you by Threshold Financial Services Limited or any other mortgage advisor.