What makes a good mortgage adviser?

The mortgage industry is constantly changing. There are now a whole host of different mortgage products, from fixed rate to offset. Finding the right product for you can be daunting. A myriad of upfront fees and charges mean it is not always easy to compare mortgage products and make an informed decision.

A useful way to navigate the mortgage minefield is by getting sound advice from a mortgage adviser. Mortgage advisers are not cheap, but if you find a good one, they can save you money in the long-run by finding you the optimal mortgage product for your needs. Here are the signs to look for in a good mortgage adviser.

THEY ARE INDEPENDENT AND HAVE A STRONG REPUTATION

To access the best products, your mortgage adviser must be independent and have access to the whole market. Advisers affiliated with companies which offer their own mortgage products may offer free advice, but they are making their money on commission from the products they sell and are therefore not in the best position to offer independent advice.

A mortgage adviser that has been recognised for their expertise is also an excellent sign. The ESTAS awards recognise exceptional mortgage advisers. They are the longest-running awards in the UK property industry and select their winners based on client feedback.

THEY ARE AUTHORISED TO OFFER ADVICE

The Financial Services Authority (FSA) regulates the mortgage industry. A good mortgage adviser will be registered with the FSA and licensed to provide clients with advice.

ASKS THE RIGHT QUESTIONS

A skilled mortgage adviser will ask pertinent questions about your financial circumstances and goals. The interview process should be thorough and comply with the rules dictated by the Financial Conduct Authority (FCA).

The FCA dictates that the adviser must effectively assess your ability to make payment on the mortgage. They must determine how much you are able to put down and whether it would be beneficial to refinance or consolidate other debts in the refinance. A good mortgage adviser will take the time to get the answers to these questions before they recommend a product or course of action.

THEY CAN EXPLAIN WHY THEY ARE ADVOCATING A PARTICULAR PRODUCT

An excellent mortgage adviser will be able to explain coherently why they are recommending a particular product based on your answers to the interview questions.

WILL CHASE UP ON AN APPLICATION ON YOUR BEHALF

Mortgage applications can take a considerable amount of time to process. A diligent mortgage adviser will offer to chase up an application on your behalf to expedite the process and get things moving along.

STAYS IN CONTACT WITH YOU AFTER COMPLETION

A skilled mortgage adviser will stay in contact with you after approval and completion and keep you informed of any deals that may be of benefit to you. The best mortgage advisers will continue to look out for your financial interests until the end of the mortgage term. If better rates become available later, they should provide you with details on how you can take advantage of them and ensure you are still getting the best deal on your mortgage.

Securing the right mortgage without an industry insider that knows the market is no easy feat. A good mortgage adviser can give you peace of mind that you have got the best mortgage deal for your unique set of circumstances.