Finding a suitable mortgage is serious business, and a lot of things hinge on whether you'll be able to get a suitable mortgage for a new house or not. This may all be quite overwhelming especially for first time buyers who have not yet figured out where this mortgage may be acquired.There are thousands of mortgage deals on the market and it's hard to know where to start. You can use a mortgage broker, or shop around yourself but whatever you decide, it's important to be aware of how mortgages are regulated and sold.
If you get written information about mortgage products, it doesn't mean you've had advice. Getting advice means that the adviser/broker looks at your particular circumstances and recommends a mortgage that's suitable for you. Buying with advice puts you in a stronger position to complain and get compensation if you later discover that the mortgage is unsuitable. If you take out a mortgage over the internet, by phone or by post you might not have the option to get advice.
Most mortgage products are regulated by the FSA (Financial Services Authority) and therefore a mortgage broker must be authorised to give advice which means they have to follow FSA rules when dealing with you. The FSA is the UK's financial watchdog set up by government to regulate financial services and protect your rights. Its standards require firms to be competent, financially sound and to treat their customers fairly.
At Professional Mortgage Services we will review your requirements to establish which lender is offering the best product based upon your individual needs.