Mortgage Advisors

How To Choose The Best Mortgage Advisor in Belfast?

If you are looking for a mortgage, it is recommended that you talk to a mortgage advisor. Mortgage advisors will be able to help you find the right mortgage for your purchase and financial situation. The problem is that not all mortgage advisors are the same and you need to choose the best one for your needs.

Tied And Whole Of Market Advisors

The first point when choosing the best mortgage advisor is to determine the type of advisor you want to work with. There are two main types and they are the tied advisors and the whole of market advisors. There are benefits to using either and you need to consider which will be best for you.

A tied advisor will be linked to one lender or a group of lenders. This will limit the products they offer you but is ideal if you want to work with the lenders that they have. If you go to a mortgage advisor at your bank, they are tied to the bank and will only offer you advice on the bank’s mortgage products.

The whole of market advisors is different as they are not linked to any lenders. They will look at all mortgage products from every lender and advise you based on this. Many people feel that these advisors are better because of the range of products they can offer.

Understand Their Commissions

Mortgage advisors do not provide their services for free and you need to know how they make their money. Most tied brokers are paid via a commission from the lender. This will usually be around 1% of the mortgage.

Most independent advisors will charge a flat fee for their service. This will generally be an upfront payment and will vary depending on the advisor. However, it is important that you ask the broker how they are paid before you work with them. They need to be transparent and tell you the fee structure they use. If you cannot get a clear answer from them, you should reconsider working with them.

Look Beyond The High Street

A lot of people make the mistake of only looking at high street mortgage advisors. This is a mistake because you could be missing out on the advisor that is right for you. A lot of new advisors will not be on the high street and focus a lot of their attention online. Starting your search for an advisor online will ensure that you see the full range available to you, for more see the guide at Belfast Mortgage Brokers.

The online brokers will also be cheaper compared to the high street ones. If they are correctly qualified, they will also be able to provide you with the same service. Smaller companies may provide a more personalised experience which is better for your pocket.

Choosing the best mortgage advisor is important because they are all different. If you have a certain lender you want to work with, you should look for a tied advisor. If you want a broader view of your options, you should work with a whole of market advisor instead.