Independent article below providing information for guidance purposes only. Everyone has to make financial decisions from time to time. Whether it's choosing the right buy to let mortgage, or releasing equity from your home, planning for your retirement, life insurance, Expat / forreign Mortgage, currency mortgage or simply finding insurance for your property buy to let or residential, the sheer number of options can be overwhelming - never mind the jargon and sales patter all can add to confusion, but Independent Financial services GB endeavour to navigate you through the maze, to meet your needs and circumstances.
MORTGAGE ADVISE: Finding independent mortgage advice is not as hard as it sounds. It is very important though if you want to make the right decision about which mortgage is the best one for you.
There are plenty of information about mortgages in the public domain on websites, in magazines and tabulated over and over again in mortgage comparison tables. We believe that because there are so many variables within the minefield that is mortgages, that seeking mortgage advice is essential. In fact, we even recommend you speak to independent mortgage advisors
or brokers who have access to the whole UK mortgages market because otherwise you might not get advice covering all mortgages available to you.
This is even more important if you are trying to get onto the first rung of the property ladder and are a first time buyer. With the property market being so tough in the UK, there are more and more first time buyer mortgages on the market now and good mortgage advice for your first home is essential.
Since 2004 the giving of personal financial and mortgage advice in the UK has been governed by the Financial Services Authority. Companies or individuals offering personal financial or mortgage advice must comply with the Financial Services Act or they are breaking the law. Many companies offer consultations on an ‘information only’ basis and you would need to formally agree to having requested to be advised on financial matters. Adherence to the rules of the Financial Services Act is called ‘compliance’.
Mortgage advice can be sought from a number of sources:
• A tied mortgage adviser: These work – and will therefore recommend products – on behalf of just one lender.
• A multi-tied adviser: These will recommend products from a limited range of lenders.
• An Independent Financial Adviser (IFA) or Independent Mortgage Advisor: These will recommend products from the whole market.
You are perfectly entitled to ask on what basis your advisor is operating.
Be warned though, that if you go to see an Independent Mortgage Advisor, they will be independent on mortgages but perhaps not insurance – and most homebuyers take buildings insurance alongside their mortgage.
By researching and reading it is relatively easy to glean a certain amount of useful information but by seeking personal mortgage advice from a mortgage advisor, you will be gaining the expertise of someone who knows all about all the different first time buyer mortgages on the market, what special deals are on offer, the peculiarities of the one lender versus another, what the latest mortgage releases are and of course they will always take your personal plans and circumstances into consideration.
As well as verifying who you are, you will be required to provide evidence of major income (your salary) and your major out-goings like car-loans, student loans etc. If you have loans or debts, it does not mean that you cannot apply for a mortgage.
Mortgage advice can be given in a number of different ways. It can be given by phone, email or in person - different advisors work in different ways. These days professionals are pretty flexible. In order to give you proper mortgage advice, mortgage advisors will need to a great deal of information about your personal finances. They want to determine that you can and will be able to make the mortgage payments. The last thing they want is to repossess your property if you fail to be able to make the mortgage payments. They will ask your permission before they give financial or mortgage advice. You will probably need to sign an agreement form saying that you agree to being given mortgage advices as opposed to just mortgage information.
When the mortgage advisor or mortgage brokers has taken all the information from you about what you want and your finances, you might, after agreeing which mortgage and which mortgage lender is appropriate to you, make a mortgage application.
The selected mortgage lender will scrutinise your form and carry outs some checks of their own
Some advisors gain their income form commission they earn from selling insurance policies and mortgages whilst others charge for giving mortgage advice. You are perfectly entitled to ask about what charges will be applicable in your instance.
Don’t be intimidated by mortgage advisors. Though they have trained for a considerable time to be able to offer mortgage and financial advice, they are human, just like the rest of us. Erin Ryan is a consultant for Helen Adams MD of First Rung Now.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT |
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