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Buy to let mortgage advice

This section is sponsored by abode conveyancing - Specialists Investor Solicitors

Looking for the best deal on a mortgage can be a tricky business. There is a huge amount of buy to let advice and a range of different mortgage options to choose from: tracker mortgages, fixed rate, variable rate, offset rate, capped rate, discounted rate - attempting to choose which one is best for you can leave your head spinning.

And then you have to choose which lender to get it from ... It's little wonder that many people opt to take advice on selecting a mortgage from a professional adviser like Savills Private Finance. They know all the options that are available and are used to explaining them in layman's terms they are the people that I choose for buy to let mortgage advice. They deal with inquiries every day and the chances are they have dealt with people whose requirements were similar to yours many times before. And they know the strengths and weaknesses of every lender and every deal that's on the table. At any rate, that's the theory. But as in any other situation where your money is at stake, it is sensible to make sure that the advice you're getting is reliable and well-informed.

From 31 October 2004, the Financial Services Authority was responsible for regulating the sale of mortgage products, and anyone offering advice on mortgages had to be authorised to do so by the FSA. If the mortgage product includes an investment element - for example, if you take out an investment to cover the final value of an interest-only mortgage - the adviser must be specifically authorised to offer investment advice. It is worth checking that your adviser meets these requirements. However, even authorised advisers may not provide a full range of services.

Before accepting any buy to let mortgage advice you should satisfy yourself about precisely what range of products the adviser is able to offer. If they work for just one lender, and offer advice only on which of that lender's products may be best suited to your needs, they should make this clear straight away. Finally, you should establish how your chosen adviser will be paid for the advice he or she gives. Normally fees will be paid either by payment of a fixed sum direct to the adviser, or by payment of commission when you take out a mortgage. Note that in the case of mortgage advice (but not investment advice), if you do not take out the loan recommended by an adviser within six months you should not pay more than �5. The FSA advises that if you have already paid more than this you should ask for a refund.

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