The Mortgage Adviser Role described by London Mortgage Broker, London Mortgage Advice Tuesday, 20th April 2010

The best way forward for seeking mortgage advice is via a mortgage broker. If you consult independent mortgage brokers rather than mortgage lenders direct, they will have a much larger range of mortgages to choose from. In some cases they may represent a panel of lenders so there is some limitation there, but in most cases independent mortgage brokers will have access to all the mortgage products on the UK market. The giving of personal financial and mortgage advice has been governed by the Financial Services Authority. Companies or individuals offering personal financial or mortgage advice must comply with the Financial Services Act or they are breaking the law.
Mortgage brokers may charge up front for their services or they may earn their commission from the mortgages and ancilliary services they sell. These days, top mortgage brokers will carry out a consultation using email, the phone and in person. There is a trend towards online mortgage brokers. They will carry out in-depth questioning about your regular income and outgoings so they can establish what your level of affordability is. They need to know about any outstanding debts and loans. Mortgage brokers are professionally qualified and although it is in their interest to offer you a loan on behalf of one of the lenders, they want to make sure you will be able to keep up the payments. What type of information is required for a mortgage application?Your lender will require to see the following: Your passport and national insurance number; Your employer's name, address and details, also a contact number;
Any documentation relating to income and outgoings, such as salary or wages slip, pension details, alimony or child maintenance payments, income from investments.All documentation relating to outgoings such as bills and bank statements;
Details of any assets including bank account balances, deposits or any properties or other investments; Details of all liabilities including student or other debt, credit cards, car loans and other loans.
Remember that all this documentation has to be repeated if you are applying for a joint mortgage, as all applicants must provide the same level of information. Your lender will then make an assessment based on all the information received before deciding how much money they are willing to lend.
There will also be legal, valuation and mortgage administration fees to take into account so make sure you are aware of ALL costs before proceeding.