Selecting a mortgage provider is a significant decision that could have a huge impact on your financial future for many years, even decades. It’s crucial to ensure you’re getting the most suitable deal for your personal circumstances, without any hidden costs or unexpected terms. We take a look at some of the steps you can take to help you choose the most appropriate mortgage provider for you.
The importance of using a mortgage adviser
While you could apply for a mortgage online yourself within minutes, this approach is unlikely to secure the best deal or guarantee approval, which could negatively impact any subsequent mortgage applications made. A mortgage adviser will help you find the right deal and complete the application on your behalf, utilising their knowledge and experience to reduce the risk of rejection.
Finding a reliable mortgage adviser
There are many things you could consider when looking to find a good mortgage adviser, but one of the most reliable is through recommendations from friends and family. Other sensible steps could include, checking the credentials of the adviser and ensuring they are registered with a professional body, such as the Financial Conduct Authority (FCA), this ensures they adhere to industry standards and regulations. It could also be sensible to look at any reviews which have been written by previous clients and make sure you are clear about any fees you will have to pay, always confirm there will be no hidden costs. You should look to verify the independence of the adviser and confirm that they are not tied to any specific lenders, and also look for someone with strong prior experience so you can be confident that they will be able to navigate any complex situations should they arise.
Avoid tied mortgage advisers
Tied mortgage advisers can only offer a limited selection of deals and this means you might miss out on better offers available in the wider market. It’s best to avoid this and seek more comprehensive options, where possible, to give you access to the broadest range of mortgage products.
Independent mortgage broker
An independent mortgage broker will act in your best interest, helping you find the most suitable provider based on your individual financial situation. They are legally obliged to offer the best solutions for your circumstances and can compare thousands of mortgage deals to determine:
- How much you can borrow
- The fees involved
- Updated stamp duty information
- Different types of mortgages, including remortgage, residential, and buy-to-let
Using an independent mortgage broker also significantly reduces the risk of mortgage rejection. If your application is rejected, this may negatively impact your credit score. A broker handles the paperwork and ensures your application is realistic from the outset, advising you against borrowing more than you can realistically afford.
Summary
Choosing the right mortgage provider is a crucial step in securing your financial future, using an experienced mortgage broker that you can trust can go a long way to ensuring you get the most appropriate deal for you.
At PM+M we are completely independent and understand that securing a mortgage is one of the most significant financial decisions you will make, that is why we’re committed to finding the best solutions tailored to your needs. Our goal is to make the process as smooth and stress-free as possible, so you can focus on finding your perfect home.
Get in touch
At PM+M we will take the time to get to know you and your individual circumstances to enable us to make informed recommendations about the most suitable mortgage products available. We will then guide you through every step of the process to ensure you are making informed and confident decisions. For further advice and to explore your options, please contact our mortgage director, Mark Chadwick, by clicking the button below.
PM&M Mortgages Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.
Some forms of Buy to Let mortgages are not regulated by the Financial Conduct Authority.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
