Independent mortgage advice
Independent mortgage advice is likely to save you almost £1,000 per year on your mortgage!*
Your choice of mortgage might be the single largest financial decision of our life. Taking the right advice is crucial!
Why? Because the consequences of our choice will impact on our daily finances for years to come, affecting our own finances and even dictating how much income we have left to spend on our children.
The benefits of good and above all independent mortgage advice were proven recently, when research showed that purchasing your mortgage through an independent adviser can save you, on average, £962 per year*.
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There are several kinds of mortgage advice available to homebuyers. You can speak directly to a mortgage lender, such as one of the large high street building societies or banks. Alternatively, you can speak to an independent financial adviser, who is not linked or tied to one of the main lenders.
An independent adviser is free to offer you a whole-of-market approach. This means he can trawl through all available mortgage deals to select the lowest mortgage rates, and the best recommendations for you. He can advise you on the advantages of fixed mortgage rates, as opposed to variable rate mortgages, and where appropriate, can secure an interest-only mortgage that will give you lower repayments for a set period.
This whole-of-market approach currently gives an independent adviser potential access to some 19,000 different mortgages. Compare this to the adviser you will deal with at a high street building society or bank, who can recommend only his or her own range of products. These are known as ‘tied’ advisers, and on average they choose from a range of just 20 products*.
Little wonder, then, that buying your mortgage through an independent adviser will get you a significantly better deal in 90% of cases*.
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With an independent adviser, you are also much more likely to receive recommendations based on an analysis of your needs and personal circumstances. This customer-care-driven approach is classified as an ‘advised mortgage sale’ by the Financial Services Authority (FSA) and is defined as follows: ‘[Advised sales are] those where an adviser of a regulated firm gives a personal recommendation to the customer, after assessing the customer’s needs and circumstances.’
With independent advisers, these high standards of customer service are met in 92% of cases, compared with only 40% of cases when taking a mortgage direct from a high street lender*.
By using an independent financial adviser, you access the expertise of an experienced professional who deals with the major lenders on a day to day basis, who can evaluate your mortgage application, and present it in the best possible light. This will significantly improve your chances of success.
Click here to enquire or use our mortgage calculator or call us on 0800 678 5929
*(Source: ‘The Value of Mortgage Advice’, Association of Mortgage Advisers /AMI, 2009).
