Have you ever wondered what a mortgage adviser does?
A mortgage adviser acts between you (the customer) and the mortgage lender. Their role is to help identify your needs and requirements to then find a mortgage lender that will lend to you. They will also recommend a mortgage product that is suitable based on your current circumstances and future needs.
At Clever Mortgages, we have access to over 100 lenders and 1000 mortgage products. That’s a lot of work to keep up with! But, with not one person circumstances being the same we ensure we keep up with the market and are able to find a mortgage solution if there is one out there. We will match you to a lender that are likely to say yes!
By the mortgage adviser only making one application this avoids multiple applications which could harm your credit score.
The advice we give is from a real person, who can relate to real circumstances, not a machine robot.
Mortgage Advisor FAQ
Are all mortgage advisers the same?
No! Mortgage advisers all work different. Most mortgage brokers have access to the same products, but it is understanding the lenders requirements and working in the specific area that sets mortgage advisers apart. Areas such as Bad credit, self-employed, buy to let are seen as a niche, which not all advisers specialise in.
At Clever Mortgages, we have mortgage advisers in all areas, so we’ve got you covered.
What are the advantages of using a mortgage adviser?
- Mortgage Advisors are trained, qualified professionals with experience and extensive knowledge of their field. They are best placed and duty-bound to help you in your mortgage decision, meaning they can help make sure you don’t end up with an unsuitable mortgage.
- Mortgage Advisors save you time by comparing the market for you and they can help you with the ‘red tape’ side of purchasing a home or remortgaging your current home.
- A mortgage advisor will probably save you money. Because of the vast amount of lenders and products they have access to, they can find a deals you might not be able to. Ultimately, you are more likely to get better rates with a mortgage broker than without.
- A mortgage adviser will be with you from the start of your journey until you get the keys, ensuring lenders and solicitors are chased and queries answered
Not every case is the same!
Many people have very different situations. They could be a couple and one or both have previous or current bad credit. A customer might be self-employed or have complex income. Whatever the circumstance, Clever Mortgages will try and help you.
Do I have to use an estate agents mortgage adviser?
No, you can use whoever you want to arrange your mortgage.
It’s seen as unfair practice to make a customer speak to an estate agency mortgage adviser, before putting across an offer on a house, when they have already spoken to an independent mortgage adviser. We can provide you with documentary evidence to supply to an estate agent or builder.
Estate Agents and Builders may not look at the whole of the market when it comes to mortgages, and you may not get the best deal for your circumstances or be told there aren’t any lenders for you. As bad credit specialists, Clever Mortgages have the knowledge to cover all areas of lending.
As with most things in life it is worth finding someone who can shop about and search the market for that mortgage which is tailored to your needs.
The main thing the estate agents need to know is you can get a mortgage. We can arrange a DIP (decision in principle) quite quickly so you can use this as proof when making an offer for a house. A DIP is not 100% proof of mortgage, but it’s a good indication that the lender is willing to lend you money.
When should I see a mortgage adviser?
You should see a mortgage adviser at the start of your house hunting process.
That way you will know what you realistically can afford and what your budget of properties will be.
Far too many people look at a mortgage adviser AFTER they have found a house. By having a DIP, you are one step ahead of the competition when putting an offer in on a property.
What if I have bad credit?
A mortgage adviser will know lenders that will accept a person’s past credit history and be willing to lend. A mortgage adviser can support you with an application to a mortgage lender.
There are things a lender may look out for in your spending habits, which you might not know about. It is worth speaking to a mortgage adviser to get some advice before you do a full application.
What if I have been turned down for a mortgage?
This is where a mortgage adviser really earns their money. Quite often, high street banks and building societies have stricter lending criteria.
If you have been turned down, the experience of a mortgage adviser is invaluable, they will often know the lenders that could lend you money. Of course, this is down to each individual case, but they will let you know that prior to applying.
Are Clever Mortgages FCA regulated?
Yes, we are. Mortgage advisers offering mortgage advice must be regulated and authorised by the Financial Conduct Authority (FCA). Details of all regulated firms are held on the FCA’s Register.
When do fee's become payable?
All companies work differently. At Clever Mortgages, our initial advice is free, if you decide to go ahead with a mortgage application a fee will become payable.
How should I choose a mortgage adviser?
Good question. Look at reviews, genuine ones from somewhere like Trustpilot. Read the reviews, you will get a feel for what a company is like.
Speak with friends, recommendations. At the end of the day, it’s your choice on who you feel comfortable with.
A mortgage adviser will also:
- Find the right product for you, so only one application
- Check your credit score and do an affordability assessment with you so you are not stretched beyond your means and can afford your repayments
- Advise on all aspects of the application process
- Speak to the solicitors for you
- Help with the mortgage application
- Chase the lender and keep you updated
- Plus a broker should ensure that your home is properly protection by recommending a suitable Building & Contents Insurance and life protection
Also, a mortgage adviser is not just there for your initial move. They will ensure that they talk to you when any product is about to expire on your mortgage to ensure that you are always on the best rate possible.
What should I do now?
If you are thinking of looking to purchase a property or remortgage your current home, you should speak to a mortgage adviser as soon as possible. As mentioned earlier, the sooner you can get a Decision in Principle the better.
Speak to one of our experienced advisers today to see what is possible.
Or, complete our form to see what you can afford.
0330 232 0285
Mortgage application process
3 simple steps for applying for a mortgage. See more about the mortgage application process here
Complete our quick form
Our quick form will give an indication of how much you could borrow and monthly payments. No imprint on credit record
Or arrange a callback
Dedicated mortgage advisor
A dedicated mortgage advisor will be assigned your case. All advisors are also trained in prime and bad credit
We search the market
Our advisors will search over 100 lenders and 1000's of products to find the right match for you
