You can get a mortgage direct from a bank or building society, or visit a mortgage broker or independent financial adviser (IFA).
If you know what you want and your circumstances are not complicated, going direct may be your best bet. If your needs are slightly out of the ordinary or you don’t know what type of mortgage to choose, then an intermediary will be able to help. To talk to someone about a mortgage you can make an appointment with a mortgage adviser at any high-street lender’s branch. Most now have telephone operations too so if you prefer you can talk to someone in the comfort of your own home. The same is true of brokers. Most offer face-to-face advice or help via a call centre. Some also have internet sites which feature online assistance. You answer a number of questions and the mortgages that are appropriate for your circumstances are listed. You can apply for the deal you want via the site, or just use the information when you approach a lender or a broker. The Financial Services Authority (FSA) now regulates mortgages. This means that you will receive clear information about mortgages and mortgage services in a standard format before you apply for a mortgage. An Initial Disclosure Document (IDD) tells you about the adviser, their company, the service they provide and the commission they are paid. A Key Facts Illustration (KFI) gives clear information about the product and its costs. The documents are designed to make it easier for you to shop around by using them to compare products and services from a number of companies. Don’t be afraid to ask as many questions as you need to about the arrangements for your mortgage. Remember, you are about to borrow thousands of pounds so you need to understand what's going on. TIP ... You don't have to go to your building society or bank for your mortgage - it's good to shop around. Find a mortgage adviser here
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Date: 1st, April, 2006 |
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