Obtaining a mortgage for a house is a complicated and very big step, whether you are a first-time buyer or looking to relocate.  Getting the best deal can have a big impact on your financial lives for a number of years to come and this is just one of the reasons that using independent mortgage brokers can be a great step to take.

What is an independent mortgage advisor?

When you approach a bank or building society about a mortgage, you will usually be dealing with a mortgage advisor.  However, this person works for that bank and this means that they only consider the products on offer from their employers.

An independent mortgage advisor, also known as an independent financial advisor or IFA, is someone that isn’t affiliated with any specific company.  This means that they can look at a wider range of products from different banks, building societies and other mortgage companies to find the right deal for you.  So, if you use a mortgage advisor in Cheltenham, they can offer products from local and national companies.

The benefits of using a mortgage advisor

Mortgage advisors have something called a duty of care to their customers.  This means they have to recommend a suitable mortgage and have to give you reasons why it is the best one for you.  These measures were put in place after the dark days a few decades ago where advisors did what was best for them, not for their clients.

The modern advisor is accountable to their customer and has their best interests at heart.  They can also save you a lot of problems down the line by ensuring you get a mortgage that you understand.  For example, people often DIY their mortgage and find they end up with a variable rate and cannot afford the repayments.  But by using a mortgage broker, they would have fully understood that this would happen and, if it wouldn’t work for then, could take a different deal.

By employing an advisor, you get insider knowledge on the whole market.  Independent mortgage advice means that you can get the picture of much of the whole market and learn about the small features of a mortgage that might otherwise be missed.  By using the experience and knowledge of a qualified advisor, you are getting someone on your side who wants to help you, not merely sell to you.

Help with additional cover

A good mortgage advisor can help you with the types of other cover that might suit your needs when you take on such a big commitment.  Cover in the event of death, critical illness such as cancer or a stroke and even redundancy can protect you and your family if the worst happens.  While these covers may not be compulsory, a mortgage advisor can talk you through the pros and cons to help you decide if you want them.


There’s nothing to say that you can’t get a mortgage without using a broker but the protection and sound advice you receive from one makes their fee a worthwhile cost and can ensure you get the right mortgage.