What does a mortgage advisor do?

By 20th March 2020Blogs

What does a mortgage advisor do?

A mortgage advisor, also known as a broker, is an experienced financial professional that has in-depth knowledge of mortgage products. They use this knowledge to provide information to clients and advise them on their different options when trying to secure a mortgage.

Mortgage advisors work in a range of settings, including banks, building societies, mortgage broker businesses or at an estate agency. Some mortgage advisors are self-employed. While some advisors provide mortgage information limited to the products sold by their employer, others give information on a wider range of mortgage deals available in the market.

As well as giving advice on various mortgage packages, a mortgage advisor will find out information from clients to assess what kind of products would be most suitable for them and whether they are likely to be able to pay the mortgage back. The advisor can help with the mortgage application process and can provide related information regarding aspects such as buildings or life insurance.

Because of the changing nature of the industry, a mortgage advisor needs to keep abreast of the latest products, advice and information. They work closely with mortgage lenders, valuers and estate agents.

Why use a mortgage broker?

Many people often ask, why use a mortgage broker? The answer is simple. A mortgage advisor is an expert in their field, so they are primed to be able to provide you with the most relevant, up-to-date mortgage advice that suits your circumstances the best. By taking into account your individual situation and finances, they will help to ensure that you’re able to pay off your mortgage, now and in the future.

Crucially, by using the services of a mortgage advisor, you stand a higher chance of getting your mortgage application approved. By being offered the best deals and advice appropriate to your individual situation, you might also save money. Through their knowledge and experience, a mortgage advisor is also best placed to help speed up the application process, saving you time.

A mortgage advisor is especially handy for first-time buyers, who may need a helping hand navigating the application process. But, they can also be useful for those seeking specialist mortgage advice such as when remortgaging a property, purchasing a buy-to-let or if you want to establish a business.