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Getting mortgage advice

Read this article from the Chartered Insurance Institute on how a mortgage adviser can help you find the right mortgage.
© Chartered Insurance Institute

Here in the UK, a customer can take out a mortgage in two main ways.

  1. Directly with the lender without taking advice. This can usually be done online or by post.
  2. Seeking advice through a mortgage adviser, either one that works for a lender or one that is independent of the lender.

The key here is to understand that there is no right or wrong way of doing this.

Not everyone needs advice. Some people are happy to spend the time researching mortgage products and lenders, understanding the detail and how it fits with the house buying process. They are happy to make their own assessment of the right product for them and to complete the mortgage application.

For customers with very simple needs and straightforward financial situations this may be OK. However, unfortunately for a lot of people their financial situation is far from simple or straightforward. As such, finding the right lender and product and getting a mortgage offer may not be as easy as first thought.

The role of a professional mortgage adviser is to help with all of this. Depending on the type of adviser they could have access to the entire mortgage market. This means they may have access to more specialist lenders, which cater for more complex customer situations.

The adviser is there to help and guide their client through every step of the research and application process, right through to getting a suitable mortgage offer from a lender. Using their experience, they can help the customer with the following:

  • Assessing affordability and setting budgets.
  • Calculating the amount of deposit needed to match the chosen product and potentially how best to fund this.
  • Making sure customers are aware of all potential fees and charges.
  • Assessing customer’s needs and objectives.
  • Helping to choose the right mortgage to meet those needs and objectives by researching the market and recommending the most suitable lender and product.
  • Helping those who could be classed as vulnerable, making sure that they are treated in the right way and that they receive the appropriate level of service.
  • Providing regular reviews of the product once it is in place to help make sure it remains suitable for the customer’s needs (eg when a fixed rate deal ends or when circumstances change).
© Chartered Insurance Institute
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Introduction to Home Ownership and Mortgages

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