It goes without saying that buying a property is one of the biggest financial decisions you are likely to make, so it’s important to get the right mortgage to best suit your needs. Unsurprisingly, the mortgage market is highly competitive and, with so many providers offering different products and rates, it can be really difficult to understand. Most first-time buyers, as well as home owners who are looking to remortgage or move up the property ladder, simply don’t know where to start. That’s why it can be incredibly beneficial to have an independent financial advisor (IFA) to research the whole of the market and recommend the most appropriate mortgage and insurance products for you.

Finding the best mortgage and insurance policies

Some insurance policies and mortgages can be found through price comparison websites or arranged directly with lenders and suppliers. Whilst it is always advisable to do a bit of research yourself and speak to your bank to find out what they can offer, you will have access to more information and a wider range of products by speaking to a independent financial advisor with access to the whole of the market. The more information you have, the more likely you are to find the very best mortgage and insurance products to suit your unique circumstances in both the short term and long term.

IFAs are not affiliated with any one mortgage or insurance provider – they work independently to provide their customers with impartial advice and recommendations, and they also often have access to exclusive deals from a variety of lenders. However, even ‘whole of market’ advisers do not cover everything – they are unable to advise on certain mortgages and insurance policies that are only available directly from the lender, which is why we recommend also conducting independent research yourself and speaking to your bank. That way, you’re aware of everything that is available to you and can make an informed decision.

In addition to providing impartial advice on the best products, independent financial advisors will check your finances—income, debt repayments, day-to-day spending, and other expenses—and asses which mortgage repayment plan you can realistically afford. You never want to push yourself beyond your limit and risk defaulting on payments—you will be paying your mortgage for many years, so you must be certain that you can continue to meet your financial responsibilities and live comfortably. This is something that an IFA will be able to look at and recommend the best product to suit your needs.

What to consider when choosing a mortgage

There are many factors to look at when it comes to choosing a mortgage—it’s not just the interest rate and initial monthly payments you need to consider. Independent advisors will also look at all of the features and associated costs of each mortgage product on offer, including: deposit size; length of fixed or variable rates; the standard rate that you will be paying once any fixed rate deal comes to an end; the frequency of interest charges (daily/monthly/annually); and payment flexibility—i.e. whether you can take payment holidays and/or overpay without facing charges. All of these factors contribute to the total amount you will repay over the course of your mortgage.

IFAs will also often complete the confusing and time-consuming paperwork associated with mortgages and insurance policies, so your application should be free of errors and thus handled more efficiently. What’s more, getting professional advice on a mortgage means that you don’t run the risk of applying for a mortgage that you are unqualified for, and you also have more rights if the recommended product turns out to be inappropriate or unsuitable for you further down the line. Conversely, not taking advice lays the entire burden of responsibility on you, which could be a costly mistake Ultimately, however, it’s up to each individual whether to take a mortgage with or without advice.

Independent Advice from The Mortgage Hub

At The Mortgage Hub, we have access to the whole of the mortgage and insurance markets, so you can be confident that you will receive the very best advice, the highest level of customer service, and the most suitable mortgage deals and insurance policies to suit your needs. Additionally, we will assist you when looking for your next home or investment property—we will arrange viewings, provide feedback to the estate agents or sellers, and handle negotiations on your new property to ensure the best price on your investment. We will also guide you with any queries on home reports and surveys, source and arrange solicitors to act on your behalf, and deal with every stage of your purchase or re-mortgage to ensure everything runs smoothly.