Other things to consider when choosing a mortgage

You'll need to decide what sort of mortgage advice you need before you see a mortgage adviser/broker or lender; be wary of confusing off-the-shelf information with advice as they are not the same.

If you are choosing with the help of information only then you will simply be provided with neutral information, such as product terms and conditions, leaflets, and mortgage comparison tables rather than having a particular product recommended to you. This enables you to make your own decision about which product is right for you.

If you are choosing a mortgage with the help of a broker or adviser, you will be talked through the various options available to you. The adviser will look at your affordability and assess whether a particular product meets your needs and is suited to your circumstances. Your adviser will probably recommend one product over another.

If you do decide to visit a mortgage broker remember that:

• Not all mortgage brokers offer products from the whole market; they may only offer products from a limited number of lenders.
• Some mortgage lenders offer ‘exclusive’ products via their branch network, call centre or website and as a result these won’t be available through a broker.
• The way you pay for the advice you receive from a mortgage broker will vary from firm to firm. Some brokers will receive a commission from the lenders for selling their products whilst others may require you to pay for the advice from your own funds.

When you make a mortgage application, the lender will charge a valuation fee. This valuation is purely for the lender's purposes, and not your own, so whilst it will indicate whether the property is suitable security for the loan, it will not represent a detailed inspection.

For older properties, those that have had work done to them and for those that are of an unusual construction or are listed, you should invest in a 'Homebuyers' Report' or full structural survey. This will cost more but will provide peace of mind on what may potentially be the biggest and most important purchase you'll ever make.

It will also be necessary to instruct a solicitor or a licensed conveyancer to act on your behalf during the mortgage or remortgage process. The legal fees will be greater for a house purchase than for a remortgage and may vary between different firms, so shop around.

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