Do I need a mortgage adviser?

Mortgage advisers are used by many who mortgage their homes in the UK. In fact, about 2/3 of homebuyers use a mortgage adviser. What does a mortgage adviser do exactly and how can they help? This article will break down what a mortgage adviser does and how they can be of service to you in the search for a mortgage.

What does a mortgage adviser do?

A mortgage adviser helps you through the process of obtaining a mortgage. To start, they will help you discover how much you can borrow. To get a good idea of how much mortgage you can borrow before seeing a mortgage adviser, you can always use our mortgage calculator as well.


A mortgage adviser will also help you navigate through the process of obtaining a mortgage. They will look at your financials, help you get your documents in order for the application and help you find mortgage products that fit both your wants and needs. A mortgage adviser is there for you through every step of the way when going about getting a mortgage. They can help minimise the risk of surprises, as most people find the process of getting a mortgage to be a stressful ordeal.


The fact that mortgage advisers are skilled at putting together successful mortgage applications is a plus, since submitting an application with something missing can result in a declined application. When an application is declined, this shows on your credit record and may make it more difficult to get approved for another mortgage right away. Working with a mortgage adviser will take the guesswork out, so that you can rest assured knowing your application is ready for submission. A mortgage adviser will keep you up to date on the process of the application as well.


Most importantly though, mortgage advisers can also help you find a good mortgage deal for the home you wish to purchase. Some mortgage rates are not available to the general public. However, mortgage advisers often have access to what is called the whole-of-market, and are able to find unpublished rates that may save you money. Sometimes the best deal is not necessarily the cheapest. A mortgage adviser understands this and takes into account your needs and your finances to find a product that works the best for you. You can see what rates you may be looking at for a mortgage by using our free mortgage comparison tool, here. This may help you get an idea of what you can expect to find through a mortgage adviser service.


What is the difference between a mortgage adviser and a mortgage broker?

There is no real difference between a mortgage adviser and a mortgage broker. However, mortgage advisers are there to give solid advice about to mortgage process. They are your right hand man, so to speak, when it comes to looking for and applying for a mortgage. Some mortgage brokers are tied to specific lenders, meaning they cannot offer deals in the whole-of-market like most mortgage advisers can. It is always a good thing to have a good variety to choose from, as there are many products on the market available.


How much does a mortgage adviser cost?

More times than not, advice from a mortgage adviser is free. This is because they are paid a commission by the lender as opposed to a fee from the person they are finding a mortgage deal for. Whilst some do charge a fee, there are plenty of mortgage advisers who offer their services free of charge, making it all the more worthwhile to use a mortgage adviser.


The bottom line

A mortgage adviser can help in many ways. Not only are they often free to use, but they can help make sense of the mortgage process. In fact, it seems almost silly to not employ the help of an adviser given all they can do for you when it comes to looking for a mortgage.

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