The Times - How to hire a financial professional
Financial advice might seem very pricey upfront, but like an expensive education, it can provide terrific value in the longer term. You could pay many thousands of pounds over the years for help constructing a balanced investment portfolio, for example, but are likely to more than recover those costs in higher eventual returns.
Mortgage broker
An independent mortgage broker can help to identify the best mortgages for your needs and may be able to access deals that you could not otherwise find or apply for. Good brokers know the different lenders and their criteria intimately and can exert sway to help your application. “Whole of market” brokers can access the widest range of deals; however some mortgages are only available to people who apply to the lender direct, with no intermediary.
Brokers can provide quotes for suitable deals before you pay any money, so it makes sense to try at least two brokers and approach some lenders, including your bank, direct before making any commitment. Different brokers have different fee structures. Some are “free” to you, but take commission from lenders; others charge a flat fee of about £500 per mortgage or a percentage of the loan value. Fee-charging brokers may receive commission too.
Aaron Strutt, of Trinity Financial, the mortgage broker, told The Times: “It’s a huge and confusing market and it’s increasinlgy difficult for people without expert knowledge to know if it’s even worth applying for a particular deal.
“In some cases it will take two weeks simply to get an appointment with a bank’s mortgage adviser, when you could find and arrange a suitable mortgage within the same timeframe with a broker.”
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