Mortgage

AMO

Is the best way to get a mortgage via financial website like thisismoney or should I see a Financial Advisor?

Thanx

AMO

Nile

Hello AMO

We have a 'Mortgages & Endowments' board, so I'll move your thread across.;)

Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

Regards

Nile

Rick62

I would, of course, always recommend seeing a financial advisor. They will have a knowledge of things to a degree that you wouldn't get from a website, like flexible features, which lender will take account of overtime/bonuses, etc etc, and sometimes have exclusives at better rates.

I would however recommend looking at some best buy tables on websites before speaking to the advisor, then you will have enough knowledge to be confident that he is offerring you the best deals.

herbiesjp

If you have seen a deal that has not come up with the mortgage adviser, do not be afraid to show them the deal and ask why it has not come.

It could be down to criteria/eligibility which the adviser systems will tend to have far greater filtering. E.g If you want to make overpayments but have the ability to take those overpayments back out of the mortgage account (drawback) then the adviser can search for those deals. If your deal does not come up, it could be becuase it does not offer that facility.

HTH

MortgageMamma

Any advice you get from a broker is fully indemnified, i.e. if it turns out in future you have be misold you can claim for compensation - if you go direct to a bank or through a no advice internet site you dont get that luxury

AMO

What's the best way to find an advisor that you won't regret using?

Thanx

AMO

AMO

Also, does the advisor have to be regulated by the FSA?

Thanx

AMO

herbiesjp

Yes to transact mortgage business you have to be registered/regulated with the FSA

Family and friends are the best way to get recommendation - can they point you in the direction of someone?

MortgageMamma

AMO wrote:

What's the best way to find an advisor that you won't regret using?

Thanx

AMO

Call a couple, speak to them on the phone ask them the following questions.

1, could you, right now, source a mortgage from any lender in the uk?
2, does this include lenders who don't pay you commission, for example hsbc, egg, ING? If not, is there an option to pay a small fee to have these lenders included in the research? (you shouldnt have to pay more than £100 for this)
3, how long have you been advising on mortgages?
4, have you ever had any upheld complaints?
5, how do you operate? phone basis or face to face?
6, Do you charge a fee? If fee charging, is this from the recommendation stage or upon submission of application?
7, will you be my point of contact throughout the process?

If you ask these questions, and the adviser seems confident and open when answering - chances are you will find a good one.

HTH

MM

AMO

herbiesjp wrote:

Yes to transact mortgage business you have to be registered/regulated with the FSA

Family and friends are the best way to get recommendation - can they point you in the direction of someone?

At the moment, no - which is unfortunate.

I usually go to here for local recommended services:
http://www.handylocals.com/search.php?s=1&cid=5&sid=263&sft=&btn=go

However, one of them is Triple Independent and I was concerned to see this:
http://www.northamptonmortgages.co.uk/contact.htm
'By clicking below you are agreeing to be contacted by 'Triple Independent' for Commercial Mortgages, Secured or Unsecured Loans or Estate Agency Services not regulated by the FSA.'

What does this mean? Their recommendations are not regulated by FSA?

Thanx

AMO

herbiesjp

AMO wrote:

At the moment, no - which is unfortunate.

I usually go to here for local recommended services:
http://www.handylocals.com/search.php?s=1&cid=5&sid=263&sft=&btn=go

However, one of them is Triple Independent and I was concerned to see this:
http://www.northamptonmortgages.co.uk/contact.htm
'By clicking below you are agreeing to be contacted by 'Triple Independent' for Commercial Mortgages, Secured or Unsecured Loans or Estate Agency Services not regulated by the FSA.'

What does this mean? Their recommendations are not regulated by FSA?

Thanx

AMO

Certain mortgage types are not regulated by the FSA i.e most BTL, commercial deals etc.

However, if you are looking at a house purchase or re-mortgage scenario that will definitely be covered by the FSA, and will be classed as a regulated mortgage contract.