FREE MORTGAGE ADVICE
SHOULD I SPEAK TO MY BANK FIRST?
This may be a good starting point as they do have easy access to your financial situation.
However, if you believe they will give you a favourable rate and make the process smooth, you will be dissappointed. They still have to go through all the same checks whether your are a customer or not.
Also, by going to a bank or building society direct, you will only be shown their own mortgages. This means you may not get the best deal for your personally only the best deal they have available for you. So it would be wise to also speak with a range of banks in order to see how their products stack up against your bank.
IS THERE ANY RISK IN NOT GETTING MORTGAGE ADVICE?
By not taking mortgage advice you will have to take full responsibility for your mortgage decision.
By getting mortgage advice from an independent mortgage adviser means that if the mortgage turns out to be unsuitable for you later on you'll have more rights should you make a complaint.
For example, you could make a complaint of financial mis-selling if the advice you were given turned out to be unsuitable for you. By arranging your own mortgage this process becomes a lot harder.
If you don’t take advice, you could end up; With the wrong mortgage for your situation, which would be a costly mistake in the long run; Being rejected by your chosen lender, because you didn’t understand the restrictions clearly or what circumstances the mortgage was designed for.
WHAT DOES A MORTGAGE ADVISOR DO?
Also known as an 'independent mortgage advisor' they will find you the best mortgage deal available.
They provide you with a much greater pool of mortgage options to choose from and because they’re free of ties to any lenders, they can offer you completely impartial advice.
They will probably save you money too. Mortgage brokers have access to thousands of lenders and they can find you deals, or they may be able to get you an exclusive deal. Ultimately, you are probably more likely to get better rates with a mortgage broker than without.