A broker will usually condition a mortgage on a prior meeting with an adviser, although most people will naturally want to consult with an adviser to get a full understanding of the options available to them. Advisers can also give good referrals to brokers. It is important for you to under our regulations for advisers, so you know what you should expect to get proper service for your money.
The mortgage adviser must inform his client of all terms of service. They must explain the charge, mortgage range, where they are getting your mortgage from both online and formal offices. This information must be presented both verbally in the first conversation and in writing.
It is your right to see the entire list of brokers, banks and vendors that your adviser works with. The list of brokers that your adviser works with, will give you a good indication of range of service.
As already mentioned above, a mortgage adviser must inform you of all fees and form of payment. Fees and payment methods could include the following:
The broker must run a comprehensive check in order to ascertain that the one taking the mortgage can afford the mortgage both at the present time and in the future. They will look carefully at your personal and household income, outgoing expenses, study the interest rate trend and see how a spike in the rate will affect your situation down the line.