5 minute read 
Getting a mortgage is one of the most important financial decisions you'll make, so it's important to do it right. A mortgage adviser can look at the market for you and tell you which deal is best for your situation. 

Why getting mortgage advice is usually a requirement? 

To find these deals on your own, you have to do a lot of research and talk to many different lenders about your situation. 
A adviser might also find a deal that you can't find on your own. They can also make it more likely for you to get a mortgage because they will know which lenders are best for your situation. 
This is especially important if you don't have a big house deposit, haven't been with your job for long, or you're self-employed. 

The risks of not getting advice. 

If you get regulated mortgage advice instead of doing your own research, your mortgage adviser will help you find a mortgage that meets your needs and fits your situation. 
If you find out later that the mortgage isn't right for you for any reason, you can file a complaint. The Financial Ombudsman Service is a place you can go if you need to. This means that when you ask for help, you automatically get more rights. 
If you don't get advice, you have to be fully responsible for the mortgage decision you make. 
If you don't get advice, you could end up: 
with the wrong mortgage for your situation, which would be a costly mistake in the long run 
applying for a mortgage that doesn't fit the lender’s lending criteria. 

When to talk to a mortgage adviser. 

At the beginning of your mortgage journey, whether it's your first mortgage or you want to re-mortgage, you should talk to a mortgage adviser. In the long run, it will save you a lot of time and work. 
It's a good idea to talk to a few different companies to find out what they have to offer and compare fees. 
Most mortgage advisers fall into two main categories. 
Most of the time, mortgage advisers who work directly with lenders only recommend mortgages from that lender. 
Mortgage brokers or independent financial advisors can look at a variety of mortgages from different lenders. Some might even check the whole market to offer you a wider range of products. 
It makes sense to choose a broker or adviser who offers a service that covers the "whole of market." This means they can choose from the most lenders and mortgages. 
But even "whole of market" mortgage advisers don't cover everything, and there are still some good reasons to go straight to the lender. Some lenders have special deals that you can only get if you go to them directly. This can help you avoid paying any broker fees up front. Ask your mortgage adviser if they also search "direct deals". 
The Financial Conduct Authority is in charge of regulating and authorising firms that offer mortgage advice (FCA). The FCA's Register has information about all firms that are regulated. 

Other reasons to use an adviser. 

They will look at your finances to see if you are likely to meet the lending and affordability requirements of each lender. 
They might have deals with lenders that no one else can get. 
They often help you fill out the paperwork, which should speed up the process of your application. 
They will help you take into account everything about the mortgage, not just the interest rate. 
They should only suggest mortgages that are good for you, and they should tell you which ones you are likely to get. 

Mortgage Adviser Fees. 

Others will be free to you but receive commission from the lender. 
Some charge fees and others get paid by commission, but you should know how an adviser is paid and what all the costs are. 
The fee can be added to the mortgage, but you have to agree to it first. You will pay interest on the fee as well as the rest of the mortgage until the whole mortgage is paid off. 
When your advisor gives you a suggestion, they must give you a document called a mortgage illustration(s). 

Mortgage illustration document. 

The mortgage illustration document gives you a lot of information about the loan you are getting. Of which include:: 
the frequency and number of your repayments. 
any fees or charges you have to pay up front to get the loan. 
the total cost of the mortgage, including interest, over the full term; the rate of interest, or Annual Percentage Rate of Charge (APRC); and the type of interest (fixed or variable). 
what happens if interest rates go up and how this affects your payments. 
if the mortgage has any special features, like the ability to overpay or underpay, if you can overpay the mortgage and if there are any fees for doing so, what happens if you decide you don't want the mortgage anymore, and how long you have to think about it (at least seven days, or more depending on the lender). 

How long does conveyancing take when remortgaging? 

The process of remortgaging takes between one and two months. Most of the time, it goes faster if you use the same lender. So, if you want to switch mortgages before the end of your current deal, you should wait at least two months. 

Next steps 

Reeds Financial is a 'Whole of Market' that does also search 'Direct' deals so you cna rest assured you will be getting the right deal for your situation. If you want like a no obligation quote please speak to one of our friendly consultants now on 0330 128 0989 or Request a Callback. 
Your home or property may be repossessed if you do not keep up repayments on your mortgage. The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK. Reeds Financial is a trading style of Reeds Financial Limited which is an appointed representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Reeds Financial Limited is registered in England and Wales no: 12656133. Registered address: Reeds Financial Limited, Innovation Centre Medway, Maidstone Road, Chatham, Kent, ME5 9FD. A fee may be charged for mortgage advice. The exact amount will depend on your circumstances. 
Tagged as: Adviser
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