What does a Mortgage Advisor do?
Many people think our job is to find the cheapest Mortgage.
We see our job as finding out what you want from your Mortgage. That could be the cheapest, it could be finding a product which offers more stability in the payments, being able to over pay as much as possible, using a Mortgage lender able to complete quickly or flexible underwriters. Infact, when we discuss the many different options with our clients a large percentage do not then end up selecting the cheapest.
Next, we move on to doing the research based on the above and ensuring you fit the Mortgage lenders criteria. As an example, a short time in a new job, limited credit history, bad credit, affordability etc can all cause issues with some lenders. Its a relationship between lender and applicant(s) and both parties need to be happy with that relationship.
Not quite. We then discuss our research with our clients. That means we explain the Mortgage we are recommending, the rates, fees, additional features and benefits and any negatives, it is our job to ensure you fully understand what you are signing up for. If all is ok at that point, we then submit the application and advise our cilents of next steps and time scales.
If there are any problems we work with the lender and applicants to resolve them and ensure we keep moving forward as quickly and efficiently as possible.
At that point, the Mortgage offer should then be issued and sent over to the solicitors to commence the legal work. This usually takes around 4-6 weeks and involves various searches being carried out, ensuring there are no issues with the deeds or a motorway for example is not due to be built in your new back garden. Although your solicitors are able to help with any questions at this stage, we are also able to try and help with any concerns you may have at this point.
In a nutshell, we are here to help liaise with solicitors, agents and be a central point of contact for you from start to finish offering advice and guidance on what to expect along the way.