Mortgage advice uk

If you are in the process of getting a mortgage and seeking advice then you are probably already dizzy with so many mortgage offers you are receiving from various companies, most of whom do not really meet your financial requirements .

The whole mortgage business is a maze that you will only be able to fathom through a series of guidelines that will help in making good decisions. So what should be your very first move when looking for a good mortgage advice? Consider the following strategies.

Get a mortgage broker for good advice

A mortgage broker or adviser with vast experience in the uk will be able to give you professional advice which can help you minimize and even avoid the common pitfalls when getting a mortgage. With a good grasp of the mortgage industry and lots of insider contacts, an adviser will have access to special discounts and packages not otherwise known to the public. The mortgage adviser will also be able to obtain good interest rates for you.

However, you should be wary when getting the services of a mortgage adviser because not all of them are created equal. There are mortgage brokers who are tied to a single or multiple lenders. The best mortgage adviser is someone who is independent and can scout the entire market for the best mortgage deal possible.

The ideal mortgage broker will have access to many uk banks at the tip of his fingers. With knowledge of your credit rating and your mortgage requirements, he can easily set up the best mortgage package for you.

Do research

The worst ways to get a mortgage broker is through unsolicited emails, telemarketing offers and advertising. These are the methods most often resorted to by lead generation companies who are not even lenders. Worse, this is one way of letting identity thieves into your financial backyard.

One of the best ways to choose a mortgage broker or adviser is through family and friends who may have worked with the same mortgage adviser before. Another is to get referrals from estate agents who know and have worked with almost everyone in the business. Both of these methods have their pros and cons but you can weigh which one will work best given your financial needs.

No matter what method you use in finding your mortgage broker, make sure you only get the services of authorized brokers through the Independent Financial Advisers or IFAs. The organisation provides a database of independent mortgage advisors who are guaranteed to give only the best advice on the most appropriate financial product suited to your requirements.

The IFA is authorized by the Financial Services Authority which means that should any problem arise from the ill-given advice then you have a recourse either addressed to the advisor or the uk Financial Ombudsman.

Getting a mortgage is a major financial commitment. You may be using your mortgage to build a house or to renovate an old one. Whatever the purpose, a mortgage should be treated seriously as it will have an impact on your financial records.

This information is given as a guide only and does not constitute legal advice or financial advice