What is a Mortgage Advisor?

Choosing the right mortgage can be a tricky decision, with so many different options to pick from and numerous factors to take into consideration, most of us will turn to a mortgage advisor for help.

In short, a mortgage advisor, or broker, is a qualified professional who specialises in finding the most suitable mortgage for your personal financial situation, but let’s break this down for you so you know exactly what that means.

A mortgage advisor could save you time, effort and most importantly money, by using their expert knowledge in the sector to find you the best deal from the lenders – a deal, which perhaps isn’t available if you were to look directly, as some lenders offer special deals to brokers.

If you’re thinking “this all sounds great, but I haven’t budgeted for a mortgage advisor” then you don’t need to worry, most mortgage advisors work off a commission basis, and will only take a percentage of the fee from the lender when your mortgage completes. However, don’t forget to ask the question of fees when choosing as not all are free, but a fee-free advisor is a great way to save money on an already costly process!

Mortgage Advisors will use their wealth of knowledge to guide you through the financial process, keeping you informed every step of the way lifting that weight off your shoulder. At Gleeson we work with new build mortgage specialists Meridian Mortgages who can definitely make the process a quicker due to their familiarity with our homes.

Whether you decide to use them or not, it’s still a great idea to contact a financial advisor as they will help you choose the right mortgage for you, considering things such as mortgage terms, interest rates, or even mortgage type.

Your mortgage advisor will also be able to thoroughly explain the Government backed Help to Buy: Equity Loan to you if you are a first time buyer. When it comes to mortgages, there’s some terminology that can you might not have heard of before, so your mortgage advisor will explain anything you don't understand, helping you on your way to homeownership easily.

If you are wanting to reserve your dream home now, but haven't spoken to a mortgage specialist yet, then make sure to speak to our sales team who, where applicable, may be able to take a holding reservation, giving you some extra time to speak with a Mortgage Advisor to get a mortgage in place. A holding reservation typically lasts for one week.

Top Tip: To ensure the process runs smoothly and to obtain your Decision in Principle make sure you bring the following when meeting your Mortgage Advisor

  • The last three months’ bank statements
  • The last three months wage slips
  • Proof of identity e.g. Driving Licence or Passport
  • Proof of address e.g. Utility Bills dated within the last three months
  • Latest P60

A Decision in Principle is an indication from your mortgage lender of how much they may be willing to lend you for your mortgage. A Decision in Principle is sometimes also referred to as: an Agreement in Principle.

At Gleeson we aim to make your home buying journey as simple as possible and so we hope this blog has helped you on your way and has clarified what the purpose of a mortgage advisor is.

Our friendly, helpful sales executives are always on hand to assist you, and can point you in the direction of Meridian Mortgages or explain how to contact a mortgage advisor. So, what are you waiting for? Find your dream home at a development near you here!