One of your largest financial decisions will be getting a mortgage advisor, so it’s crucial to get it properly. A mortgage advisor can conduct market research on your behalf and make recommendations for the greatest offer given your situation.

A mortgage advisor is what?

An intermediary who connects borrowers with mortgage lenders is a mortgage advisor. An advisor can assist you in finding the finest mortgage for your unique needs and circumstances if you’re purchasing a home or refinancing.

“A mortgage advisor not only helps you get the most competitive rates and pricing, they also help make sure your loan is a good match with the particular lender,” says Andrew Weinberg, principal of Silver Fin Capital Group in Great Neck, New York. “They can quickly ascertain which lender is best for each specific borrower.”

why seeking mortgage advice is typically required

Independent mortgage advisors are well-versed in the mortgages offered by various lenders. They can conduct market research on your behalf and suggest the finest offer.

Finding these offers on your own requires extensive study and repeated discussions with several lenders about your situation.

An adviser can also be able to locate a deal that you are unable to locate on your own. They can also increase your chances of getting a mortgage because they will know which lenders are appropriate for your specific situation.

This is especially crucial if you don’t have a sizable deposit, haven’t been with your job for a long time, or work for yourself.

the dangers of not seeking counsel

Your mortgage consultant will suggest an appropriate mortgage for your needs and circumstances if you seek out regulated mortgage advice rather than conducting your own investigation.

You can file a complaint if the mortgage later proves to be improper for any reason. You can file a complaint with the Financial Ombudsman Service if necessary. This implies that when you follow advice, you immediately have additional rights. 

You must assume complete responsibility for your mortgage decision if you don’t seek help.

If you don’t seek advice, you can experience:

  • with the incorrect mortgage for your circumstances, which would be an expensive oversight over time
  • applying for a mortgage that does not meet the lending requirements of the lender.

When to consult with a mortgage advisor

Whether you’re getting your first mortgage or seeking to refinance, it’s crucial to consult a mortgage expert at the beginning of the process. Long-term, it will save you a tonne of time and work.

To find out what is available and to compare costs, it is a good idea to speak with several different companies.

Advisors come in two primary varieties.

Mortgage experts with direct connections to lenders typically only endorse loans from that particular lender.

Sometimes Mortgage advisor known as unaffiliated financial counsellors, are capable of examining a variety of mortgages from several lenders. Some may even search the entire market, giving you access to a greater selection of goods. 

Selecting a adviser offering a “whole of market” service makes sense. This implies that they have the broadest selection of lenders and mortgages.  

Even ‘whole of market’ counsellors, however, do not cover everything, and there are still certain advantages to getting your mortgage directly from the lender. Some lenders offer special rates that are only accessible if you contact them directly, which can save you money on upfront mortgage advisor fees.

The Financial Conduct Authority (FCA) must regulate and licence companies that provide mortgage advice. The FCA’s Register contains information on every regulated company.

Additional justifications to seek advice

  • They will examine your finances to ensure that you are likely to meet the lending and affordability requirements of the specific lender.
  • They may have special arrangements with lenders that are not otherwise possible.
  • They frequently assist you in filling up the paperwork, so your application should be processed more quickly.
  • They will assist you in accounting for all mortgage charges and features in addition to the interest rate.
  • They should only suggest suitable mortgages for you and will let you know which ones you’re most likely to get approved for.

A mortgage advisor can be found

On the following websites, you can locate a licenced mortgage adviser:

  • Financial Planning Society
  • Unbiased

Additionally, it’s a good idea to select a company that belongs to the Association of Mortgage Intermediaries (AMI), the organisation that regulates mortgage intermediary businesses.


Depending on the mortgage’s size or the product you select, mortgage counsellors may charge you for their services. This fee could be a flat rate, an hourly rate, or a portion of the loan amount.

Others will be provided without charge to you but with lender commission.

Some charge fees and receive commissions, but you should be made aware of the costs associated with receiving the advice as well as how the adviser will be compensated. 

The cost may be added to the mortgage, but you must first consent to it. You will then be responsible for paying interest on both the fee and the remaining mortgage balance until the entire mortgage is paid off.

You must receive one or more mortgage illustration documents from your advisor when they make a suggestion.

Document illustrating a mortgage

Many specifics concerning the mortgage you are being offered are described in the mortgage illustration document. This comprises:

  • how often and how many times you make repayments
  • whatever upfront costs or fees you must pay to get a mortgage
  • the total cost of the loan over its entire period, including interest
  • the annual percentage rate of charge (APRC), or interest rate, and the nature of the interest (fixed or variable).
  • how rising interest rates impact your payments and what happens when they do
  • If the mortgage has any unique features, such as the capacity to make overpayments or underpayments,
  • Whether you are able to make extra mortgage payments and any associated penalties
  • What happens if you decide to stop wanting the mortgage?
  • the reflection period’s duration (at least seven days, but could be longer depending on the lender).

This makes it simple for you to directly compare mortgage offers and helps you comprehend what you’re agreeing to.