Why you should use a mortgage adviser when buying a property

22 November 2022

Shirley Mushet, an ESPC Mortgage independent mortgage adviser has given us her insight into the benefits of using a mortgage adviser on your property search.

In the current climate, we are seeing lenders changing their criteria and products very quickly. Engaging with a mortgage adviser can help you keep on top of the vast world of mortgage and help you get the most competitive product for your personal circumstances, which could potentially save you thousands of pounds. Mortgage advisers have access to exclusive lenders and products, so it’s likely you might get more choice than you would get if you decided to go it alone. 

Engaging with a mortgage adviser early, perhaps even before you start your property search, means you can receive a full explanation about mortgage products and which ones are best for you. Currently, discounted and tracker rate products are prominent with lenders, but how do these work? What risks are involved and are these right for you?

We are seeing cases where one lender’s product might source well initially, but the next day they could drop out from being competitive. 

Mortgage advisers can work through affordability, especially how lenders view different income types. Furthermore, they can consider what your monthly mortgage payments might look like. This helps you understand the price range of the properties that you want to consider. 

As mortgage lending is secured on the property, the lender wants to be comfortable with the type of property. As such, during your search, a mortgage adviser can help guide you on how a lender will view your property. For example, a lot of lenders limit the percentage you can borrow on a flat.

Once you have found your dream property, your mortgage adviser will apply for your mortgage on your behalf which takes the pressure and stress out of this part of the process. Mortgage advisers are used to dealing with lenders’ underwriter queries and can tackle this for you, making your application process as efficient as possible.