UK Mortgage Advice.

Whilst you can find mortgage advice online, face-to-face or on the phone, you should take time to discover what the range of products the advice is covering. Advice can be used to find the mortgage product best for you. However, if you are not getting the full range of the market at your fingertips, or the person offering you advice is not a mortgage specialist, then the advice could be wasted and you may not end up with the best product for you.

For instance, your accountant or solicitor could offer mortgage advice, but that is not their speciality. So, even if they have a qualification to advise you on mortgages, they may not have had the time to keep up with the latest products and do their day job properly. They may also have professional introducer agreements with financial advisers, so if you feel you trust your solicitor and accountant, then you may want to go to someone they introduce you to for mortgage advice.

Your estate agent may offer you financial advice, which can seem convenient when you are first introduced to the concept. But you should ask a few questions of the estate agent before acting on their advice. Are they tied to any providers? Are they independent? What exactly is the range of products available to them? Estate agents are not much different from car dealers who offer car finance. It's a convenient service for you both you and them, as they benefit from you having mortgages arranged, but it may not produce the best product for you.

Tied agents are fulltime mortgage advisers, but you may find they can only offer you products from one lender or maybe a few to which they are 'multi-tied'. They must tell you what range of products they provide, and sometimes their more detailed knowledge of the smaller range of products could be to your benefit, so you are not necessarily receiving lower quality advice from them. But if a tied agent is only able to recommend investment, insurance and mortgage products from one lender or a small range, there is less chance of the best product from them being the best product for you.

The people with the widest range of products are independent financial advisers. They are obligated to give you the best advice they can suited to your needs. After carrying out a fact find on you, they should have either the full range of mortgage products for you or have a large panel of providers which they fell able to recommend a product from. They will have learnt about mortgage products during their training, and this wide range of products are most likely to contain the best one for you.

 

 

 

© AskFinancially.com 2008

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