It is important to note that there are a wide variety of mortgage advisors available. Depending on who you end up with, they may pick deals solely from certain lenders, be tied to just one lender or be open to looking at the whole market.
You should also know that mortgage advisors are unable to give you advice on products that you request from a lender directly. However, all products that are recommended personally by your mortgage advisor will come with the appropriate advice.
When picking your mortgage advisor, there are a few questions you should ask before you make your final decision. Things to make sure you think about are:
- Whether they cover products from the whole market
- Whether they are regulated – mortgage advisors should be regulated by the FCA
- Why they would recommend a particular mortgage
- How you can pay them and what their payment terms are
- Applicable interest rates
- Penalties for early repayment
- Arrangement fees