The mortgage adviser comes in far too many shapes and sizes. (One thing you’ll notice about buying a mortgage is that there are all too many people out there to offer you an opinion!) Here are the important ones:
Firstly you have lenders themselves. They will only sell a lender’s own products, and consequently will only advise on those.
Then you have independent financial advisers (IFA’s). They are paid out of commissions they earn on the products they sell, so a meeting with a financial adviser (the initial one is often called a factfind) will usually cost you nothing. By definition, they can advise on the best product from a huge range of lenders to fit your needs; and you should also be aware that there is a whole class of lenders whose products are only available via IFA’s, so you’ll have choices you couldn’t find by yourself. Among the best are Chase de Vere, Ashley Law, Charcol Online and Bradford & Bingley.
Then there are estate agents- your estate agent will almost certainly try to sell you a mortgage. Quite simply, find out whether they are independent (very few are), and how they’re paid. Most estate agents are tied to big lenders, such as the Halifax and Nationwide. In general, there appears to be no reason to buy a mortgage from an estate agent whatsoever.
Two other types of mortgage adviser deserve a mention. Mortgageforce is one: they are a cross between a financial adviser and a lifestyle consultant. If you’re just too busy to run around looking for a mortgage (and all the other phone calls and appointments that mount up moving towards completion) then Mortgageforce will take the heat off you. The second type of mortgage adviser to consider is the raft of specialist dealers who cater for specific types of mortgage. There’s a group of lenders (Jim Whites, Future Mortgages, National guarantee) who can help with circumstances of bad credit, or you might try Landlord Mortgages if you want a good buy to let deal. These companies get a special mention because their knowledge of specialist areas may get you a personalised deal that other lenders can’t provide.
