It is a question I get often and am actually surprised I have not covered it before. When looking for a mortgage deal do you really need to use a mortgage advisor?

The short answer is no, the long answer is maybe. It was the following question asked a couple of days ago that caught my attention.

We are looking at moving home, I was thinking we needed to find someone but my partner suggested we look at the comparison sites. Found a decent deal and applied. Appears to be going fine and the process is simple enough. I am curious more than anything as I have read a few articles on your site recently, in particular the mortgage affordability one. Do people really need a mortgage advisor?

Why you may need a mortgage advisor

Not everyone is interested enough in mortgages to take the time to research the most appropriate options for them. It is not always just about the cheapest option although that is clearly a big factor for most.

Mortgage advisors can take the stress out of the process. Some reasons you may need a mortgage advisor.

1. You simply don’t understand the process and prefer to be guided.
2. You are not sure who has the best deals or what is right for you.
3. Perhaps you have had a ‘blip’ noted on your credit report and need help navigating that.
4. Your needs are slightly off the norm and need someone to find a solution.

A good mortgage advisor knows the market and has the experience to understand your finances, needs and desires to track down the most appropriate deals.

Not everything can be found on comparison sites, there is no foul play in that. Lenders have so many deals and offer at any one time and the comparison sites simply can’t list them all. They may simply not know what they are.

Mortgage advisors always have an ear to the ground as it were. Deals that catch their attention may not be right for one customer but suit another so they spend a lot of time looking at what the market offers.

Why you may not need a mortgage advisor

You may feel that you know enough about your own needs and the market that you can search for a deal that fits you. As my American cousin would say “You do you”. That is do what’s right for you.

If you are at the end of a rate offer and you simply want a new deal from your existing lender and they have one. Get in touch with them, it should be relatively simple. No need for a mortgage advisor.

It really is down to you to decide whether or not you need a mortgage advisor. Even if you decide you don’t and go direct to a lender, they will still go through a similar process to that a mortgage advisor would.

Lenders have a regulatory requirement to assess your needs and ensure your choices make sense. They may advise you to look at a different product from the one you have initially expressed interest in. That does not mean you have to accept their advice. But, you will need to confirm you are not accepting it.

Trust

Unfortunately, I still come across a lot of trust issues when it comes to using a mortgage advisor. I totally get that, you don’t need to look too far to find stories that support this position. However, have some faith in the system. Mortgage advisors are heavily regulated, the consumer has more in their favour should something go wrong. It sometimes does, anyone that suggests otherwise is not being honest.

Doing it yourself also comes with risk.

Ultimately my view is to get professional help. You don’t have to accept the outcome and can decide to go in your own direction if you are not comfortable with what is offered.