An important thing to understand is that when you receive mortgage advice, Forbes has a duty of care to you. We have to recommend the most suitable mortgage and be able to justify why the particular mortgage we have chosen is right for you. If our advice is not up to scratch, you can complain and be compensated.
In contrast, if you go directly to a high street mortgage lender, don't take advice, and end up with a mortgage that later becomes unaffordable, you may not have so much legal recourse. (However, under the rules of the Mortgage Market Review, it's the lender's responsibility to ensure affordability – so even if you buy direct, you could have some recourse. Nonetheless, a broker can still offer a valuable layer of protection).
There's an awful lot to think about when choosing the right mortgage. It's not as simple as just opting for the cheapest fixed or tracker rate mortgage you can find!
Mortgage brokers have to be qualified to give you mortgage advice, whereas you may not get that kind of guarantee if you ring up a lender's call centre. That said, new regulations mean that all call centre staff need to be advisers or must refer you to someone who is, and if you went in-branch, you'd be able to arrange an appointment with one of their mortgage advisers.
At Forbes, we will look for the best mortgage for you. We aren't on the lender's side, we're on yours, and we'll give you access to far more products than if you went direct. You will get unbiased advice and we will choose from a range of lenders and subsequent products, rather than being restricted to the single range of the lender you go to.
Mortgage criteria has tightened massively over the past few years, with the Mortgage Market Review being the latest, and arguably widest-ranging, development. It's been designed to ensure borrowers can prove affordability, even in the event of a rate rise, and those extra checks have understandably increased application times.
That's why it's so important to stay in the loop – and to have a mortgage broker on your side who understands it all. At Forbes, we deal with lenders on a day-to-day basis, so they'll know what the application process is like for each one and can tell you which lender can process your application with minimal delays.
We also know the background criteria that a lender has and can bring this experience to bear when advising you and processing your application.
Then there's the fact that, because we may put a lot of business to a particular lender in a year, they can exert influence and chase things in a way you just can't do by yourself – and that can be invaluable should things get held up.
What we do...
First time buyer mortgages
House move or re-mortgage
buy to let mortgages