Mortgage Advisers and Interest Rates

andy777_2

Given the importance of interest rates in the mortgage decision, what level of knowledge of the subject should one expect from an adviser? While mortgage advisers are not economists, should a buyer still expect the adviser to have a good knowledge of the context of the current level of interest rates and well as an informed view of where rates are likely to go in the short-term? Or should the buyer look elsewhere for this sort of information?

payless

A good adviser should have knowledge of what's being discussed about the mraket , and possibly have his own view, but don't think its for for them to second guess the market for clients, instead should offer you a product that provides value and security based on your circumstances / ability to afford repayments at current and possible future rates

MortgageMamma

I think advisers should have a good understanding of the current issues on the market and the general opinions about rates, but I think there are people on either side of the spectrum i.e. advisers who know next to nothing about them and just deal with the products in front of them, and then there are the advisers who are quite obsessive about it. Middle ground is always best, the economists often can't get it right so nobody should expect an adviser to.

Rick62

I would expect a decent advisor to have an understanding of mortgage rates. Not to profer opinionated views on where rates are going, but to understand the issues, what the banks and economists are saying and what swap rates are doing and what that means for rates. The broker should then be able to present the issues to the customer in plain english so that the customer can then make an informed choice.