Whether you are a first-time-buyer purchasing your first home or an existing home owner looking for a remortgage product, it is important to seek out expert mortgage advice to ensure you secure the right home loan for your personal circumstances.

Evolution of the UK Mortgage Market

The UK is often referred to as having the most sophisticated mortgage market in the world. A wide variety of mortgage products are now available from dozens of lenders where only a few lenders existed before.

Mortgages are now available to people with all kinds of credit histories and employment situations and are also available to purchase property for investment purposes. This situation is vastly different to several years ago when only a few lenders offered prime mortgage products to people with stable employment.

The UK home loan market has therefore evolved considerably in only a few short years and the need for expert mortgage advice has never been greater. Advice on mortgages is no longer the sole domain of overbearing bank managers and because of this the financial intermediary industry has flourished.

Mortgage Advice Providers

Because of the increased sophistication of the mortgage market it is wise to seek advice from either an independent mortgage broker or financial adviser when searching for your next home loan.

Independent mortgage brokers have specialist software that can scan the entire mortgage market in minutes, helping them to provide quality mortgage advice that will help you choose the right product for your individual circumstances. The right mortgage advice can help you save money over the term of the loan, whether it is for a buy-to-let property or your own home.

Likewise, independent financial advisers (IFAs) can sometimes provide advice on mortgages as well as ancillary finance products such as insurance and pensions. Often these products go hand in hand with mortgages so it can be a good idea to receive mortgage advice from an IFA if you have one already.

If, for example, you are looking to purchase or remortgage a buy-to-let property your IFA may be able to provide you with advice on which mortgage products to apply for in addition to any investment advice they may provide to you.

If you are seeking a mortgage for your own home your IFA may be suitable for providing you advice on both your home loan and your home and contents insurance. You may also use the opportunity to receive advice on life assurance product or mortgage and income protection insurance.

Where to Seek Mortgage Advice

Finding a mortgage broker or IFA who can offer you mortgage advice has never been easier. There are thousands of registered mortgage brokers and IFAs in the UK, many of whom advertise on the internet and in the local press. There is also a wide range of online and offline directories which contain listings of mortgage brokers in most local areas. However, with the ease of communicating over long distances these days, it is not always necessary to receive mortgage advice from a local mortgage broker.

You may also seek out referrals from friends of relatives. Mortgage advisers and IFAs sometimes specialise in different fields of financial advice which means that not all advisers will be suited to providing you with information on the specific issues you are seeking advice on. A positive referral from a friend or relative may therefore save you the time and hassle of finding an adviser yourself and reduce the risk of inappropriate advice.