For those looking to buy their first home the whole idea of getting a mortgage is already a tremendous up hill struggle. There are less attractive mortgage products than there used to be and even less money available to borrow. If you do not have the means to save up for a deposit then you will be faced with a higher price and lower chance of managing to get a mortgage anyway.
During this time when the mortgage market is as confusing as it is, it may be hard to hear that there has been a study by one of the countries leading review businesses that has resulted in a hard to swallow realisation - the general mortgage advisor in the high street is not doing their job properly, or at least, not giving you the advice you need!
In the study it was revealed that a feeble four out of fifty advisers that it approached actually did what they where legally required to do. The company took on some undercover researchers, who posed as a young couple looking to buy their first home, and then they went to speak to a wide range of banks, building societies, independent mortgage advisers and estate agents.
The results and responses they got from the advisers where hardly reassuring. As the report stated, the general basis of a mortgage advisor is to supply tailored and sensible advice to all customers, regardless of who they are. What they found was that the majority of those spoken to seemed more concerned with getting their customers to take out an insurance deal as well as the mortgage. Two thirds of the advisors actually pushed for information from the researchers to "get a quote on a mortgage guarantee" or similar. Apparently hardly any of the bolt on products where suitable at all.
Out of the over all fifty, a staggering forty one of the advisers did not provide all of the details that the regulations legally require. This includes giving them documents such as the Initial Disclosure Documents and a Key Facts Illustration. They also need to make sure you know when they are giving "information only" or advice.
Even more shockingly - thirty five of the advisers did not even check properly if the mortgage the actors applied for was actually going to be possible for them to afford. The last thing anybody needs in this financial storm is an un-payable mortgage.
The sad fact is that many of the businesses that aid those struggling with mortgage re payments and other financial troubles can see plainly that the advice and mortgage product itself that has been given to the clients is highly unsuitable and little or no time has been given to the customers.
A very strong vibe of a "one suits all" attitude is being suggested by the patterns revealed by this study.
When looking for a mortgage Mortgages be sure to compare online and be aware of the deals available. You can choose anything from a remortgage. to offset mortgages.
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