Mortgage advice might not be for everyone, but for those clients who seek it out, it can be an invaluable service in helping them to strike a better deal. The role of a mortgage adviser is to work with a buyer in order to find them the best option for their circumstances.
The main way in which a mortgage adviser achieves this is by helping a buyer through the mortgage application process. This includes researching the various mortgage options available to the buyer, as well as offering guidance and expertise on mortgage protection, repayments, refinancing and building insurance. Be aware of potential bias within this, however: a mortgage adviser working for a bank will only offer advice on the services provided by the bank; whereas an independent adviser, or one working for an estate agent, is likely to advise on a wider selection of services and companies.
If you’re seeking out a mortgage adviser, there are a few key factors to keep in mind. Anyone giving professional mortgage advice is required by the Financial Conduct Authority (FCA) to have reached a certain level of expertise. It’s, therefore, necessary for any mortgage adviser to have studied for either a Certificate in Mortgage Advice from the Chartered Insurance Institute (CII) or a Certificate in Mortgage Advice and Practice (CeMAP) from the ifs School of Finance (soon to be renamed The London Institute of Banking and Finance). Whether you find them through your bank or through another route, make sure any mortgage adviser whose services you use has at least one of these qualifications.
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