In this brief blog we are going to discuss “Which mortgage advisers” and compile a list of which mortgage advisers review so you can have an idea of what to expect from them
Note: It has been stated that the which mortgage advisers are closing down but official confirmation of this has not been received directly from them. You should inquire from them before proceeding with a mortgage application.
Update: Which mortgage advisers have now closed down.
Who are Which mortgage advisers?
Which mortgage advisers are a mortgage broker in the UK and to be a mortgage broker they must be regulated by the FCA.
You can check if Which mortgage advisers are authorised to provide mortgage advice by searching the FCA register.
You should see Which mortgage advisers mentioned on the FCA register by either their brand name “Which mortgage advisers” or their registered company name which you can find on their website.
The role of Which mortgage advisers:
If you are currently looking to buy a home then Which mortgage advisers may be able to assist you in finding a suitable mortgage product that meets your financial needs.
Before Which mortgage advisers proceed with providing you any assistance they will inform you through an initial disclosure documents of how they operate, if they charge any mortgage fees, if the offer mortgage protection or general insurance products, if they have any deals with any mortgage lenders, if they cover a whole of market in regards to mortgage lenders they could offer you, Which mortgage advisers may also inform you if there are specific mortgage lenders they can’t access.
Which mortgage advisers will also tell you if they are a specialist mortgage broker and deal with a niche area of the mortgage market such as:
- Bad credit mortgages
- Self-employed mortgages
- Complex income mortgages
- New build mortgages
- Shared ownership mortgages
- Help to buy mortgages
- Buy to let mortgages
- Commercial mortgages
- Mortgages with DMP (debt management plans)
- Mortgages with CCJs etc
To do this Which mortgage advisers will undertake a mortgage fact find to understand your current financial position and your future financial plans.
The mortgage fact find will include providing information about:
- Your income
- Your expenses
- Your current debts or credit obligations
- Your credit history
- Any property you own
- Dependants you have
- Your current employment
- Your future financial plans
- Your current financial plans
- Any government schemes you are eligible for
- Any government relief programmes you feel you may be eligible for
- On your current property (if you own one)
After assessing and understanding your financial information Which mortgage advisers will likely then provide you with mortgage advice which is covered by the financial services compensation scheme up to £85,000.
Which mortgage advisers will then seek your consent and then look to get you a mortgage agreement in principle from the mortgage.
A mortgage in principle will allow you to appear more serious to potential sellers and will likely give you an edge over other potential buyers who don’t.
Once you have found a property that you like you would then go back to Which mortgage advisers who will then look to get you a mortgage offer from a mortgage lender who meets your needs considering the property you have found.
Once you get a mortgage offer, Which mortgage advisers will then work with the mortgage lender and your conveyancer to ensure you are able to exchange contracts and complete on the mortgage.
Once you have completed your mortgage Which mortgage advisers will hold your date typically for a further 6 years and may likely recontact you when a remortgage is due.
Questions you should ask Which mortgage advisers:
- Do Which mortgage advisers charge a broker fee?
- Do Which mortgage advisers cover the whole of market mortgages?
- Do Which mortgage advisers offer mortgage protection?
- Do Which mortgage advisers offer a panel of conveyancers?
Are you a first-time buyer considering a mortgage?
Have you considered these first-time buyer schemes?
- Lifetime ISA- gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA- gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy- same as above.
- Right to acquire- same as above.
Which mortgage advisers review
The which mortgage advisers review below have been compiled from their trust pilot and their reviews pages. The which mortgage advisers had a 3 star out of 5 from 13 reviews on trustpilot On their Reviews page they had a 4.23 review out of 5.
Which mortgage advisers review: 5 STAR
I cannot praise this company enough. Sterling service!
I was guided through the mortgage process and my expectations were managed so well.
They were honest with me and very helpful. We own our home now thanks to them.
Which mortgage advisers review: 4 STAR
I always found Which? good for impartial consumer advice so decided to approach them for advice about remortgaging.
The adviser I spoke to was Shabeer Ahmed, he was professional, seemed knowledgable, and was prompt in returning phone calls/emails. He managed to find me a very good remortgage deal, which went through very quickly.
Although there are fees to pay for this service I think it was worth it. Would use them again.
Which mortgage advisers review: 3 STAR
We recognise that our circumstances were unusual and we’re pleased that we got a mortgage, eventually. But: (1) The process was tortuous because, to begin with, the product we were offered was inappropriate. Weeks of our time, and our sellers’ time, were wasted before we insisted on switching to a more suitable product. This was very stressful. (2) The performance of our first Personal Mortgage Co-ordinator was poor. For example, he repeatedly made direct contact with our solicitor without our permission. (3) It wasn’t always easy to have immediate contact with Which? staff, although this improved when our second Mortgage Co-ordinator took over our case.
Which mortgage advisers review: 2 STAR
Was wrongly advised and delayed by inexperienced broker which caused a delay and made me lose money as fix rate switched to variable after 2 months of delays and getting nowhere. Managers took over finally and where very deflective of the loses as if nothing had happened and totally inconsiderate of the fact that I am losing money everyday cause of it. Even after assigning of senior broker process was not as smooth or taking the urgency it needed. They demanded their fees, now even the completion fee by totally ignoring the fact that they caused me a direct loos that is more than their fees, without ever acknowledging the loss caused or offering to waive any of the fees.
Which mortgage advisers review: 1 STAR
Absolutely horrendous experience
Absolutely horrendous experience. We were totally misadvised through poor information gathering at the start. We have paid them £299 to basically spend 4 weeks chasing them. When things didn’t go to plan they went radio silent and the broker was unavailable to discuss difficulties, often leaving us over weekends anxious and concerned. Would have had less stress doing it alone. We have now cut our losses and gone with another broker as the stress of dealing with them was too much and I can’t deal with another couple of months of it, worth losing the £299 to get out of the relationship with them!
In this brief guide we discussed the which mortgage advisers and compiled a list of which mortgage advisers review.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.