When mortgage borrowers seek their mortgage they may not always be clear as to the level of service they are receiving and what they are actually getting from their bank, building society, or mortgage broker.
In our video on the right we explain the difference between mortgage advice and mortgage information and where you are likely to get these two levels of service.
The residential mortgage market in the UK is a regulated market in that a Government-appointed regulatory body controls how mortgages are sold and offered to the consumer.
There are two main sources for the consumer to access mortgages currently, one is direct via the lender, and the other is through a mortgage broker.
Mortgage advice or mortgage information
Lenders will have a portfolio of products which they are offering to the client for self-selection. Because of this they provide an information only service.
This means that their staff do not give advice, and in most cases, are not regulated or trained to give advice.
Their role is to provide you with information on the mortgage, answer any questions you may have on the product, and no more.
Your independent mortgage broker will provide an advice and recommendation service.
Before they can do this they will ensure that they fully understand your financial situation, your objectives, and intentions going forward.
On the back of this they will recommend a suitable lender and a suitable product to best meet your needs. This is a fully advised service.
Since your independent mortgage broker is registered with the regulator and works to industry guidelines, you can be sure of a level of service and expertise to protect the needs of you and your family.
For this reason, we will always recommend that you seek an advice and recommendation rather than an information only service.
If you need mortgage advice our team of independent mortgage advisers are here to assist you – so contact us now.
