Why using an advisor is better than sorting your mortgage yourself or through the bank.

Why using an advisor is better than sorting your mortgage yourself or through the bank.

When choosing whether to use an advisor, organising your mortgage yourself or doing it through the bank the first question people usually ask is why? Well, the big factor is the advice. When you do it yourself, you’re not getting advice, your options will be limited by your knowledge. You won’t look for the deal you don’t know exists, you could miss-out on the best deal for you by losing time applying to a lender who was never going to accept you. There a products that many have never heard of, even those working for lenders and in lending departments. Many people think that a variable rate is the best deal to be on because of the flexibility. But there are deals with just as much flexibility but considerably less interest to be paid. There are deals with total flexibility but still benefit from a fixed rate of interest. There are offset deals for those with considerable savings. There are 2-year fixed rates, 3 years, 5 years, 7 years, 10 years and even 15-year deals. There are life time tracker products, many people think a tracker is a scary concept but we’ve had clients on them for years refusing to budge! But some are only paying 0.16% above the Bank of England base rate! Can you imagine how cheap your mortgage payments would be if you’d landed that deal?

No lender offers every type of product so if you go to a lender, they won’t tell you about what they don’t have. That’s where independent advisors come in, Independents aren’t tied to just 1 lender. But whilst many people think it’s the Independent status that matters, it’s not. It’s the Whole of Market status. Independent means they’re not tied to any 1 lender, Whole of Market means they aren’t restricted to who they can send business. Some people refer to these advisers as True Independents. The problem again is down to understanding the terminology, this is why I’ve started the YouTube Channel and our Blog, so we can educate the market place so people can have some understanding of how the industry works. And if I win some more business off the back of it that’s a bonus.

We’re independent and whole of market and we do not charge for our mortgage service. We don’t change our clients because then they come back, they recommend us to friends and family. We grow by removing the downsides to using an adviser, which for most is the cost. We also have access to more competitive products and exclusives that are often cheaper than the lenders core range and not all independent whole of market advisors have access to them.

When your existing mortgage is up for renewal, the follow-on deals may look good but some lenders actually offer more competitive follow-on deals through ourselves. Not only that we can look at challenging a valuation to increase the loan to value so you may be able to get a better rate, or it could be that a small overpayment may bring you into another bracket which too could save you money, and more than what you would have if either you’d gone to the lender direct or done it yourself. Whether you change lenders or stay with the same one, we can do it at no cost to you can could save you more than you would by not using us. There are of course other advisers who could arrange it on your behalf but most of them charge and many only work to a restricted panel of lenders which means they can’t consider the whole of market.


Contact Financial Options Selby


Financial Options (Selby) Ltd
24, Finkle Street, Selby, North Yorkshire, YO8 4DS


Call: 01757 709888