If you are considering purchasing a property for yourself, to let to tenants, re-mortgaging, or looking at any other form of mortgage, a visit to the mortgage advisor is probably on the cards. There are different types of mortgage advisors and it is important to make sure you get all the relevant information before making your mortgage decision. Hop over here to hire the best mortgage advisor.
A tied mortgage or single lender advisor may start off working in a bank or building society. Mortgage advisors working in this kind of role and establishment are only able to offer you products available from their employer, this should be made clear at the outset.
They can recommend the best products available from their firm for your situation and help you with application paperwork, and any other questions you may have. However, they cannot help you with advice relating to other products or information outside of their company.
Multi-Tied mortgage advisors can be found mainly in estate agents. They work with a limited number of mortgage lenders and will recommend a select few mortgage lenders that they work with.
While multi-tied advisors can offer you more choice than a single lender mortgage advisor your choice is still very limited and you may not be getting the best deal available to you.
An independent mortgage advisor will normally work in their own office or sometimes within an estate agent, but never as part of a bank, building society, or other similar setup.
The main difference between the single lender and the whole of market independent mortgage advisor is that the independent advisor should have access to the entire market – every mortgage from every lender that is applicable to you. The tied advisor can only offer you a very small proportion of what is on offer as they can only offer products from their own company.