what does a mortgage adviser do?

A mortgage adviser, also known as a mortgage broker, plays a crucial role in helping individuals navigate the complex process of securing a mortgage. Here’s a detailed overview of their responsibilities and services:

Initial consultation and financial assessment

• Understanding your needs: A mortgage adviser begins by understanding your financial situation, mortgage needs, budget and goals. This involves discussing your income, expenses, credit history, and deposit.
• Affordability assessment: They conduct an affordability assessment to determine how much you can borrow based on your income and expenditure​​.

Market research and product comparison

• Access to multiple lenders: Mortgage advisers have access to a wide range of mortgage products from various lenders, including those that are not directly accessible to the public. Each firm can be different so it’s important to understand how they operate and what lender options they can offer.
• Product comparison: They will review and compare the different mortgage options available to your specific needs to find the best deal to suit your requirements​.

Advice on mortgage types

• Tailored recommendations: Advisers provide recommendations on the most suitable type of mortgage, whether it’s a fixed-rate, variable-rate, tracker, or offset mortgage, based on your needs and financial situation.
• Explaining terms and conditions: They help you understand the terms and conditions of different mortgage products, including potential fees, penalties, and the flexibility of each option​.

Submitting the mortgage application

• Documentation preparation: Advisers assist in gathering and preparing the necessary documentation for the mortgage application, such as proof of income, identification, and bank statements.
• Application submission: They submit the mortgage application on your behalf, ensuring all information is accurate and completed correctly.

Liaise with lenders and solicitors

• Communication: Mortgage advisers act as intermediaries between you, the lender, and any other parties involved, such as solicitors or estate agents. They handle all communications to streamline the process.
• Follow-up: They follow up with all parties and keep you informed of the progress​​.
• Problem-Solving: If issues arise, such as valuation concerns, advisers work to resolve these problems promptly liaising with the necessary contacts to progress the application​.

Ongoing support and advice

• Post completion support: Even after the mortgage is secured, advisers can offer ongoing support, such as advice on making overpayments or switching to a different mortgage product if your circumstances change.
• Protection: Advisers can provide advice to ensure your mortgage is protected if the unthinkable happens providing you and your family with peace of mind in the most uncertain times.
• Remortgaging assistance: When it’s time to remortgage, advisers help you find new deals and guide you through the process again, they will be in contact before your current mortgage deal is due to expire to make sure the new deal starts immediately after the current deal finishes​.