When you’re shopping around for a mortgage, it makes sense to work with someone who understands the industry and market conditions. A mortgage adviser is that person; someone who acts an intermediary between you and the lender working on your behalf. In your search for the right mortgage adviser, we recommend you ask these 3 questions.
- 1. Are you a licensed adviser?
It’s vital you check your adviser’s qualifications and credentials to ensure they hold a credit licence or are a member of a finance association. While it may not necessarily guarantee a particular level of service, working with a adviser who is a member of a professional body means they must adhere to a code of ethics and that disciplinary processes can be followed when things go wrong.
You may also want to check how much experience your adviser has and the sort of lending they’ve been involved with previously, so do ask them how long they’ve been in the industry and the types of loan structures they’re familiar with. As a further check, you may want to ask them to provide client testimonials.
- 2. How many lenders do you work with?
In order to provide you with the best deal, your adviser should have access to a large pool of lenders. Find out how many lenders they work with, so you know how much choice you have when it comes to comparing and choosing the right finance package.
It may also help to know how your adviser matches clients up with the right lender –your adviser should be able to assess your requirements and then demonstrate how they rate each lender to find the best fit for your needs.
- 3. How do you get paid?
While it may be a tough question to ask, it’s still an important one. Most advisers don’t charge the borrower, although some may charge a fee for their time. Advisers are generally paid a commission by the lender once the loan application is approved. They must disclose all payments and commissions they receive.
Once you’ve decided which adviser to work with, your adviser should provide you with a checklist of documentation the lender will require to assess your application. Your adviser should remain in touch with you throughout the loan application process to ensure you understand your obligations and requirements throughout.
If you are considering working with an adviser, get in touch with Mortgage Express and we’ll refer you to one of our local advisers. We have access to a wide panel of lenders and our team are experienced in finding the best deal to fit each of our client’s unique requirements.
While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Mortgage Express Limited for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication.
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