Whether you’re buying your first home for the first time or an existing home owner looking for a remortgage product, it’s important to seek expert mortgage advice to ensure you get the right home loan for your personal circumstances.
UK Mortgage Market Evolution
The UK is often said to have the most sophisticated mortgage market in the world. A wide variety of products are now available from dozens of lenders where only a few lenders existed before.
Mortgages are now available to people with all types of credit histories and employment situations, and are also available to purchase property for investment purposes. This situation is very different from several years ago, when only a few lenders offered premium mortgage products to people with steady employment.
Therefore, the UK home loan market has evolved considerably in just a few years and the need for expert advice has never been greater. This type of advice is no longer the exclusive domain of authoritarian bank managers, and because of this, the financial intermediary industry has flourished.
advice providers
Due to the increased sophistication of the market, it is wise to seek the advice of an independent broker or financial advisor when shopping for your next home loan.
Independent brokers have specialized software that can scan the entire market in minutes, helping them provide quality mortgage advice that will help you choose the right product for your individual circumstances. The right advice can help you save money over the life of the loan, whether it’s buying a rental property or your own home.
Similarly, Independent Financial Advisers (IFAs) can sometimes provide advice on mortgages and ancillary financial products such as insurance and pensions. These products often go hand-in-hand with home loans, so it may be a good idea to get advice from an IFA if you already have one.
If, for example, you are looking to buy or re-mortgage a buy-to-let property, your IFA can provide advice on which products to apply for, in addition to any investment advice they may be able to provide.
If you are looking for a mortgage for your own home, your IFA may be well-suited to provide advice on both your home loan and home and contents insurance. You can also take the opportunity to receive advice on life insurance products or income and mortgage protection insurance.
Where to look for mortgage advice
Finding a broker or IFA who can offer you mortgage advice has never been easier. There are thousands of registered brokers and IFAs in the UK, many of whom advertise online and in the local press. There is also a wide range of online and offline directories containing listings for mortgage brokers in most local areas. However, with the ease of long-distance communication these days, it’s not always necessary to get advice from a local mortgage broker.
You can also look for referrals from friends of relatives. Mortgage advisers and IFAs sometimes specialize in different fields of financial advice, which means that not all advisers will be qualified to provide you with information on the specific topics on which you are seeking advice. A positive referral from a friend or relative can save you the time and trouble of finding a counselor and reduce the risk of receiving inappropriate advice.