Base Rate. Trackers. Discounted variables. Fixed rates. Endowments. Interest Only. We understand that buying a new home is one of the biggest investments of your life. Making the right decision now can save you money in the long-term so it's important to get it right. There are currently around 8000 mortgages available in the UK. Unless you have an unlimited amount of time on your hands or an in-depth knowledge of all the options available, it is advisable to speak to an expert.
Where do I go for mortgage advice?
There are three types of mortgage advisors that can help you.
1. Whole of market advisors who advise and recommend from accross the market – these advisors can access literally every product available in the UK, and there are currently some 6000-8000 to choose from.
2. Advisors who cover a limited number of providers – These advisors will have a more limited number of products that they can offer, you can ask how many providers they work with.
3. Advisors who offer the products of a single product or group of product providers – These advisors often work in a bank or building society and can only offer you the products of the company that they work for.
When you visit a financial advisor, they shouild explain their service, level of advice and how they are remunerated.
You can check the FCA register to ensure that your advisor is authorised by the Financial Conduct Authority to give financial advice in the UK.
How does my advisor make their money?
It is best to ask your advisor at the outset how they will make their money. Some will charge a fee agreed directly with you, others will be paid a commission from the lender providing the mortgage. It is up to you how you and your IFA choose to pay.
Umbrella Financial Services, a Southampton based firm who have staff experience of over 25 years in the mortgage and financial sector. Their aim is to provide you with the highest level of advice, research, recommendation and customer care. Umbrella offer advice from accross the mortgage market. They also offer advice in other areas such as Protection products such as Life Cover, General Insurance and planning a Will.
For immediate attention contact either;
Umbrella Financial Services
Lee Harris, Financial Consultant.
Telephone: 02381 780484 or 07956 529882
Threshold Mortgage Services
Paul Griffin, Financial Consultant.
Telephone: 03300 249115