What Does a Mortgage Advisor Do?

If you’re in the lucky position where you are ready to buy a home of your own, we’re here to help make sense of the mortgage market. Amidst the exciting prospect of walking through your very own front door, you’re probably wondering how you can turn the dream into reality.

Most first time buyers need a mortgage to own their first property, and this is where a mortgage advisor’s services are invaluable. Mortgage advisors are there to give you a helping hand and guide you through the process.

You are by no means obligated to see a mortgage advisor, but in this article, we’re running through the key things they can do to help your first-time buying experience run that little more smoothly.

So, what does a mortgage advisor do?

• Explain mortgages in layman’s terms

If you have no idea what the different types of mortgage are and which one would be right for you, there’s no need to panic. Mortgage advisors are well-equipped to pinpoint the relevant mortgage products for your circumstances and will explain them in a way that you can understand. Essentially, mortgage advisors take the legwork out of researching the many varieties of mortgages.

• Calculate how much you can afford

Calculating how much you can afford is a key part of the mortgage process. Mortgage advisors with a wealth of experience under their belt will be able to know what lenders are likely to agree to. This will ultimately save you a lot of time and hassle and ensure that your dreams of owning a property are rooted in reality. Mortgage advisors will only suggest mortgages that they feel you have a high chance of securing based on your financial situation.

By speaking with an advisor, you may find that you can borrow more than you initially thought, which may enable you to secure a better property that still fits within your budget for monthly repayments.

• Give financial advice

From helping you factor in all the costs associated with getting a mortgage and running a home, to helping you boost your credit score, mortgage advisors are fully qualified to offer professional financial advice that you can trust and that will help you get on the property ladder.

A good mortgage advisor will maintain a working relationship with you to guide and help you throughout the lifetime of having a mortgage. This could be in many scenarios such as upsizing, remortgaging or simply keeping you abreast of market changes. They can also advise you on how to become mortgage free sooner rather than later.

• Help you find a mortgage

The most important point of all – mortgage advisors don’t just offer advice, they can actually find the perfect mortgage deal for you. Some brokers are tied to a specific lender or a limited list, whereas other brokers are ‘whole of market’ meaning they have access to a much broader range of lenders and mortgage deals. 

• Help with the mortgage application

If you’re happy with one of your advisor’s suggestions, they will typically help you with the application to ensure a quicker, hassle-free process.

If you’re happy with one of your advisor’s suggestions, they will typically help you with the application to ensure a quicker, hassle-free process. Alongside this, they may also help negotiate with an estate agent where needed, liaise with your chosen conveyancer to ensure a smooth transaction and act as that one point of contact, so you don’t have to do all the chasing and running around yourself.

Is a mortgage advisor the same as a mortgage broker?

If you’ve come across the term ‘mortgage broker’, you may be wondering whether they offer a different service to an advisor. In fact, they are pretty much the same. Whether you’re consulting a broker or advisor, you should be able to receive professional financial advice and have that all important help in choosing a suitable mortgage deal.

When to see a mortgage advisor?

When to see a mortgage advisor will likely depend on the sort of advice you’re after. But typically when you’re a first-time buyer, it’s useful to see one as soon as you know you’re ready to buy a property.

We hope this article has answered your burning questions around what a mortgage advisor can help you with.

If you’re looking for a reputable mortgage advisor, Agentis are on hand to help. As a family-run mortgage broker in Peterborough, we pride ourselves on offering a friendly and approachable service for first-time buyers. Contact us today to find out how we can help you get on track to owning your first home.