There are lots of advantages of using an adviser, namely that they remove the hassle of finding the right mortgage and save you time and money, aspects especially searched by first time buyers. They might be able to save you thousands of pounds if they can find you a mortgage deal with a cheap interest rate.

How does mortgage advice work?

Lenders (usually banks) and brokers must offer advice when they recommend a mortgage for you. They’ll assess the level of mortgage repayments you can afford, by looking at your income as well as your debt repayments and day-to-day spending. This means you should end up with a mortgage that suits your needs.

Is mortgage advice a good career?

Despite recent challenges, mortgage careers can actually be a very good choice in the current economic climate. Many lenders are currently experiencing severe delays in the mortgage application process because they are understaffed in this area, so there is high demand for both qualified and trainee advisors.

Is it worth getting an independent mortgage advisor?

A mortgage adviser/broker is usually a dedicated mortgage specialist, though some independent financial advisers (IFAs) also give the same kind of mortgage advice. Typically a mortgage adviser will increase your chances of securing a mortgage, and also of finding the best value mortgage deal for you.

Is the CeMAP exam hard?

One reason why some people are tempting to study CeMAP solo is to save the cost of course fees, but the CeMAP exam is a challenging one. There are three exams and you need to score at least 70% to pass each module accurately to pass.

Is being a mortgage advisor hard?

Daniel: It’s such a rewarding role, but it can be challenging. You spend a lot of time with people and you have to check a lot of information. It’s important that you can hold a conversation, as you need to really engage your customer.

When should you seek mortgage advice?

Other times when you may need advice include remortgaging, buying your next home or buying a second property, especially if you need to borrow more. An adviser can also find you the special mortgages you’ll need if you buy-to-let, or purchase business premises or a holiday home.

What do you need to know about mortgage advice?

The price of advice. A mortgage adviser or broker also has to tell you their charges and how they are paid, which could be: a flat rate for their service. an hourly rate, though they must tell you what the rate is and what might affect the number of hours they spend on your application.

Which is the best way to apply for a mortgage?

When you apply for a mortgage you might speak to a mortgage adviser, though some people get one without taking advice. Find out what each approach means for you. You can get advice directly from a lender (like a building society or bank), or from a mortgage broker or financial adviser.

Do you need an adviser to arrange a mortgage?

However, you will need to know the details of the mortgage you want, and be able to arrange it yourself without speaking to an adviser. The details you will usually have to know include: You may be able to ask a lender or adviser to arrange your chosen mortgage deal without giving you any advice, if you are:

How much does it cost to get mortgage advice?

There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.