What Is A Mortgage Advisor

What is​ a​ Mortgage Advisor?
Much like a​ broker can help you​ find the​ best companies and finance,​ etc,​ a​ mortgage advisor can also help you​ find the​ best option for you​ .​
He or​ she can also help you​ in​ the​ application process,​ and offers an​ excellent service for anyone buying a​ house .​
The main difference between a​ mortgage advisor and broker is​ the​ training and expertise needed to​ do each job.
As well as​ the​ advice a​ mortgage advisor can give you​ when it​ comes to​ buying your house,​ they can also offer:
• Different mortgage options for you​ to​ choose from
• Advice on​ mortgage protection,​ repayments,​ re-financing,​ etc
• Offer building insurance alongside the​ mortgage itself
Although a​ mortgage advisor can discuss so many different financial aspects with you,​ they don’t need to​ take any specialised training courses or​ need any professional qualifications initially .​
This is​ another aspect that sets them apart from a​ mortgage broker .​
They will need to​ take a​ basic training course,​ but this is​ more in​ customer service and relations.
The route to​ becoming an​ advisor is​ quite a​ straightforward one – normally starting off in​ a​ bank as​ a​ customer service representative,​ or​ an​ administrative role within a​ financial services company .​
If they decide to​ pursue the​ more dedicated mortgage advisor route,​ this is​ when the​ additional training will come into effect.
The Financial Services Authority (FSA) requires that anyone giving specialist mortgage advice needs to​ be proficient to​ a​ certain level .​
This means that to​ be a​ mortgage advisor,​ a​ trainee has to​ study for either the​ Chartered Insurance Institute (CII) Certificate in​ Mortgage Advice,​ or​ the​ ifs School of​ Finance in​ Mortgage Advice and Practice (CeMAP) .​
If you​ want to​ use the​ services of​ a​ mortgage advisor,​ whether through your bank or​ otherwise,​ you​ should look for these qualifications.
Once someone has passed the​ relevant exams to​ become a​ specialist mortgage advisor,​ they can then take the​ next step up,​ and become a​ financial advisor .​
The benefit to​ you​ is​ that not only can you​ then use the​ same person to​ handle both your mortgage and other financial details – pensions,​ life assurance,​ etc – but you​ won’t have to​ explain everything about your current situation to​ a​ different person every time.
Another area to​ consider if​ you​ are thinking about using an​ advisor to​ help you​ with your mortgage is​ whether or​ not they are being completely unbiased .​
For example,​ if​ you​ use your bank and they provide an​ advisor for you​ to​ work with,​ you​ would only be getting advice on​ the​ services that the​ bank itself offers.
However,​ if​ you​ were to​ use the​ estate agent selling the​ property,​ or​ a​ mortgage broker,​ then you​ would be offered a​ far greater choice and benefits from a​ much larger range of​ financial companies .​
This is​ definitely something to​ keep in​ mind when working with a​ financial advisor,​ and will make sure that you​ eventually get the​ mortgage and advice that’s right for you.
Remember that all advice received is​ at​ no obligation until you​ sign on​ the​ dotted line .​
You should therefore not feel overwhelmed or​ pressured when gathering information from a​ mortgage advisor.

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