6 areas where a mortgage adviser can add value

Posted on

Taking out a mortgage is a big step. Whether it’s for your first home or as you’re moving up the property ladder. With the length of mortgage increasing and house prices rising considerably over the last few decades, getting the right mortgage is essential. It could save you money and come with other benefits.

You may be thinking of going down the DIY route when choosing a mortgage. But there are reasons why choosing to work with a mortgage adviser can be a good idea.

1. Searching the market

There are hundreds of mortgage providers to choose from, many of which aren’t well-known or don’t have a presence on the high street. This can make searching the market a daunting and time-consuming task. The expertise and experience of a mortgage adviser can be useful here. Whilst mortgage comparison sites can help, they will not include all the options open to you.

If this is a key reason for seeking the help of a mortgage adviser, it’s important to check if they’re ‘restricted’ or ‘independent’. A restricted adviser will only be able to recommend certain products or providers.

2. Understanding lending criteria

It’s not just identifying potential lenders that’s important but understanding how likely they are to accept you. Each lender will have their own set of criteria. Understanding what each lender is looking for can be challenging, a mortgage adviser will help you identify which lenders are most likely to approve your application.

This can be particularly useful if you’re not a ‘typical’ applicant. For example, if you’re self-employed, have only a small deposit or want to purchase an unusual property. Whilst some lenders will turn down applicants for these reasons, others specifically cater to them. Applying to lenders and being rejected can harm your credit rating. As a result, considering the criteria is important.

3. Securing the right rate for you

Interest rates have an impact on how much you pay each month. When you look at the interest paid over the full length of a mortgage, even a small difference can have a big impact. Taking some time to find lenders that are offering competitive rates can pay off now and in the future. However, it can be difficult to understand which rate is right for you. Lenders will advertise their best deals, but how likely are you to receive this? A mortgage adviser can help you to secure the right rate for you.

4. Explaining the pros and cons of different options

Whilst the interest rate is often what we focus on when looking for a mortgage, it shouldn’t be the only aspect. Your mortgage adviser can clearly explain the pros and cons of different deals with your situation in mind. For instance, if you’re hoping to reduce mortgage debt quicker, the ability to overpay when you choose could be valuable to you.

One important thing to note is when a deal would come to an end. Figures suggest that homeowners that fail to switch their mortgage at the end of the deal could be overpaying by as much as £4,500. This is because you’ll normally be moved to the standard variable rate (SVR), which often isn’t as competitive.

5. Help organising the mortgage application

The mortgage application process can be lengthy. There are documents to organise and lenders may need extra details from you. Going back and forth can be time-consuming, a mortgage adviser is able to check over the documents for you first, highlighting where issues may be caused. Purchasing a house can be a slow process, a mortgage adviser can help keep things moving for you during the initial phase and be on hand to answer questions.

6. Support in choosing insurance policies where necessary

Purchasing a home is often the catalyst for thinking about insurance policies. Could you still make the mortgage payments if you experienced long-term or critical illness? If you are your partner passed away, would the other be able to cope financially?

Insurance policies can offer a safety net and some form of protection. However, figures from Legal & General indicate that over a third of consumers who purchased a mortgage direct from a lender have no protection policy in place. Just over half had chosen to take out life insurance, potentially leaving their family in a vulnerable position should something happen to them.

The research also found that borrowers who used a mortgage adviser were overwhelmingly in favour of doing so again. Some 98% said they found the support of a mortgage adviser ‘valuable’. If you’d like support when seeking a mortgage product, please get in touch.

We aim to keep our clients up to date on interesting and relevant financial news.

You can sign-up to receive our monthly newsletter by email, even if you’re not yet a client. Sign-up using the form below.

Client testimonials

I have always found Black Swan to be caring and understanding of my quirky lifestyle. I always feel they try to get me the best returns while respecting my current needs.

Sally Muir

A client since 2011

We would be very happy to recommend the support and service we receive.

Valerie Locks

A client since 2010

I have always been completely useless regarding finance - thankfully our financial adviser is not! I've retired with far more than I ever expected and investments continue to grow safely. So - thank you!

Bernadette Jane Warner

A client since 2000

Very happy with the professional service I have received and feel a lot happier now with my finances put in order.

Martin Field

A client since 2011

Julie Cooper was recommended to me by a work colleague. She has been very helpful, professional and has explained everything well. I would definitely recommend her services to anyone else who are interested in a financial review.

Steven Rooke

A client since 2018

…Service has been first class.

Hugh Fells

A client since 2012

My face to face meetings with Rob Young and Jessica Lyons have always been very open and understandable. My questions have been answered clearly and I have left feeling that my financial matters are in good hands.

Sandra Jack

A client since 2000

[A] safe pair of hands in a complex financial world.

Gary Middlehurst

A client since 2003

A reliable company with good communication skills and good knowledge of the financial markets.

Alan Evetts

A client since 2014

Maureen Pembridge is a long-time trusted advisor to our family. The market might fluctuate but her attention to detail is consistent.

Linda Burnard

A client since 2000

I am pleased to recommend Julie as a trustworthy financial advisor. She explains financial jargon in plain language, and always listens carefully to my particular financial needs and has helped me make the best of my savings.

Carolann Samuels

A client since 2010

I have always been satisfied with the way that Black Swan has handled my account. And I have always found the staff very helpful whenever I need to call the office.

Robert Anthony Matthews

A client since 2012

An excellent personal service from a person I know and trust.

Michael Dalton

A client since 2010

I am getting a very good services from Black Swan, they have got my investments sorted out which was in a bit of a mess.

Roy Jakens

A client since 2012

A good, efficient team providing clear ideas to shape a winning strategy.

Adrian Michael Levenstein

A client since 2011

Black Swan is a company to be trusted, with friendly staff and professional advisors.

David Brian Jennings

A client since 2017

I have been with Black Swan for many years. I have never wished to change anything. They give a good straight forward service.

Martin Barrett Brooks

A client since 2010

Andy Peters has been invaluable in firstly combining several pension pots and then giving excellent investment advice. It has given us a great deal of comfort to know that our financial affairs are in such good hands.

James Guillum Scott

A client since 2014

I find my financial advisor easy to talk to and feel that she understands my lifestyle. She is always available for help when I need her and explains in words that I can understand.

Margaret Ena Glasgow

A client since 2000

Andy is a first rate Director, excellent communicator and leader.

Ross Perry

A client since

Black Swan Financial Planning and Andrew in particular, are very clever at working out how risk averse we are, and coming up with solutions that we feel comfortable with. We are happy in the knowledge that we can continue to enjoy a comfortable retirement. Andrew Peters is a very, very friendly person who is great to chat to and easy to deal with. He explains things very clearly in layman’s terms, and if we still don’t understand, he explains it until we do!

Alan & Jane Dyer

Clients since 2012

We have always found Rob [Young] to be very approachable and knowledgeable. We have every confidence in the advice given and feel comfortable with the decisions we’ve made. There are certain opportunities that we wouldn’t have known about if Rob hadn’t brought them to light, which makes the advice good value for money as far as we’re concerned.

Peter & Pauline O’Halloran

Clients since 2013

Rob [Young] is extremely knowledgeable. I knew nothing about the different types of trusts which will not only secure my income in retirement, but also leave a legacy for my children. I’m glad that I sought his advice when I did.

Sarah Wilson

A client since 2015

I am extremely happy with the service afforded to me by the company and my adviser Julie Cooper.

Geoff Coxell

A client since 2010

My wife and myself have been dealing with Black Swan for a number of years. We have met with different representatives from the company over the years and have found all very helpful in their own way. We met with James [Anderson] a few years ago and found him very helpful and knowledgeable. He keeps in contact with us on a regular basis. We find the Company information very helpful and we feel very secure with our finances.

Andrew Kirchen

A client since 2015

I have always found my adviser to be easy to contact, very professional in his approach, yet friendly and understanding. I have a sense of an experienced company behind him, really on the ball financially and with good standards.

B McBean

A client since 2011

Partner with the most reliable and experienced team of advisers

Enter your details & we'll be in touch to discuss your needs.
Alternatively, contact us directly and speak to a member of the team.

    Subscribe to our newsletter