No matter where you are in the mortgage process, unless you are a qualified financial advisor, lawyer, and broker all in one, you will need professional help to find a loan and get it set up. This guide gives you some general information about mortgages, but you'll need to talk to an expert about your own situation.
When you choose a mortgage, you should be able to make the right choice if you have a general idea of how things work and what options you have.
You should also know that "information" is not the same as "advice." Anyone can give information, and there are thousands of pages on the Internet about mortgages. Be aware of the legal aspects of mortgages and finances. All agreements should be in writing, and you should check all documents carefully before signing. Agreements and information that are only said out loud should always be put in writing. Here are a few good places to start looking into. Good luck!
Information
There is a lot of information about mortgages on the Internet. Check to make sure the pages are up-to-date, since rules and offers change all the time. Good places to get information from the government are:
The Financial Services Authority has a guide to money, mortgages, and debt, as well as information about regulatory bodies and ombudsmen. www.fsa.gov.uk
General information about money and benefits can be found on Direct Gov.
www.direct.gov.uk
Check with Inland Revenue to see what tax rules apply to you.
www.hmrc.gov.uk
Advice
Anyone who gives you advice should be an expert in the field. They should be registered with a proper independent regulatory body, and you can ask to see copies of their qualifications. There is a lot of free advice that can help you out there, and you should take advantage of it.
Financial Advisors who work on their own
You can find a consultant at www.unbiased.co.uk and a mortgage expert at www.impartial.co.uk.
Solicitors
Most of the time, family or friends will recommend a lawyer. If they don't, you should look for a lawyer who specialises in conveyancing and buying homes. Check www.lawsociety.org for lawyers in England and Wales and www.lawscot.org.uk for lawyers in Scotland.
If you have a question or a problem,
The Financial Services Authority (FSA) is now in charge of regulating financial professionals and lenders. The Financial Ombudsman can look into complaints and usually settles them. First, talk to the professional or lender; they should have a way to handle complaints. If you're still not happy, you can ask the ombudsman to look into the situation: www.financial-ombudsman.org.uk
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(You can find out how to make a complaint about a lawyer or law firm by going to the websites of the law societies of England and Wales and Scotland.)
