Mortgage Advice - More Important Than Ever

If you don't know there is a global credit crunch, you must have been living on another planet. And if you're trying to buy a house or get a mortgage, you will be only too aware of its effects on the mortgage market.

Some people decide there's no point in even looking for a mortgage. Others, especially first time buyers, are completely confused about where to go for a good deal. If you are one of these, it's really important to get mortgage advice.

So why is getting mortgage advice more important now than ever?

• As banks and other lenders are finding it harder to get hold of money to lend to would-be borrowers, their lending criteria get increasingly stiff - that is, they impose tougher conditions before they regard you as suitable to lend to. You need mortgage advice to show you how you can maximise your chances of finding a suitable mortgage.

• Obviously there is a much more limited choice of mortgages available than there was a year ago, or even a few months ago. Most of us know someone who has been in the process of applying for a particular mortgage, only to find that product is suddenly withdrawn. Not only does this mean they have to start all over again, but they might well lose the house they were after. This is less likely to happen if you have taken mortgage advice first, as the adviser is more likely to know which are the safest products.

• Taking advice from a whole of market mortgage adviser, even if it means paying a fee, is the best way to make sure you get the right deal. A lot of products are more competitive when obtained via a broker than when obtained from the actual lender - this is because lenders often give brokers advantageous terms because of the business they bring them. On the other hand, in the current market, some lenders are keeping some competitive products to themselves and not making them available through brokers. A whole of market mortgage broker will be able to source the best deal for you, wherever it may be found.

• There are so many different factors to weigh up when choosing your mortgage that it's extremely complicated to sort it out on your own. The one with the apparently lowest rates may not be the best one - you have to look at charges, redemption fees, and factors such as whether interest accrues daily, monthly or yearly, and whether overpayments are accepted. You also have to be sure that the rate initially offered by the lender is the rate you will actually get, rather than being a "headline rate" or "typical rate". Plus of course you have to decide whether or not to go for a fixed rate mortgage, and whether an interest-only or repayment mortgage is more suitable for you. It can be difficult and stressful and this is where taking mortgage advice can really help you.

With the situation changing every day, virtually everyone is confused - you're not alone! But if you take whole of market mortgage advice, you will find the person who is best placed to know how things stand at any given time and to guide you to the best solution.