Do I need a mortgage adviser?
Most mortgage customers can benefit from using a mortgage adviser, but some certainly more than others, such as:
Customers with a poor credit history
Customer with complex financial circumstances, such as multiple income streams
Those buying an unusual or non-traditional property
Simply answer questions about your mortgage goals and if you’re mortgage-ready, we can arrange for you to speak to one of our experts.
Going above and beyond to save you time and money on your mortgage
Paperwork help ✅ Mortgage adviser exclusives ✅ Works alongside 70+ lenders ✅
1. Add your details
No 2-hr phone calls or branch visits. It takes a few minutes to tell our mortgage advisers what you need from your next mortgage
2. Choose how and when to speak to your mortgage adviser
ASAP? Or choose the perfect time - 6 days a week and evenings
3. Get your mortgage with Mojo
We’ll check and chase to help avoid delays. Get regular updates from your mortgage adviser and case manager
Most mortgage customers can benefit from using a mortgage adviser. They can make your search for the right mortgage more efficient and provide guidance and support with your mortgage application.
There are hundreds of different lenders and thousands of mortgage products to choose from, which can be time consuming.
Can I get a mortgage without advice?
Yes you can, this is known as an ‘execution only’ mortgage. With this type of mortgage application, you have less protection from the FCA (Financial Conduct Authority). This is because if you receive poor advice from a regulated mortgage adviser and end up with a product that is not the most suited to your needs, you have a path to recourse. If you choose that same product without taking advice, you won’t have that same level of protection.
However if you are confident that you have strong mortgage knowledge and time to research the mortgage market thoroughly, some lenders are happy to arrange an execution only mortgage.
What are the risks of not getting mortgage advice?
Aside from there being less protection when it comes to the suitability of your mortgage, there is a risk of missing out on deals that you wouldn’t necessarily find without a mortgage adviser. You may also apply for a mortgage that you don’t qualify for, which wastes time, and can potentially impact your credit score - especially if you make multiple applications.
What are the costs involved with using a mortgage adviser?
Not all mortgage advisers charge for their services. Many offer at least the initial consultation for free. Mojo provides all of our online mortgage adviser services completely free of charge, so we won't cost you a penny.
You can take a look at what the potential charges could be when you use paid mortgage advice in our guide to how mortgage brokers get paid.
The benefits of taking free mortgage advice
Free impartial mortgage advice has very few downsides. You can find out more about the key benefits of speaking with a Mojo mortgage adviser in our guide about why you should use a mortgage broker.
The key benefits, however, are:
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Expert advice and recommendations based on current knowledge
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Help with paperwork and required documentation
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Speed of searching the market
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Less likely to miss out on the most suitable deal
When should I see a mortgage adviser?
You can take mortgage advice at any point during your home ownership journey, however, it’s best to do so when you’re in the planning stages. This is especially important if it’s your first mortgage, as it can reduce the chances that you’ll make costly mistakes.
As online mortgage advisers, we can offer a convenient call at a time that suits you.
What does a mortgage adviser need to know about me?
A mortgage adviser will be looking for a mortgage that suits your needs, so they’ll need details of your personal and financial circumstances. As an online mortgage adviser, we make it simple to submit your details once through our portal.
You can find out more about what happens when you speak to a mortgage broker in our guide.
Mortgage adviser FAQs
So long as you ensure that the mortgage adviser you seek advice from is authorised by the FCA to provide mortgage advice, you'll be protected by their legislation. You can easily find out whether a firm or individual is registered by consulting the Financial Services Register.
As part of their responsibility under these regulations, they should:
explore your financial circumstances in detail, including affordability to repay the loan
explain the different deals and mortgages that are available to you
Suggest only deals that meet your needs and provide clear reasons why they're recommending any mortgage deal over another
You have a right to complain to the Financial Ombudsman Service if you don’t feel that these standards have been met.
There is generally no difference in the services offered when using an online mortgage adviser, compared to a mortgage adviser that you would visit - however it's important to check the terms of service in each case.
It's really just about convenience. Online mortgage advisers tend to suit those with busy lives, who struggle to make multiple appointments to arrange their mortgage in person.