The Bank of England Base Rate has been in the news several times in as many months, and with it has been a lot of noise around mortgages and what the Base Rate increases means for mortgage rates. Not much of this has felt like good news, but as we have said previously: ‘we’re here to help.’

It can be easy to question the need of obtaining financial advice when considering those bigger financial obligations so why not take a look at some of the reasons, you’ll want to speak to us when it comes to looking at your mortgage and more in the coming months, amid the noise.

1: They’ve studied the industry and got the skills

Mortgage Advisors are required to study for and sit 3 exams (as a minimum) in order to become Qualified to give advice. Further to this, typically they are also required to operate under a network trainee program ahead of being awarded a certified status. This studying and training ensures they know the market and real-life situations thoroughly before advising you on your products.

2: They have access to many lenders

The current climate means lenders are moving their rates up and down at great speeds, and researching this yourself can be incredibly time consuming. Qualified advisors can access the markets’ latest rates and systems to ensure your application can go through at the most suitable rates for you at the time.

An adviser might also be able to find a deal you can’t find on your own. They can also improve your chances of being accepted for a mortgage as they’ll know which lenders are best suited to your particular circumstances.

This is particularly important if you don’t have a large deposit, haven’t been with your employer for long or if you’re self-employed.

3: There are risks with not getting advice

When you get regulated mortgage advice rather than doing research on your own, a mortgage adviser will recommend an appropriate mortgage for your needs and circumstances.

If the mortgage later turns out to be unsuitable for any reason, you can make a complaint. If necessary, you can take your complaint to the Financial Ombudsman Service. This means you automatically have more rights when you take advice.

Not getting advice means you have to take full responsibility for your mortgage decision.

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.

Other reasons to use an adviser

  • They will check your finances to make sure you are likely to meet the individual lender’s lending and affordability criteria.
  • They might have exclusive deals with lenders, not otherwise available.
  • They often help you complete the paperwork, so your application should be dealt with faster.
  • They will help you take all the costs and features of the mortgage into account, beyond the interest rate.
  • They should only recommend an appropriate mortgage for you and will tell you which ones you are likely to get.

If your loved ones are looking at their mortgages why not share this information with them to ensure they can also obtain the most suitable advice for their needs too.

Get in touch today to speak to us about your mortgage needs

Your home or property may be repossessed if you do not keep up repayments on your mortgage. You may be charged a fee for mortgage advice

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