The benefits of using a whole of market mortgage adviser

In the current climate, finding any mortgage can be a challenge. So finding the right mortgage to suit your circumstances can seem almost impossible.

By using a whole of market mortgage advisor you will save yourself a great deal of time and hassle. You won`t need to enquire at every bank and building society you can find on Google and you won`t have to meet with countless people, discussing your income and expenditure again and again. But most importantly, you won`t miss out on a good deal because you don`t know it`s there.

A whole of market mortgage advisor will take information from you such as your joint or individual income, any monthly commitments like loans or credit cards and details on your expenditure. Your advisor will ask you about the amount of equity in your current property if you have one to sell and/or the amount you have saved for a deposit. They will ask you for bank statements and payslips to back up the information you provide.

Once you have given all this information to your mortgage advisor, they will be able to search the whole of the market to find out what lenders will be willing to offer you. The variation may be quite large. Your advisor will also be able to search for the best interest rates available, which combined with the amount you borrow, will dictate the monthly mortgage repayments.

Your mortgage advisor will also be able to give you an idea of how much you can afford to pay back on a monthly basis and still maintain your lifestyle.

The benefit of using a whole of market mortgage advisor is that they won`t be tied to a specific lender, so they can provide you with the full spectrum of possibilities. And because a mortgage is such a huge commitment, it is important that you have access to a wide variety, because you could end up being with your provider for a very long time.

Your advisor will be able to inform you about ways you can reduce your monthly payments - for example, providing information about lenders who offer longer terms, or any interest-only deals available.
Even if you are planning to remortgage, a whole of market mortgage advisor is beneficial in helping you view the entire picture rather than going it alone. Remember, whereas you may only switch providers a couple of times, mortgage advisors do this for a living - looking at the best deals day in, day out.

Another benefit to using an advisor is the high level of mortgage rejections at the moment. A mortgage advisor will have a greater understanding of whether or not you will qualify, based on the information you provide. This means you are less likely to be rejected for a mortgage. And being rejected for one mortgage means you are less likely to be accepted for another, as it will show up on your credit history.

If you`re seriously thinking about buying a home or remortgaging, make a whole of market mortgage advisor your first port of call. Alternatively, you can check out estimates for the mortgage amount you wish to borrow using a mortgage calculator as a guide.