Advantages of utilising a Mortgage Adviser for first time buyers

Buying a new home is an exciting time, but it can also be a minefield if you don’t have the right knowledge and support to help you through the process.

One of the ways that first time buyers can get assistance when buying a property is using the services of a mortgage adviser, who provides advice and recommendations on choosing the right product. In the UK, we rely heavily on advisers, with around 80% of mortgages secured after taking some form of advice (FCA).

Not everyone will think about getting an independent mortgage adviser who can provide information, explain terminology and the process to help make these decisions. If you are looking for a mortgage but are unsure if you are getting the best or even right mortgage based on your plans, then this article may help you understand it further and make your decision easier.

How can an adviser help first time buyers?

While it’s one thing to choose an adviser just because that’s what other people have done, it is important for you to make that decision based on your requirements. Here we share some top advantages for first time buyers if they choose to utilise the services a mortgage adviser.

1. Save time

Researching the mortgage market for the right deal can be very time consuming, which is fine if you have quite a few hours going spare. However, when you’re planning to buy a house, there is a lot of planning involved in addition to your daily life, so it is more likely that your free time is going to get squeezed.

If you use an adviser, you’ll be getting advice from someone who already knows the market and will spend time scouring it for a good deal, which means you don’t have to.

2. The potential to reduce costs

In addition to time, you could also save money by using a mortgage adviser. Not only are you getting an expert who can find a good deal, but you’re getting someone who will assess your needs and make a recommendation that is right for you financially. A good adviser will also look beyond the best rate and take any applicable fees into account.

3. Access to more products

In many cases, mortgage advisers can give you access to a wider range of products than if you were to research the market yourself and look at a lenders’ offerings. Your adviser is likely to be connected to a professional network within the sector, and they may even be able to offer products that aren’t available to the general public.

4. Receive trusted, expert financial advice

In the UK, mortgage advisers need to be qualified, so you can be sure any legitimate professional you speak to will be suitable. They also have a duty of care to you, their client, meaning they’re on your side. Put these two together, and you have an expert in the field who will do their best to give you great advice.

5. Help with paperwork

Applying for a mortgage usually means that there will be lots of paperwork to complete, whether it’s forms to fill in or your own records to sort through. With an adviser on your side, you’ll have someone who knows exactly what documents you will need and what forms have to be filled in — their help can certainly make life easier.

6. Support with the application

Along with advising you on paperwork matters, a mortgage adviser can also handle the application process and keep you informed of its progress with a lender. This can be invaluable at such a busy time of your life, leaving you free to focus on other details that could do with your attention. They are also used to spotting delays and chasing them.

7. Insurance recommendations

When you take out a mortgage, it’s highly recommended that you apply for insurance to protect you in the future and in the case of home insurance it is likely to be a mandatory requirement of the mortgage agreement. The likes of life, home and critical illness insurance can help to ensure that you and your loved ones are taken care of if the worst should happen.

This is an area that your adviser can usually help you with as well. In addition to giving you mortgage advice, they can typically advise on what insurance products will be best for you, as well as helping with the subsequent applications. It’s another service they can provide to make your life much easier.

The GWM Approach

As a first time buyer, gaining comprehensive, independent financial advice could put you in good stead for making the right decision for a significant financial commitment.

If you would like to discuss any of the points above, or start to look into mortgage options, our Mortgage Adviser, Alan Ramsden can be contacted on 020 3030 4164 and would be happy to discuss options with you on a call, over video or in person.

PLEASE ALWAYS REMEMBER: Your mortgage is a loan secured against your property. Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.