Question for the Mortgage Advisors

Graeme7777

Hi,

I am seeking mortgage finance. Assume that I have decided on the type of mortgage product that I want and that I meet all of the general criteria required by lenders (i.t.o. salary, credit history, deposit etc). What criteria will an advisor consider in selecting a product for me - will it simply be the one with the lowest APR?

Thanks!

lcharm

Since there's no reply I might as well comment!
I'm only currently training to give Mortgage advice ATM but I can tell you that unless you go into the bank/build soc. itself and tell them what you want, you will still have to go through a factfind with the adviser so they can ensure you get the correct type of loan unless you are considered an eligible counterparty (i.e. also a mortgage broker/work in a bank).

Anyone else care to comment?

dunstonh

The criteria will be set based on your circumstances and what you tell them. For example, if you say you are nervous about rising interest rates, then its likely a fixed rate would be recommended. Or if you are after a quick decision and turnround then there is no point using one that you know is slow.

Recommendations are personalised to your needs and circumstances and that doesnt mean going for the cheapest each time.

koexelek

dunstonh wrote: »

The criteria will be set based on your circumstances and what you tell them. For example, if you say you are nervous about rising interest rates, then its likely a fixed rate would be recommended. Or if you are after a quick decision and turnround then there is no point using one that you know is slow.

Recommendations are personalised to your needs and circumstances and that doesnt mean going for the cheapest each time.

Spot on. We take various factors into account - overall value for money ( set up fees against rate)flexibility ( do you need to overpay or not)Speed of service from lender ( no good if the lender with the best products is a week behind opening the post and you need an offer within a week )Your attitude to risk

Dan_1976

I used to base my advice on attitude to risk and future plans.