It makes no difference if you are a first time buyer looking for an appropriate mortgage or someone looking for a brand new mortgage to buy a second home, a mortgage broker has the know how to be able to find you the mortgage you need, and because they are specialists, they have an advantage over most independent financial advisors
In effect, mortgage brokers are a one-stop shop for mortgages and save you from looking all over for the best deal. So in short, the advantage of using a UK mortgage advisor is that mortgage advisor should offer you impartial mortgage advice on a variety of mortgage products.
Which Ones for You?
How do you know if that mortgage advisor is right for you? Make sure that they are registered with The Financial Services Authority (FSA); they regulate all UK mortgage brokers; however, you should also make sure that the mortgage broker you select has appropriate professional insurance.
A mortgage advisor should offer full advice and proposal service. This means they will ask questions regarding your current financial situation, but also perceive what your future plans and goes are, and makes sure you make all the right moves in order to meet them. He should then give you an honest and unbiased advisor in writing.
In terms of fees, you may have to pay an initial consultation fee. This is often a percentage of the amount you want to borrow for your mortgage or a percentage of the value of the home you want to buy. On the other hand, your mortgage advisor may earn commission from the mortgage lenders for mortgages sold on their behalf. If so he should clearly indicate to you how much he will be earning off them. However, before deciding on a mortgage advisor, you should establish how much you will be expected to pay, and what service you will be getting in return. This is in addition to making sure your mortgage advisor adheres to the rules of the FSA. Sorting these issues form the outset ensures you are with the right mortgage advisor.