Do I need a mortgage adviser?

First published on 25 of October 2017 • Updated 25 of October 2018

Do I need a mortgage adviser?

Whether you’re buying a property or just remortgaging, mortgage advice can be a great help. Taking independent advice can make the different between a successful mortgage application and being rejected. It may also lead to a significantly better value deal, potentially saving you thousands of pounds over the mortgage term.

What is a mortgage adviser?

A mortgage adviser, also known as a mortgage broker, is a qualified professional who specialises in finding the most suitable mortgage deal for your circumstances. Most of them are mortgage specialists, though some independent financial advisers (IFAs) also give the same kind of mortgage advice. Typically a mortgage adviser will increase your chances of securing a mortgage, and also of finding the best value mortgage deal for you.

When should I seek mortgage advice?

If you’re a first-time buyer, then you have the most to gain from mortgage advice, as the application tends to be more challenging (and the whole process will be new to you). However, a mortgage broker can be useful for any kind of mortgage application.

Other times when you may need advice include remortgaging, buying your next home or buying a second property, especially if you need to borrow more. An adviser can also find you the special mortgages you’ll need if you buy-to-let, or purchase business premises or a holiday home. Finally, mortgage advice can also help you tap into the value of your home in later life, through equity release.

Benefits of using a mortgage broker

An independent mortgage adviser is not restricted to any particular providers, and will act solely in your best interests. You can therefore be confident that the deal they recommend will be the best available mortgage for your circumstances. A mortgage adviser should also:

  • Explain the various mortgages available and the different types of deals
  • Advise you on how much you can afford to borrow
  • Have access to special mortgage deals that are not available on the open market
  • Help you prepare for your application to boost your chances of success
  • Be able to save you money overall by finding a mortgage with lower interest rates and fees

Remember that every unsuccessful mortgage application may harm your chances of success next time around, as each refusal will appear on your credit record. Using a mortgage adviser will maximise your chances of being accepted first time.

Finding a mortgage broker

There are two ways to find a mortgage broker on Unbiased.

The first way is to use our Connect tool. Just enter some details about your circumstances and requirements, and our system will match you with the nearest suitable adviser. You should get a match within 48 hours (often it’s much quicker).

The second way is to search and browse. Enter your postcode to see a list of mortgage advisers in order of distance from you. You can then refine your search (e.g. to find advisers with specialist experience or particular qualifications).

What does it cost to use a mortgage broker?

Mortgage brokers charge in a variety of different ways. Some mortgage advisers will charge an up-front flat fee (the average in 2017 was £400), while others will take commission from the bank or lender providing the loan. Be sure to discuss fees at your first meeting with the broker. Ask how they are paid, what it will cost you, and get a written quote. Remember that using a mortgage broker should mean that you spend less money over the long term, so have the adviser explain to you how their fee is justified.

Your first meeting

When you’ve found a suitable adviser, you can use our mortgage checklist to help you prepare for your first meeting – it will save a lot of time and help you keep track of everything you need to think about and discuss.

Ask your adviser whether they can source direct deals (these may offer special rates or discounts). If your adviser recommends a particular mortgage to you, ask them to explain in detail why this deal is most suitable for you.

A good mortgage adviser may also offer useful tips and guidance throughout the home-buying process, so be sure to find an adviser with whom you get along well.

Let us match you to your
perfect mortgage adviser