11 Kasım 2007 Pazar

How do I find a mortgage adviser?

A selection of mortgage advisers or ‘find an adviser’ websites
It’s important to find a mortgage adviser you trust offering a professional, transparent service. Any extra costs or charges should be discussed upfront, certainly not come as a shock after the deal has already been done.
The adverse credit sector used to attract a bad element of profiteering advisers who targeted desperate customers and overcharged them for an unprofessional limited service. But since mortgages became regulated by the FSA in November 2004, it’s easier to shop around to find excellent specialist advice, sometimes from a mainstream mortgage adviser.
Since mortgage regulation in November 2004, all advisers have to offer you an Initial Disclosure Document (IDD), which tells you who they are, how much they charge and the services they offer. Now, you know whom you are dealing with before you disclose your circumstances. If the firm isn’t keen to reveal much about themselves, walk away.
Questions to ask your adviser
Do you offer mortgages and insurance from all mortgage lenders in the market or a limited selection?- the better the choice on offer the better your chances of finding a competitive deal
Do you charge fees? If so is it a flat fee or a percentage of the amount borrowed?- Paying a flat fee is usually far cheaper than paying a percentage of the mortgage loan i.e. 2 % of £100,000 is £2,000 compared with an average flat fee of £2-300
If you found the adviser over the Internet, make sure a head office address is listed on the home page and the firm is registered by the FSA. Check the firm is registered on the Financial Services Authority website at www.fsa.gov.uk by clicking on the Firm Check button on the side panel of the home page.
Weblinks: www.standardlife.com www.thecheshire.co.uk

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