A mortgage could be the biggest financial commitment you’ll ever make.  So it pays to get advice from a qualified professional.  Usually, that person is a whole of market mortgage adviser.

Like IFAs, mortgage advisers are regulated, which means that they have to hold qualifications to confirm their level of expertise.  The advice they give must also conform to rules set down by the Financial Services Authority.  There are two types of mortgage adviser – an independent mortgage adviser, and a tied mortgage adviser.

• An independent mortgage adviser can offer products from many providers, but may not have access to some ‘own product’ options.  High street banks, for example, don’t release details of their whole product range to independent brokers.
• A tied mortgage adviser – someone that you’d approach through a bank, building society or estate agent may only offer products from the mortgage lender they’re tied to.  If you arrange to speak with a mortgage adviser through your bank, for example, you’re likely to be dealing with a tied mortgage adviser.

It’s important to understand which type of adviser is helping you, so that you’re comfortable with the number and type of options you’re shown.

What will the adviser do for me?

When you first meet, you’ll probably want to talk about getting a mortgage straight away.  You may even have found a house – so mortgages will be your top priority.  Your mortgage adviser will probably ask you questions about a wide range of subjects, to find out about your circumstances, your finances, and the house you’d like to buy.  This helps the adviser understand how much you can afford to pay, both as a deposit, and as regular payments to a lender.  It’s known as a Fact Find, and it can help identify other areas in which you may need advice – with things like building and contents insurance and life insurance.

The adviser should always offer you products that are within your level of affordability, and you’ll be asked to confirm that you understand the responsibilities and commitment you’re taking on.  It’s a good opportunity to explore the benefits of these products, as independent mortgage advisers may have access to deals that are not available through comparison websites or on the high street.

When you’ve chosen a mortgage, the adviser will make an application to the lender using your details.  Once accepted, the adviser will usually liaise with the solicitors, estate agents, and lenders on your behalf – right up until you exchange contracts on the property and finally complete your purchase.