Independent Mortgage Advisors in the UK
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Advice | It would be nice if all mortgage advisors were independent, but sadly that will never be the case because the large financial institutions need to sell their own products, and the sad fact is that those who seek the advice of a tied advisor may not benefit from the vast amount of mortgage products which they are not allowed to sell, but which are on offer to an independent.
It is your choice whether to employ the services of a mortgage advisor or not, and so it follows that if you so choose to take on an advisor then that person, or his/her company needs to be able to offer you a selection of the best mortgage products available in the marketplace at any given time.
In short, your mortgage advisor should be independent of the lenders in order to give you the best advice as a mortgage is usually be the largest financial commitment you’ll ever make. Therefore, it pays to get advice from a qualified professional. Usually, that person is a whole of market mortgage advisor.
You need to be clear of your advisor's status from the outset, whether they are tied or truly independent so that you’re comfortable with the number and type of options you’re shown.
Just as IFAs (independent financial advisors), mortgage advisors are regulated too, and basically that means they have to hold qualifications to confirm their level of expertise and at the same time must conform and adhere to rules set down by the Financial Services Authority (FSA).
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