Behind the Scenes

A mortgage advisor evaluates your income, outgoings, credit history, and other financial commitments. They also assess property-related details, whether you’re buying or refinancing, ensuring you understand the best mortgage options for your situation. They also process the mortgage application to the lender, working with them to obtain a mortgage offer, then work with the conveyancer towards the completion of your purchase or remortgage.

A mortgage advisor increases your chances of mortgage approval by matching you with the most appropriate lenders, optimising your application, and navigating complex lending criteria to find the best value deal for your circumstances.

Working with a mortgage advisor can save you from costly mistakes such as choosing the wrong mortgage type or failing to meet a lender’s criteria. Their expertise often leads to securing more favourable mortgage terms and rates.

Often, a mortgage broker can find more cost-effective deals for you, even when their fees are considered, they can review the whole market and access exclusive broker only products that may not be available directly to the public.

Before speaking with a mortgage advisor, gather all relevant financial documents, including payslips, bank statements, and details of your credit history to ensure an accurate assessment of your situation.

Mortgage advisors and lenders typically assess the last six years of your credit history to gauge your financial behaviour, this includes any missed payments or defaults.

The process from application to approval of a mortgage can vary, normally this is anywhere from two to six weeks depending on the mortgage lender and the complexity of your situation.

Yes, mortgage advisors often have whole-of-market access, which allows them to secure competitive rates, sometimes not directly available to consumers.

Advisors typically need proof of identity, proof of address, 3 months payslips, tax calculations or accounts, bank statements, and potentially credit report to fully assess your financial situation.

A mortgage broker can provide whole of market advice by comparing offers from multiple lenders, potentially securing better rates and terms than a single bank’s offerings.

The Financial Conduct Authority (FCA) regulates mortgage brokers and lenders to ensure they adhere to ethical and professional standards.

A qualified mortgage advisor should have a Certificate in Mortgage Advice and Practice (CeMAP) or equivalent, which is recognised by the Financial Conduct Authority (FCA). They should also be listed on the Financial Services Register, ensuring they are authorised to give mortgage advice.

Lenders look closely at your credit score to decide how risky it is to lend to you. A good credit score can not only boost your chances of getting approved for a mortgage but might also get you better interest rates.

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CheckMyFile is a UK credit reporting service that collates information from the most popular credit referencing agencies, Equifax, Experian & TransUnion.