What is the difference between a mortgage broker or advisor?

A mortgage advisor is an expert who specialises in finding you the best mortgage deal based on your individual circumstances.

Mortgage advisors in the UK are regulated and supervised by the Financial Conduct Authority to ensure that they adhere to professional standards. For Mortgage advisors Gloucester, visit https://www.geniusma.com/

They are often called mortgage brokers but there is really no difference between a broker and an advisor.

Independent mortgage brokers are different from ‘tied mortgage brokers’.

A broker who is independent can find mortgages on the entire UK market. However, a broker tied to a specific provider may not have access to such great deals.

Some brokers work as “multi-tied brokers”, meaning that they only work with certain lenders and not the whole market.

Mortgage advisors/brokers are usually mortgage specialists, although some independent financial advisors also provide the same type of advice.

A mortgage advisor can increase your chances to get a loan and find the best mortgage deal.

When should I seek out mortgage advice?

First-time buyers will benefit the most from mortgage advice as the process is more difficult (and you are new to the whole thing).

A mortgage broker is useful for all mortgage applications.

Mortgage advice is also useful if you have a fluctuating income or are self-employed.

You may also need advice if you are remortgaging or buying your next property .

A mortgage advisor can help you find the right mortgage for you if you are buying to let, purchasing a business or holiday home or even if you want to buy a property.

You can also tap into your home’s value in the future through equity releases.