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Finding a mortgage: Going solo vs speaking to a Mortgage Adviser

We’ve compared the pros and cons of independently searching for a mortgage versus speaking to a Mortgage Adviser. The mortgage market is very competitive and it can be difficult for borrowers to understand the different products and promotions available to them.

Independently finding a mortgage

Speaking to your bank

You may feel it is easier to keep all of your finances in one place and therefore book an appointment with a Mortgage Adviser from your local bank branch. You need to bear in mind though that your bank can only advise you on the products which they offer. These products may not be the best priced or suited to your needs.

Mortgage comparison websites

Some websites, like ours, provide customers with a best buy table to give them the facility to browse what types of products and interest rates are available. The search does not take into account your income, employment or property type, so the results you see may not be suited to your individual circumstances.

Declined by the ‘high street’ with nowhere to turn

You may apply for a mortgage with a ‘high street’ lender and be turned away because you don’t meet their lending criteria. For example, if you have been self-employed for less than three years then a ‘high street’ lender may not actually be able to offer you a mortgage.

Unless you have a good knowledge of the mortgage market then you may not know which lenders have products suited to your needs – a Mortgage Adviser can help you with this.

Speaking to a Mortgage Adviser

Whole of market advice

There are various types of brokers. Some, like ourselves, pride themselves on being able to advise on every lender in the marketplace to ensure the customer receives the best product to suit their individual needs. Others can only advise on a restricted panel of lenders because they do not have the permission to process mortgages for every lender.

We recommend that you always use a Mortgage Adviser who has access to every lender in the marketplace to ensure you get the best deal. 

Exclusive lenders

Some lenders only deal directly with Mortgage Advisers and do not offer their products to the general public. This allows the lender to manage the distribution of their products, which enables them to provide a better service and in some cases consider niches which ‘high street’ lenders don’t offer.

Exclusive products

Occasionally, lenders will launch a range of products exclusively to Mortgage Advisers. These products often include fantastic incentives for customers like free legals, cashback or a lower interest rate.

Similar to the above example, the lender may want to limit distribution to enable them to cater to a specific niche.

Dedicated Mortgage Adviser

Although we cannot comment on the service provided by every brokerage, Ingard truly understands the importance of providing a personal service. Every customer who contacts us is assigned to an experienced Mortgage Adviser who is contactable by direct dial and email throughout the process.

Saves you money

Some people are put off using a Mortgage Adviser because they believe that they will be charged an expensive fee for the service. In some cases this may be true, some Mortgage Advisers do charge large upfront fees.

Ingard however, charge a very low fee and by providing you with the cheapest mortgage suited to your needs, we will be saving you a substantial amount of money over the term of your mortgage.

If you would like any further information then please call our Mortgage and Protection Advisers on 01702 533 400 or email info@ingard.co.uk.

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