Borrowers can now research themselves for suitable mortgage lenders and what lenders charge, but what they can miss out is the hidden charges and costs that some lenders charge.
Gary Harper of AFP Partnership says “mortgage advisers can work better deals for clients than look at interest rates, fees and other costs which lenders charge. Mortgage advisers save you not only money, but time. I have seen on several ocassions applicants applying for mortgages and not meeting the criteria required from the lender and come to AFP Partnership for assistance. If they had to us from the start we would have saved them all that time and hassle and found them a suitable mortgage”.
A Mortgage Adviser Should be Certified
When arranging a mortgage using a mortgage adviser please consider the following before accepting a mortgage.
The mortgage adviser should be certified from at least one body. Gary went on to say “applicants need to know that they are dealing with trusted advisers and typically an adviser will either have a Certificate in Mortgage Advice and Practice (also known as CeMAP) and a Certificate in Mortgage Advice”. It is worth checking with the mortgage adviser and ask them what accreditations they have.
A mortgage adviser can be regulated individually or be working for a company who is regulated, the regulation is from the Financial Conduct Authority. AFP Partnership are authorised & regulated by the Financial Conduct Authority.
How do Mortgage Advisers Charge?
There are quite a few ways in which your mortgage adviser could charge you, we have various ways we charge depending on your mortgage application, these charges may be hourly rate or a commission from the lender. For the more complicated mortgages we charge a small administration fee, contact us for details and more information.
We also work with a number of mortgage lenders which means that we are not tied into working with any one particular lender, this means that we can provide you many alternative mortgages.
By working with a mortgage adviser will save you time, and money. Gary said “many mortgage lenders have hidden clauses attached and administration charges which all need to be considered. Each case, and application is different so we might not always put forward the one with the lowest interest rate. We consider many different factors and the applicants circumstances. For example, if the applicant plans to purchase a larger property at some stage we could look for a mortgage where they could transfer it to another property with zero or small costs to transfer. Sometime applicants can miss things like this”
You are also more likely to have your application accepted when working through a mortgage adviser as they know the lenders, their criteria’s and what they look for.
Let us save you time and money when you next apply for a mortgage, call our office in Shrewsbury on 01743 364377 or email us.