Using more than one advisor

d0nkeyk0ng

In over six months' time, the mortgage will be up for renewal. This time we plan to put my wife's name onto the mortgage and house. I was planning to use the same mortgage advisor as last time. However, I've also had a chat with a financial advisor about savings and life insurance, and they will also cover mortgages. He's not completely independent but normally deals with medical professionals.


So, apart from more than one credit search, is there any other downside to having two advisors looking at mortgages? It'd be run-of-the-mill fixed term repayment mortgage, and both my wife and I are employees so nothing unusual.

amnblog

A couple of issues here.

1. You are wasting one advisor's time as well as your own.
2. If one has a limited range of lending options and the other a wider range, why would you not simply use the latter?

If, as I suspect here, you have been talking to an Advisor from one of the product providers who 'specialise' in offering insurance and savings product to medical staff, that is very distinct from a specialist mortgage broker.

BTW. On no account allow two advisors to submit two separate applications unless you want to risk everything to become a nightmare. If the submitted information by accident differs, you could find yourself being declined without explanation.

ACG

amnblog wrote: »

you could find yourself being declined without explanation.

And put on a fraud watch list - which having seen it first hand with a "client" of ours (I put it in speech marks as we could not overcome the markers).

He was not dodgy in the slightest. I even explained the issue to lenders upfront and we could not get it through.

Stick to one broker.

d0nkeyk0ng

amnblog wrote: »

If, as I suspect here, you have been talking to an Advisor from one of the product providers who 'specialise' in offering insurance and savings product to medical staff, that is very distinct from a specialist mortgage broker.

Yes the chap I've been discussing with deals with medical staff only. He asked about my mortgage at our last meeting.

amnblog wrote: »

BTW. On no account allow two advisors to submit two separate applications unless you want to risk everything to become a nightmare. If the submitted information by accident differs, you could find yourself being declined without explanation.

Understood.

ACG wrote: »

And put on a fraud watch list - which having seen it first hand with a "client" of ours (I put it in speech marks as we could not overcome the markers).

Stick to one broker.

Will do.