Efficient Portfolio are holistic, truly independent, Financial Planners, which means that we look at all areas of your finances to create a complimentary strategy across the board. It is our belief that mortgage advice, whilst being dealt with by a specialist, should closely tie in with your financial planning. This is how we differ from traditional Mortgage Brokers.
Like all aspects of financial planning, it is important to look at the bigger picture, and ensure that all of your ‘cogs’ are working together to help you achieve your goals, which is exactly what our independent experts will provide. Typically, a Mortgage Broker will just advise you about your mortgage; in contrast, our mortgage solution integrates all elements of your plan. For example, we’ve seen people come to us having arranged a 30-year mortgage to keep the costs low, but not realising that they will need to restructure their protection for longer, which significantly increases their costs. We can factor this into their planning, to ensure they are receiving the best solution for their specific needs. They will also look at any related life insurance, payment protection and even buildings and contents insurance you have to make sure that you have the most suitable protection in place. Having a safety net should be the cornerstone of your financial planning, so why risk your most valuable asset?
Over the last few years, the rules governing mortgages have also significantly tightened. The Mortgage Market Review, in particular, has been designed to ensure that affordability is scrutinised, background checks are far more in-depth and rate increases are reviewed. Understanding these changes, and how they work in practice, means that a mortgage adviser can ensure that you are getting the best possible deal for your circumstances, in the quickest and most-cost effective way.
Very much like using us as your Financial Planner, employing the services of a registered mortgage specialist means that you will be protected, as they have a duty of care to you. If the recommendations are not suitable for your needs, you will be covered by the FSCS, so you can complain and be compensated. By arranging the mortgage, yourself, this legal recourse is reduced.
An independent mortgage adviser will look for the best mortgage for you from the whole of the market. They aren’t on the lender’s side, they’re on yours, and are able to offer a far wider range of opportunities and choice than if you went direct. A good mortgage adviser will also review what mortgage you have in place, ensuring that your mortgage needs evolve with you over time. They will also ensure that you don’t get stung by the banks’ traditionally high fees, which are especially painful for first-time buyers.