Mortgage Advice

Buying your home is for most people the biggest investment they will ever make and the contract is likely to last many years.
There are as many as 8000 mortgages to choose from these include Base Rate, Trackers, Discounted variables, Fixed rates, Endowments, Interest Only and Buy to Let.  Without doubt finding the package that suits your needs can be very hard.  It is therefore recommended that you seek advice from an impartial expert.   You can verify that the person you have in mind is qualified to advise you by checking the register of advisers held by the The Financial Services Authority (FSA).

Where do I go for mortgage advice?

There are three types of mortgage advisors that can help you.
1. Independent Financial Advisors who have access to the whole market - these advisors can access literally every type of mortgage available in the UK, and there are currently some approximately 8000 products to choose from.
2. Advisors who cover a limited number of providers - these advisors will have a more limited number of products that they can offer, you can ask how many providers they work with.
3. Advisors who offer the products of a single product or group of product providers - These advisors usually work in a bank or building society and can only offer you the products of the company that they work for.
When you visit a financial advisor, they will give you a KEYFACTS document that explains their services in detail.
You can check the FSA register to ensure that your advisor is authorised by the Financial Services Authority to give financial advice in the UK.

How does my advisor make their money?

It is best to ask your advisor at the outset how they will make their money. Some will charge a fee agreed directly with you, others will be paid a commission from the lender providing the mortgage. It is up to you how you and your Advisor choose to pay. If you decide that the IFA will be paid by commission from the lender, he or she will have to 'disclose' what that amount is. If you choose to pay by fee, any commission is usually returned to you as extra policy benefits, but you may have to pay VAT on the fees.

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For immediate attention contact Paul O’BRIEN (CertPFS CeMAP), Independant Mortgage Advisor
MortgageMakers Limited
The Mortgage Café
256 Torquay Road
Paignton
Devon TQ3 2EZ
Tel 01803 698598  Tel 01803 698555