Mortgage advice:
What does a mortgage advisor do?
When it comes to buying a home or remortgaging, choosing the right mortgage can feel overwhelming. That’s where mortgage advisors come in.
So, what does a mortgage advisor do? In short, they guide you through the complex mortgage landscape, helping you choose a deal that matches your financial circumstances, needs, and future plans. Their insight can save you time, money, and stress—especially if you’re unsure where to start.
Choosing the wrong mortgage can mean a long road of paying high interest rates that fluctuate on a whim. so it’s especially important to take your time when shopping around. Read our guide on comparing mortgages for information on the various types of mortgages available.
Why Use a Mortgage Advisor?
A mortgage is one of the biggest financial commitments you’ll make in your lifetime. Getting it wrong could cost you thousands in unnecessary interest or fees. That’s why working with a mortgage advisor can be invaluable.
They will:
- Assess your financial situation
- Recommend the most suitable mortgage products
- Explain the pros and cons of each option
- Support your application to give you the best chance of approval
And because many mortgage advisors work with multiple lenders, they can often access exclusive deals not available directly to consumers.
Who Can Benefit from a Mortgage Advisor?
First-Time Buyers
If you’re a first-time buyer, your experience with mortgages is going to be less than more experienced investors on the property ladder. This makes getting a mortgage advisor all the more important, not only to help you learn, but also to make sure you don’t pick the wrong type of mortgage.
Remortgaging
Even if you’ve had a mortgage before, remortgaging isn’t always straightforward. An advisor will help you assess whether it’s worth switching and find the most cost-effective deal.
The risks of not using a mortgage advisor
Going it alone might seem simpler—but it comes with real risks.
Choosing the Wrong Mortgage
Without professional insight, you might end up locked into an unsuitable product that costs you more in the long run.
Wasting Time
Mortgage applications take time. A rejected application delays your purchase and may impact your credit score. Advisors help ensure you apply for products you’re likely to be accepted for.
Lender Rejection
Each lender has different criteria. An advisor knows which lenders suit your situation and can save you from unnecessary rejection.
Limited Protection
Using a regulated mortgage advisor gives you the right to complain to the Financial Ombudsman if things go wrong—an added layer of consumer protection you don’t get when applying on your own.
When Should You Speak to a Mortgage Advisor?
The earlier, the better. Whether you’re just starting your homebuying journey or preparing to remortgage, getting advice early helps you plan effectively. Bring your latest payslips, bank statements, and proof of income (such as SA302 forms if you’re self-employed) to your first appointment.
How Much Do Mortgage Advisors Charge?
Mortgage advisor fees can vary, depending on how they work:
- Fixed fee: One-time charge, usually £500–£600
- Hourly rate: You pay based on the time spent (often £75–£150/hour)
- Percentage: Charged as a percentage of the mortgage amount
- Combination: A mix of the above, sometimes with a refund of any lender commission
Always clarify the fee structure before you proceed.
Can I Just Ask My Bank?
Yes—banks and building societies offer mortgage advice too. However, they only recommend their own products. For a broader view of the market, an independent mortgage advisor gives you access to more lenders and potentially better rates.
Take the Stress Out of Mortgage Shopping
OneDome’s team of mortgage experts is here to help you find the right mortgage deal with confidence.
<a href=”https://www.onedome.com/services/mortgage-passport/”>Speak to a mortgage advisor</a>
Want to learn about how mortgage rates are set? Check out our guide on mortgage rates here, which also features essential information on lowering your overall costs.
What Does a Mortgage Advisor Do at OneDome?
At OneDome, our mortgage advisors are regulated professionals with years of experience. They’ll:
- Guide you through every step of the mortgage process
- Help you understand how much you can borrow
- Compare thousands of mortgage products on your behalf
- Support you from quote to completion
- 📞 Call our team on 020 3868 6262 (Mon–Fri, 9:00–17:00) or get started online
Looking to understand mortgage rates? Read our comprehensive guide on mortgage rates here.
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