Getting a mortgage is probably the most significant financial commitment you’ll ever make.
It’s a bit daunting, really, which is why having a professional mortgage adviser in your corner can make all the difference.
Here in Leicester, the property market’s quite competitive. Having someone who knows the local patch inside out can be worth their weight in gold. You’ll often find that a Leicester-based adviser (like our mortgages team here at BDWM) can unlock better deals than if you went straight to a lender yourself.
This blog explores the main benefits of working with a mortgage adviser in Leicester and how to choose the right one.
What mortgage advisers actually do
A professional mortgage adviser is like a financial matchmaker. They’ll size up your situation, hunt down the most suitable mortgages and hold your hand through the whole application process. Some have access to every lender, while others work with only a select few.
A decent adviser does far more than compare rates. They’re clued up on all the lending criteria, will help you get your paperwork in shape and spot any potential hiccups that could derail your application. Sometimes, their know-how can be the difference between getting your mortgage sorted or being turned down flat.
Advisers make their money through fees, commissions from lenders, or sometimes both. By law, they’ve got to be crystal clear about their charges and explain why they’re suggesting particular mortgages. It helps you see exactly what you’re getting for your money.
The mortgage market is constantly changing. Lending criteria and rates can shift from one week to the next. Good advisers keep their finger on the pulse and often get wind of new deals before they hit the market.
Why choose a local mortgage adviser in Leicester?
Most Leicester mortgage advisers know all the quirks of our local property market. They understand which areas are on the up, which lenders prefer different types of properties and how local house prices affect what you can borrow. Their local knowledge really comes in handy when matching you with the right lender.
There’s something to be said about being able to meet face-to-face, too. A local adviser meet at a time that suits you, and they’ve usually got good relationships with estate agents, solicitors and surveyors in the area. These connections can help things run more smoothly when you’re buying.
They also understand the local job market, which is particularly handy if you’re self-employed or have a complicated income setup. They know which lenders are happy with different employers and types of earnings.
Plus, they’re familiar with Leicester’s unique property types. Whether you’ve got your eye on a Victorian terrace off Narborough Road, a modern flat in the Cultural Quarter or a converted factory in the Old Town, they’ll know which lenders are most likely to say yes.
Checking their credentials
First things first, anyone who calls themselves a mortgage adviser needs to be registered with the Financial Conduct Authority (FCA). It’s not just red tape; it’s there to protect you. You can look them up on the FCA register, which shows whether they’ve ever been sanctioned or have any restrictions on their work. You’ll find BDWM there; search our FCA number, 537673.
They should also have professional indemnity insurance. Don’t be shy about asking how much cover they’ve got.
Experience is brilliant, but it needs to be the right sort. Someone who’s been in the game for 20 years sounds impressive, but make sure they haven’t been doing things the same way since 2004.
On the flip side, a newer adviser might be really clued up on all the latest developments. You want someone who’s got a good mix of experience and current knowledge.
It’s worth knowing whether they’re directly authorised by the FCA or working under another firm’s umbrella. Both are fine, but it might affect how independent they can be with their advice. We’re independent and unaffiliated here at BDWM.
Questions worth asking
Don’t be afraid to grill the adviser bit before you decide whether to work with them. Ask straight up how many lenders they work with and how they pick the mortgages they recommend. If they’re any good, they’ll be happy to explain their process.
If you’ve got specific circumstances – maybe you’re self-employed or looking to get on the property ladder for the first time – ask how many similar applications they’ve handled.
Get them to walk you through their process. How do they work out what you can afford? What paperwork will they need? How long does it usually take from start to finish? A good adviser will give you clear answers without any waffle.
Find out about their relationships with lenders, too. The best advisers have direct lines to the decision-makers at the big banks and building societies. It can make a world of difference when you need to get things moving quickly.
It’s also worth asking about their backup plan. Are they a one-person band or part of a team? What happens if they’re on holiday when you need them? You don’t want to be left in the lurch if something urgent comes up.
Red flags to watch out for
If an adviser tries to rush you into making decisions, run a mile. A proper adviser will give you time to think things through and be happy to answer all your questions. If they’re pushing you to commit quickly, they’re probably more interested in their commission than your best interests.
Watch out for woolly fee structures, too. A professional mortgage adviser will spell out precisely what you’re paying for and when you need to pay it. If they’re being vague about costs or there seem to be hidden charges popping up, that’s not a good sign.
Be wary of advisers who only work with a handful of lenders. While some specialists deliberately choose to work with specific lenders, they should be able to explain why and how it benefits you. If they’re restricted in their choice, make sure you’re not missing out on better deals elsewhere.
Poor communication is another massive red flag. If they’re rubbish at getting back to you now, imagine what it’ll be like when you’re in the middle of buying your house. Look for someone who responds promptly and explains things clearly.
And if they’re funny about providing references or sharing their success stories, ask yourself why. Good advisers are usually proud to share feedback from happy clients and will have plenty of examples of mortgages they’ve successfully arranged.
Working with your adviser
Once you’ve picked your mortgage adviser in Leicester, expect them to ask for loads of information. They need to really understand your situation – your income, spending, credit history and future plans. It might seem like they’re being nosey, but the more they know, the better your chances of getting your mortgage approved.
Yes, they’ll need quite a bit of paperwork, but there’s a good reason for it. Payslips, bank statements and ID all help prove to lenders that you are who you say you are and can afford the mortgage. A good adviser will give you a clear list of what they need and explain why they need it.
They should keep you in the loop throughout the process. You want someone who lets you know what’s happening without you having to chase them. They should be honest about timelines and any potential problems.
Don’t be afraid to ask questions along the way. A good adviser will explain everything in plain English and help you understand how different choices might affect your mortgage.
How can BDWM help?
Working with an independent mortgage adviser in Leicester offers numerous benefits. While it’s possible to navigate the mortgage maze on your own, BDWM’s expertise and support can make the journey smoother, save you money and help you make the best decisions for your financial future.
So, if you’re considering buying a property in Leicester, remortgaging your current home or planning future property investments, get in touch. As an independent mortgage adviser, we’re not tied to any lenders. We can scour the whole mortgage market to ensure you get the right deal for you and your circumstances.
Our starting point is always you – what are your dreams and aspirations, and what do you want from your next property? Once we understand this, our team of professional mortgage advisers will use their years of experience and expertise to find the right mortgage for you.
To find out more, get in touch today to book a free, no-obligation consultation with our mortgage team.