How do I find an independent mortgage advisor?

[Lottiethelemming]

Is it as simple as googling them? Do you have to find one in the are you want to live?

We're hoping to buy soon and I keep hearing about them finding the best deals. I specifically saw something online about getting better rates/higher borrowing if you were in secure (covid-proof) employment. I can't find the same article now!

Ultimately it seems as though they can get better deals than if we were to approach the bank directly. Is that true? Are their services really free?

And advice would be appreciated!

I did a thread and everyone advised me to get an independent mortgage advisor.
I just googled and first thing came up with one in my area.
I've only got to the point of getting a mortgage in principle but he's been good and fast so far
He said he doesn't ask for any money from me, he gets his commission from the lender

Thanks @purpleme12
I was concerned at the number of ads that came up on Google. I suppose there's no harm or price to pay when contacting them!

I can recommend Edinburgh Mortgage Advice. Excellent service and you don't need to live anywhere near Edinburgh 😄

www.stepchange.org/how-we-help/mortgages.aspx

I found ours through Vouched For.

I Use a company based in Glasgow, Capital Managers, I’m in Manchester, they’re brilliant, changed my mortgage twice now and i don’t pay, the mortgage company do. Drop an email for a chat.

[email protected]

I’ve used a good few mortgage advisors in the past and actually the best one was one we got via the estate agents!

I sometimes even speak to multiple advisors at the same time as they all have different mortgage companies they prefer to work with. You are under no obligation to progress to application with them.

The one I have used multiple times (the estate agent one) has got us some great deals, but he is also upbeat and positive, one of the others I have been back to a few times is always miserable and I don’t enjoy talking to her. I won’t bother even asking her next time!

My only advice is that by law they have to inform you at the very beginning if they plan to charge you (some do have a fee). Check everything once you are ready to proceed as some try to add the fee in sneakily whilst you’re panicking about the huge sums of money you’re about to owe the bank (). If they do they usually back down very quickly when you sweetly remind them that they appear to have made a mistake on the form! If they refuse to remove the fee (and they didn’t make you aware of it at the beginning) then just go elsewhere. Annoying but not a big deal in the grand scheme of things as you’ll now have all your documents ready to provide to the new one.

I find it quicker and easier to use a mortgage advisor as they have a good overview of multiple products from multiple banks/building societies. They also know of who the best people to approach would be if you need a niche product, some of which are only available via an advisor. They also then do all the liaising etc and generally help with understanding all the new terminology you will be faced with!

Good luck!

We used London and Country. They were helpful, fee free and found us just what we were looking for. They have been regularly recommended on Mumsnet.

We found ours on the Guardian website - would recommend him but he doesn't do mortgages for anyone else any more.

At the first meeting he said he was paid by commissions - but practically every company would give him commission so it made no difference. If we had unusual circs where a different mortgage not from a mainstream lender would be best, then he'd explain and need a fee.

Usually saved us money over what I could find online, but even when he couldn't, having him spending hours on the phone and completing paperwork for us has been so worth it!

Independent (check they truely are) mortgage advisors are definitely worth it. Look for one who claims to be "whole of market" - you don't want one who only works/sell a limited selection. Many estate agent ones are not whole of market - beware!

They definitely can get better deals. Some mortgage companies (like platform www.platform.co.uk/ for example, the co-op mortgage arm) will only deal via intermediarys, and will not allow you to apply directly.

They are often cheaper, as they know that the paperwork they will get has already been checked and should be correct. It's more efficient for them, you get a discount.

In terms of paperwork, it's amazing how much a decent mortgage advisor will do for you. It's also amazing how much they go "oh, dont worry about that, they won't care for you". That insider knowledge is really valuable.

Even if you end up with a big highstreet lender - some still offer better rates.

No, they aren't all free - but you'll often save the couple of hundred quid in fees within months of the mortgage. Also, those fees are not set in stone - negotiate. They'll get commission as well (and they should tell you what that is) so if your case is simple they will often be flexible on that fee in my experience. Always ask!

I've used (and have friends who have used) Mark Humphreys

www.mhcmortgages.co.uk/contact

I'd not hesitate to recommend - and given he does everything online I don't think location would matter (used his recommended solicitors as well, who were superb if you want to work online and via email - I did!)

I used Habito after a recommendation from a friend - fee free. They were good, and now using them for the remortgage. They've an online portal, and you can take pictures on your phone of the documents you need to submit and upload them. Has been an easy process and pretty quick.

I'd recommend London and Country as well - used them several times for buy and remortgage and they've always been great.

Just be aware that brokers don’t have access to all large lenders. For instance, they don’t have access to HSBC rates. Always worth having a good look at the rates with some of the big banks that a mortgage broker won’t have access to. Especially if you’re an existing client of said ‘Big Bank’. In our case we had an HSBC Premier Account and were able to access some excellent rates with them. Plus as they held all our financial information/bankIng history etc it made the whole mortgage application process very easy.

London and country were awful for me.
I have one in Kent but if you have a local Facebook group put a post up requesting recommendations

Just be aware that brokers don’t have access to all large lenders. For instance, they don’t have access to HSBC rates.

There are some providers that only deal with the public directly and some providers will not deal with the public. Customers may be able to get preferential rates from existing provider.

I certainly had access to HSBC mortgages last time I looked.

I paid for my mortgage advisor. £200 when the mortgage was approved and £300 on completion. Best £500 spent due to self employed income with less than 3 years of books. We never would have got it without.

We used London and country as well, they were great. Made it really easy and got good advice and deal