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If you really don't know where to start when choosing your mortgage, you could get help from a mortgage adviser.
Many borrowers go for this option as the adviser will help trawl through all the fixed rates, discounts and trackers to find out the best deal for your personal circumstances. Certainly, in the current environment where not many lenders are lending, mortgage advisers will be able to consider those who are still lending to see what is suitable for your needs and what sort of criteria the lender is looking for. Those with special circumstances, such as those who have had previous financial problems, or those who are self-employed, may find this option particularly useful. Mortgage advisers may also have access to deals not available on the open market. There are different types of adviser which you should be aware of as it affects the quality of advice and the number of mortgage products available to you. • Tied or multi-tied agents can recommend products only from specific lenders - this could be just one lender or a number of them. This obviously limits the number of products open to you. They tend not to give you advice tailored to your needs either, just giving you information about what is on offer. They may not offer mortgages so check before you go.
• Mortgage brokers can advise on mortgage products across the whole market (the preferred option) or from a number of lenders (so they are more like tied agents). They’ll either charge you a fee or receive commission from the lender you choose - some may combine the two. You should find out upfront how the broker you are considering charges.
• Independent financial advisers (IFAs) are not limited to mortgages and can give you advice on a range of financial products. They are not limited to specific lenders and can search the whole of the market for the best mortgage for you. An IFA will offer you an option of paying a fee, commission paid to the IFA by the lender or a combination of both. Typically, the great advantage of using one of these sources for a mortgage rather than approaching a lender direct, is that they have a wider knowledge of all the mortgages available. They will know which lenders are offering the most competitive products and how different mortgages compare. Also a great many mortgage products are never advertised to the general public, for instance those offered by specialist lenders; you only hear about them through an adviser. The bigger mortgage brokers are often in a position to obtain special deals and put together special mortgage packages. One of the most effective ways to make sure you get good advice is to go to a broker or IFA who has been recommended to you by a friend or relative. This is the best way to find a broker or adviser who is diligent, will keep you up-to-date on new products, and who is happy to explain things to you clearly and will answer all your questions, no matter how many times you ask them. Bear in mind that most people quickly find that the relationship they have with their adviser is as important - if not more so - than whether or not they are tied to a particular life company or whether or not they charge a fee. All this may seem like a great deal of effort just to receive advice, when you could just go into a local bank or building society branch. Nevertheless, you must remember that going to an adviser means that you will probably get a good overall picture of exactly what is available - and what would suit your circumstances.
To find a mortgage adviser in your area just go to AdviserFinder link
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