Why do you need a mortgage advisor?

Mortgage assistance can be great assistance whether you are up to purchase a property or just remortgage. When you take independent advice, you can make the difference between a successful application for a mortgage and being rejected.

With the help of a mortgage advisor in Edinburgh, you will be able to get a significantly better value deal. Besides, he can potentially assist you in saving a considerable amount of money over the mortgage term.

The job role of mortgage advisors

Mortgage advisors are qualified professionals who have specialisation in offering you the most satisfactory mortgage deal for your situation. They can review the mortgages on hand to you based on your personal financial circumstance. Not only that but also they will apply for one on your behalf.

Simultaneously, they can help you in saving your time to tell you which lenders tend to accept you. Besides, they can tell you the way of improving your application. Furthermore, they can pace the process up to deal with some of the paperwork.

Often, mortgage advisors are known as mortgage brokers in Edinburgh. But, you won’t find any real differences between a broker and an advisor. You will find two types of brokers in this segment- one is an independent mortgage broker and the other is a tied broker.

An independent mortgage broker has the ability to source mortgages from the entire market. On the other hand, a tied one is restricted to certain providers.

When to look for mortgage advice?

Are you a first-time buyer? If yes, you can get the most to gain from mortgage advice. As you are new, the application is likely to be more daunting and the entire process will be new to you. However, a mortgage advisor in Edinburgh is useful for any sort of mortgage application.

Furthermore, if you may require advice for remortgaging, purchasing a used property or your next home. Simultaneously, if you have to borrow more, you can take assistance from mortgage advisors. Also, they can find you the special mortgages you will need if you buy a holiday home or business premises, or buy-to-let. Finally, with mortgage advice, you can tap into the value of your home via equity release in later life.

Advantages of using a mortgage advisor

Independent mortgage brokers in Edinburgh are not restricted to any specific providers. They will solely act in your best interests. Thus, you can get peace of mind that their suggested deals will be the best on hand mortgage for your situation.

Mortgage advisors can also help in the below scenarios.

 

1)     They can explain several mortgages that are available along with diverse types of deals.

2)     Besides, you will be advised on how much you will afford for borrowing.

3)     Mortgage advisors have access to special mortgage deals that you won’t find on the open market.

4)     They also can assist you in getting ready for your application to scale up your success chances.

5)     Moreover, they can help you in saving money by finding a mortgage having lower fees and interest rates.

 

Keep in mind that each unsuccessful mortgage application can impose impacts on your success chances next time around. Moreover, each refusal can be visible on your credit record. The utilisation of a mortgage advisor in Edinburgh can escalate your chances of being accepted the first time.

What happens if you do not get any advice?

Instead of doing research on your own, if you obtain regulated mortgage advice from your mortgage broker can suggest the right mortgage for your circumstances and needs.

Later when the mortgage becomes unsuitable for any reason, you will be able to make a complaint. Furthermore, you can take your complaint to the Financial Ombudsman Service if needed. This denotes you can have more rights automatically if you take advice.

If you do not get advice, you will have to take full responsibility for your mortgage decision. Moreover, you could conclude:

 

1)     With the wrong or insignificant mortgage for your circumstance, which would be an expensive mistake in the long term;

2)     Applying for a mortgage that does not well-costume the lending criteria of the lender.

 

When you meet your advisor for new build mortgages or others, you should ask your advisor if he can source direct deals. Direct deals may provide special discounts or rates. If the advisor suggests a specific mortgage to you, you can ask for an explanation in detail of why this deal is most significant for you.