Mortgage advice that you should think twice about following

Social media has given a platform for a lot of people claiming or making it appear that they are ‘experts’ on certain subjects, including mortgages. People can watch them anytime and anywhere, so the potential to reach a lot of clueless homebuyers is enormous.

It might seem like good advice, but people must be careful in following these generic financial and mortgage tips, Tom Collier (pictured), director at Bristol-based mortgage brokerage Advantage FS, told Mortgage Introducer.

“When it comes to health, give me all the blanket advice you want, don’t smoke, great advice!” Collier remarked. “When it comes to finance, it’s simply too nuanced to apply a single piece of advice to everyone. Other than some high level ‘pay your bills on time’ guff, the same piece of advice could be good for one person and bad for another.

“Social media and good old-fashioned media seem to keep giving us tips and ‘hacks’ on how best to prepare for homeownership. While the ‘advice’ ultimately derives from a good place, I have found myself cringing on more than one occasion lately. Some of the suggestions and ‘advice’ being given online are simply incorrect or far too vague.”

Collier went on to mention a few of the common pieces of advice that people should think twice about before making any rash decision.

Pay off your debts. This is one particular piece of advice which keeps rearing its ugly head over and over, according to Collier.