The role of mortgage advisers

cheddah

Hiya,

Could anybody clarify something for me please? What exactly is the role of mortgage advisers, or does it vary between individuals? I assumed mortgage advisers just find you the best mortgage options and helped you to apply for them, thus earning themselves commission. However, I recently saw one for advice who said that his role was more than that and he would deal with solicitors, put offers in on my behalf etc. I like the idea of this and would be prepared to pay for the service, but I just wasn't comfortable with the guy. Another adviser I really liked, but she didn't offer the same service (at least she didn't say she would do all this extra stuff).

Any insight much appreciated.

koexelek

It really depends on the individual.
Most brokers send to source you the best deal, place it with that lender, and get commission for doing so.
If you want help getting solicitors, dealing with estate agents, I would have though most brokers would be happy to do that.
I tailor it to each client. Some people want you to supervise the whole process, some just want you to get them an offer and nothing else

minimike2

Most advisers will help with the rest of the process to....its in our best interests after all....the faster it all goes through, the quicker we get paid - but like koexelek says, some people dont want you to do that.

FTBs generally need you do do all the extras and to be "hand held" through the process, whereas people who have done it before might be more comfortable doing such things themselves.

It doesnt stop there though. I always make sure my clients know that I am there for ongoing support for the LIFETIME of the mortgage and beyond. Its not just about sorting a deal once. People might change thier mortgage 5/6 times and will need help again and again.

Sooler

They offer to do all sorts to get your business - trusting them to do so is another matter, the only way to ensure things get done is to do it yourself.

If you leave it to someone else to do you'll need to keep checks on them - to ensure they actually do what you require them to, don't do things you don't want them to, ensure they work in your interest rather than theirs - more hassle than it's worth.

minimike2

What makes you say that Sooler? Thats pretty harsh IMO - I find that post pretty insulting to be honest.

Not everyone NEEDS a mortgage broker to do that kind of thing for them, but many people do NEED that kind of help from us and I for one give that support.

koexelek

Trouble is Mike, we are never going to get the same respect from some as other professional people, such as solicitors and accountants.

You rarely hear there advice called into questions in pubs and the workplace. Everyone seems to think they are an expert where mortgages are concerned.

minimike2

This is true. I get over it safe in the knowldge that 90% of "pub mortgage advisers" probably have wasted thousands of pounds and will continue to by having an unsuitable mortgage for them.

Like the guy that was on here a few months ago who was "I remortgage every two years to get the best deal".

:rolleyes:

dunstonh

If you have been doing the job long enough you will lose count of the number of times you have had to sort out the mess of people doing DIY financial services when they are not capable of doing it. The Daily Mail reader who knows it all rarely admits to their mistakes and always knows better.

DIY is good for those that know what they are doing but too many that dont use it and make a right pigs ear of it.

Sooler

minimike2 wrote: »

What makes you say that Sooler? Thats pretty harsh IMO - I find that post pretty insulting to be honest..

Experience - had an adviser set up a mortgage as an endowment when a repayment was requested and offered. Only found out when I went into the building society to check on progress. Told adviser where to go and sorted it myself.

One bad apple spoils it for the good majority of course.

Just offering an alternate view to balance the replies which have all been from Mortgage or Financial Advisers so far.

Rather than blindly leaving everything to an advisor, it's better if you have some understanding of what you are getting into.

minimike2

Thats not how you worded your post though. It was worded as if no one shouold use a broker because we are all a waste of space....

There will always be bad brokers, we know that and we as brokers get on thier backs about it (the 3% fee gang etc), but the majority are decent honest people.

cheddah

Thanks for your help guys. I am a first time buyer so I would prefer the hand holding this time. I don't suppose anyone could PM me a decent broker in Cardiff? Long shot I know!

Thanks again )