Mortgage Brokers

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses.
Mortgage brokers exist to find a bank or a direct lender that will be willing to make specific loan an individual is seeking. With a mortgage broker in Brighton, you will have an easier time getting the mortgage loan you need at a great deal. The right mortgage broker will also improve your chances of getting a mortgage even if you have a poor credit score or are under any other circumstance that may complicate your mortgage application.

And because professional mortgage brokers are regulated to assure compliance with banking and finance laws in the jurisdiction of the consumer, you can be rest assured you are in good hands.

What Is A Mortgage?

Quite simply, a mortgage is a loan. But unlike personal loans, it’s specifically tied to a piece of property so that it acts as security against the loan. If you default on your payments, then your mortgage provider has the right to take back (repossess) the property.

Typically, mortgages are for a set period, usually 25 years although shorter or longer terms are also possible. Once you’ve borrowed the money, a repayment plan is set in place. Although there are different types of mortgage, the most common is that you have a monthly capital repayment plan.

As well as paying back the original money you borrowed (the capital), you’ll also be charged interest on the amount you’ve borrowed. A mortgage is a debt instrument, secured by the collateral of specified property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large property purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property without a mortgage. If the borrower stops paying the mortgage, the lender can repossess the property the mortgage is secured on.

On a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a charge on the house and should the home buyer default on paying the mortgage then the lender may repossess the property. In the case of a repossession, the bank may evict the home’s tenants and sell the house, using the income from the sale to clear the mortgage debt.

Mortgages come in many forms. With a fixed-rate mortgage, the borrower pays the same interest rate for an initial term i.e. 2, 3 or 5 years, although longer fixed rate terms are available. The monthly payment never changes during the fixed rate term. If market interest rates rise, the borrower’s payment does not change. If market interest rates drop or increase, the borrowers mortgage repayment remains the same.

After the fixed rate ends your mortgage normally reverts to a “standard variable rate” which is a rate which is set by the lender, bank or building society which is lending you the money. This rate can go up or down whenever the lender sees fit so if you have a good broker or a good diary system you must remember to remortgage or call your existing lender and change the rate by looking around 3 months before that rate increases to the variable rate to save you paying much higher monthly payments.

In short the initial interest rate is often a below-market rate, which can make a mortgage seem more affordable than it really is. If interest rates increase later, the borrower may not be able to afford the higher monthly payments. Because the variable rates can change at any time the monthly payments are unpredictable after the initial term.

Other less common types of mortgages, such as interest-only mortgages, tracker rates, offset mortgages, buy to lets, and bridging loans and secured loans may be available to you so speak with an independent broker to search your options. Our mortgage brokers in Brighton can help you with getting the most suitable mortgage deal to match your unique needs and circumstances

Why Use A Mortgage Broker?

There are a wide range of benefits to be enjoyed from working with a mortgage broker in Brighton for your mortgage application. Some of the more obvious benefits include:

Save Money

The most obvious benefit for choosing a mortgage broker is the potential to save money. It’s basically free money. You fill out a few details and the hard work is managed by an experienced professional who has your best interests in mind.

Some people are sceptical about this, especially with the concept of a mortgage broker not yet universally understood—there must be a catch somewhere, right? While this thinking is understandable, rest assured most mortgage brokers don’t have an incentive to work against your best interest.


In fact, the broker could be in serious trouble if they are unable to prove to you or their regulators and the Financial Conduct Authority or the Prudential Regulation Authority why they have recommended the mortgage they have.

A lot of mortgage brokers can obtain exclusive mortgage deals not found on the high street, potentially making the total loan cost lower for the client. A reputable mortgage broker will disclose how they are paid for their services, as well as detail the total costs for the loan. Positive user experience is much more valuable to a mortgage advisor company than padding out an individual broker’s pocket.

Finds The Most Advantageous Deal

A mortgage broker represents your interests rather than the interests of a lending institution. They should act not only as your agent, but as a knowledgeable consultant and problem solver. With access to a wide range of mortgage products, a broker is able to offer you the greatest value in terms of interest rate, repayment amounts, and loan products. Mortgage brokers will interview you to identify your needs and your short and long term goals. Many situations demand more than the simple use of a 30 year or 15 year mortgage so innovative mortgage strategies and sophisticated solutions are the advantage of working with an experienced mortgage broker such as mortgage to raise capital to repay debts or money for the children or marriage or do essential home improvements or even purchase other properties like buy to lets.


Has Flexibility Expertise to Meet Your Needs

A mortgage broker navigates the client through any situation, handling the process and smoothing any bumps in the road along the way. For example, if borrowers have credit issues, the broker will know which lenders offer the best products to meet their needs. Borrowers who find they need larger loans than their bank will approve also benefit from a broker’s knowledge and ability to successfully obtain financing.
Provides you a personalised service

Save Time & Hassle

It’s not all about money. Your time and sanity are just as important as saving a bit of extra cash. Consider how much time it would take you to research multiple loan types from multiple lenders. With a mortgage broker, you only need one application, rather than completing forms for each individual lender. Your mortgage broker can provide a formal comparison of any loans recommended, guiding you to the information that accurately portrays cost differences, with current rates, points, and closing costs for each loan reflected. Your broker compares loans from major and less popular lenders to find you the best deal with the lowest rates and overall cost.

Take some of the work off your shoulders and outsource it to someone who can give you expert advice.
Mortgage brokers do the legwork for you by supporting you throughout the application and pre-approval process, including doing all paperwork, answering questions, helping you apply for government schemes and shedding light on options and loan features you may not have considered or even known about. These features may include things like drawdown facilities, the option to make extra repayments, and offset accounts to name a few. These features can make a massive difference to your mortgage experience and costs. Better yet—if you’re unfamiliar with these concepts and how they may affect you, your broker can clarify and answer questions over a phone call.

Access to exclusive non-advertised deals

Brokers have access to exclusive deals that aren’t advertised by the banks. The banks push these deals onto the brokers, and the brokers are in charge of selling the products.

Speaking to a broker unlocks these extra perks you would otherwise miss out on by going directly to a bank. The bank can only flog their own deals not all the other banks as well but a broker can search the whole of the market for the best deal.

Image of businessman leaving office building

Better chance of pre-approval success

Whenever you request an Agreement in principle / Decision in principle of a loan, if you’re knocked back, this leaves a mark on your credit rating. Brokers have the knowledge and experience required to give you the best shot and being approved first-time around.

Access to expert knowledge

Mortgage brokers help people secure loans for a living. They have access to helpful information and exclusive deals you would otherwise not find. Loans come with subtleties you could miss if you’re not looking for them. And it’s these subtleties that can make a difference to your mortgage in the long haul. Having an experienced professional who can point these out for you is a huge benefit.

Instead of taking time out of your day to research thousands of loans and multiple lenders, and still potentially missing key subtleties, why not hand the work to someone who’s experienced in the industry? Just as you would contact a plumber for a leaking pipe, or a hairdresser to replenish damaged hair, a mortgage broker is an excellent choice for all your home loan needs.

Search 1000s of mortgage deals by taking 15 minutes, speaking to 1 adviser

About Mortgage Saving Experts

Mortgages and insurances are not as complicated as they may first seem. That’s why finding honest advisers, with invaluable experience and knowledge is so important.

Our Mortgage Saving Experts will make your journey as seamless and as clear as possible. After all, why make things more difficult than they have to be? Let us simplify everything for you and ensure we get you the best deal possible.

Mortgage Saving Experts give our customers an honest and transparent service that will leave you thinking that mortgages and insurances aren’t as daunting as they may seem. We here at Mortgage Saving Experts treat each mortgage and insurance application as if it were our own. This is what we’re all about.

Our Team of Brighton Mortgage Experts

Because we’re regulated by the Financial Conduct Authority (FCA) we have to ensure we get you the best possible deal on the market. We have to justify to you and our regulators why we recommend the mortgages we do, so you know exactly why you have the mortgage you have.

Down to Earth Mortgage

We are an honest, passionate, enthusiastic and very experienced team of mortgage and insurance experts.

Our mortgage and insurance experts pride themselves on listening to what your current and future objectives are.
We then work closely with you to achieve those goals.

Why chose Mortgage Saving Experts?

When you take out a mortgage, you have an initial rate for the first few years. After this initial rate finishes, the rate increases to the lenders variable rate. Three months before this rate is up for renewal, our team will contact you again to get a new deal in place before your rate and monthly payments increase. Other benefits of working with us include:

  • You get a better deal than the bank variable rate so you save money
  • You do not have to remember when you deal finishes as we will do it for you
  • You can sit back and relax, while we do all the hard work for you
  • We know our stuff – you’ll always get advice from a qualified mortgage expert.
  • We compare, advise on and arrange the best mortgage for you from 1000’s of deals
  • You’ll get expert advice and support throughout the entire mortgage process

Our Approach to Mortgage Advice

We offer a personalised service that takes into consideration your unique needs. Our approach to mortgage advice involves 3 Simple Steps:

  1. Have An Initial Chat So We Can Get To Know You And What Your Requirements Are.
  2. We Search The Whole Of The Market To Find The Best Deal For You.
  3. We Will Present To You The Cheapest And Best Deals Available To You For Both Mortgages And Insurances

How Mortgage Saving Expert Brokers Can Help you:

What makes our services superior to that of other mortgage brokers in Brighton include:

Mortgage advisory service
  • Understand your needs and circumstances through fact finding
  • Explain the costs involved with buying and selling
  • Request relevant documents to assist with the application
  • Recommend and explain the potential mortgage
  • Answer any questions you may have
  • Obtain an agreement in principle
  • Submit your full mortgage application
  • Liaise with your estate agent, mortgage lender and solicitor and answer any question through to completion

For a first-hand experience of how amazing our services are, give us a call today

Mortgage Types We Provide Expert Advice On

We offer expert advice on a wide variety of mortgage products. By working with our team, you will have no trouble finding the perfect mortgage product to match your needs. Some of the most commonly requested Mortgage Types we help with include

First time buyers

First Time Buyers are classed by most mortgage lenders as people who have either

  1. Never owned a property or
  2. People who have owned a property in the past but not owned one for 6 months or more.

Different lenders have different ideas and rules regarding this. Being a First Time Buyer is not generally a problem.

For stamp duty purposes to qualify for the stamp duty relief for First Time Buyers you must have never owned a property anywhere in the world ever.

Mortgages may seem to be a daunting process but honestly, it does not have to be. Buying your first home is one of the most exciting things ever so if you find a good broker to do it for you at a reasonable price then please use one. The reason you should use one is quite apparent. After all; if your car breaks down and you knew nothing about cars for, you would not try to fix it yourself, you would take it to a mechanic. It’s the same with mortgages. Mortgage brokers can save you time, effort and money so why not use one? The initial consultation is free of charge.

Buying a home

If you’re considering a home purchase in the near future – or within a few years – you should brush up on your mortgage knowledge. Learn what to do before applying for a mortgage, what to watch for during the process, and how to use a mortgage after you’ve bought your home. If you can’t be bothered with that speak to an adviser who will guide you through it.

Your Credit is Crucial

A mortgage is a big deal. The bank risks a lot of money, and they have been increasingly cautious since the subprime mortgage debacle in 2008. To qualify for a mortgage, good credit is helpful but not essential. If your credit score is low or there are other circumstances that may complicate your mortgage application, we have the expertise to provide all needed guidance to help you qualify for the best mortgage deal for your dream home.

We can also guide you concerning How Much Home you can Afford and what should be your price ceiling based on your current situation. Not only will we help you buy your dream home, we will help you finance it with the lowest cost and most convenient mortgage deal available.

Remortgage your home

In a nutshell, all you are doing with this, is changing from one lender to another to get a better rate or cheaper deal. The two do not necessarily go hand in hand. Let me explain. If you have a small mortgage, you will probably find it is not worth while paying an arrangement fee to the lender to go on a low rate. You may find it cheaper by going on a slightly higher rate and paying no arrangement fee with the lender at all. Always best to speak with someone before deciding on which deal to go for as you don’t want to be caught out by getting a more expensive deal overall even though the rate is much lower. Be careful!

One benefit of remortgaging is that you will not normally pay for any valuation or solicitors fees although not everyone does qualify for this. The reason being, it depends solely on your circumstances at the time of please check or ask your adviser.

A remortgage that’s done on time is a smart way to significantly reduce the cost of your mortgage bills. While a remortgage deal can be beneficial, it is not the best move for everyone especially depending on your unique circumstances.

  • Mortgage debt is already small.
  • Financial circumstances have changed.
  • High early repayment fee
  • Home value dropped.
  • You have credit problems
  • Already on a great rate
  • We will advise you whether or not to pursue a remortgage

Buy to Let

Buy to let property is a property you wish to purchase and rent to tenants. You are not allowed to legally live in the property. If you are a First Time Buyer you can purchase a buy to let property but the amount of lenders available is restricted and there are extra checks the lender makes in these circumstances.

  • When buying a buy to let property there are a few things you may need to know.
  • The amount of loan you can borrow is pretty much dependent on how much rental income you get
  • You will have to pay an extra 3% stamp duty on top of your normal stamp duty. If the property is below the value at which stamp duty becomes liable you will still have to pay the extra 3% of the purchase price
  • TIP. If you are purchasing a second property, ask your conveyancer/solicitor of the figure you will have to pay.

How Much Do Mortgage Brokers Charge?

Most mortgage brokers get paid commission from the lenders, this will be a percentage of the mortgage loan you receive. This is usually around 0.33% although this does massively vary depending on what mortgage you require, for example, buy to let or a residential mortgage and whether you have had any credit problems in the recent past. Most independent brokers charge a flat fee, which is typically around £500. Be sure to ask brokers how you pay them. They must be completely transparent, telling you how much and what fee structure they use.

Our fee structure is based upon charging the client £695 and any commission which is received from the mortgage lender is deducted from that figure. If the commission we receive is less than £695 we then ask the client to make up the difference between what we have been paid in commission up to £695. For example if we received commission of £495 then we would ask for a fee from you of £200 which is payable when your mortgage offer has been produced so we are only paid on results

How Much Can I Borrow?

This depends on several factors, like how much deposit you have and how much you earn, how many children you have, what debts you have in the background. How much a lender is willing to lend is based upon a full affordability assessment where they will look to understand your income, any loan or credit card commitments and regular essential household expenditure. In addition, they also perform a credit check to make sure your credit rating is suitable for mortgage purposes.

To get a more accurate idea of how much you can borrow, get a decision in principle before you apply for a mortgage in full. Arrange an appointment with one of our qualified mortgage experts today. We can at least give you an idea without having to do any credit checks at the initial stage

Handy Tools and Calculators

With a clear idea of maximum you can borrow and how much the loan will cost you, it becomes easier to plan your future. Use this handy calculator to see just how much your mortgage repayments are going to be based on your total loan amount and interest rate. Just enter those values together with your term and press “click to calculate” to instantly see how much you have to repay each month.

Mortgage Calculator

The Latest Best Mortgage Rates

Whether you are looking to remortgage, move home, find a first-time buyer mortgage, or a buy-to-let, we can help. We compare thousands of latest mortgage deals to help you find exactly what you are after

Request a free quote from Mortgage Saving Experts, your Brighton Expert Mortgage Broker

What Our clients say About us

Our list of happy clients in Brighton is long and diverse. If you are in doubt that we are the professionals to get you the most ideal mortgage deal in Brighton at lowest price, check out what some of our customers have to say about their experience with us

Me and my partner highly recommend mortgage saving experts. From the beginning we found Barry friendly and approachable and as we are first time buyers he helped explain everything to us in a clear and simple way. Barry offered fantastic customer service, was easy to talk to and had a great sense of humour! We cannot thank him enough.
Callum O'Sullivan
21:13 17 Feb 20
Great service from Barry. Extremely helpful, friendly and informative throughout the whole process!
Sami Perrin
18:25 09 Feb 20
Barry is amazing. As a self-employed first-time buyer with under 2 years of accounts, I didn't think it was possible to get a mortgage, let alone get one in a week - and at a great rate too! A hassle-free, stress-free experience, thank you so much Barry!
Thomas Buck
13:38 16 Jan 20
Stuart was easy to deal with and very supportive throughout the whole mortgage process. A very considerate and thoughtful chap. Highly recommended!
Excellent service, Thanks to Stuart our dream has become reality. Stuart has been there for us from beginning to end. I absolutely recommend him , he is professional and honest.Entela e Giampaolo
Eni Lumani
16:10 10 Nov 19
I really felt listened to and properly informed about the different option I could take when it came to life insurance. Stuart took time to make sure I wasn't confused or lost and the deals are so good.
Duncan Bailey
16:59 01 Nov 19
I never thought I could get a morgage after being turned down by a few lenders. Stuart at MSE was fantastic. Yes he got me a morgage.
James Wright
08:54 29 Oct 19
Great service and a really competitive price. Very happy. Will happily recomnend!
David Fraser
08:48 29 Oct 19
Barry Webb recently helped me and my new wife from the beginning of our house searching process all the way until we moved into our new home! He has been brilliant and make something you think would be stressful very easy and fun! Would fully recommend to anyone looking to move home.
Jamie Gaylor
14:10 09 Oct 19
Stuart from Mortgage Savings Experts has been extremely supportive and helpful when securing a mortgage for us under complex circumstances. Stuart was very patient and knowledgable and explained the process every step of the way. He stayed in touch regularly and was always there to help us, if we had a problem or question, no matter how small. I would have no hesitation in using Stuart and the team again or recommending to anyone.
Suzy Brown
20:11 02 Sep 19
Wow this guys are super they great to what they do and very helpful. Thanks alot Barry and the team
Dritan Olldashi
12:27 29 Aug 19
We could not of asked for a better mortgage experience. My boyfriend is self employed and came with some challenges, but not for Mortgage Saving Experts, they were highly experienced and found nothing but solutions and nothing was too much trouble. I would highly recommended them to anyone, they made the process as smooth sailing as it could be and truly felt cared about. Thankyou Barry so much for getting us into our home 🙂
Charlotte O'Rourke
13:30 22 Jul 19
The team are very welcoming and the new office is great. Stuart has recently placed a mortgage for a client of ours and the offer was out in no time at all. Highly recomended.
After searching the market for a new mortgage, I was referred to Barry and his team. Nothing was too much trouble finding me a fantastic rate saving me thousands over the course of my mortgage.Barry was always on hand no matter what time of day it was. Communication was second to none!Thanks for everything! I'll be back in 2 years for the remortgage!All the best for the future!
Andrew Trett
14:28 10 Apr 19
I was referred to Barry Webb for a first time buyer mortgage. Barry was really easy to speak to and explained everything well. The AIP was in place really quickly ready for putting an offer in. I wanted to make some changes to the mortgage further down the line and was all sorted quickly. Took the hassle and stress out of the part of the house buying process. Would definitely recommend!
Hayley Knight
11:27 08 Feb 19
Barry has always been a fantastic help with my mortgage needs and he's always got a great sense of humour, definitely not your average mortgage advisor! Top class.
Luca Sage
10:38 20 Nov 18
Barry and his team at Mortgage Savings Experts applied their experience and knowledge to find us exactly the deal we needed. Barry was able to provided us with all of the necessary details, walked us through the process and provided an excellent level of service. He was proactive in contacting us with the latest mortgage developments and keeping us right up-to-date, worthy of a five star rating. Many thanks.
Robert Ainge
10:42 15 Nov 18
We have been utilising Barry Webb as our mortgage advisor for over 10 years now and have found his services to be very professional and knowledgeable. Barry has always made timely contact with us, particularly when our existing lender agreement is about to expire and presenting us with new favourable rates and terms keeping us on track as we move forward. Easy and fun to deal with and happy to explain everything in layman's terms; we would highly recommend his services and will continue to avail upon his assistance in the future.Paul & Jo
Paul Barlow
14:40 06 Oct 18
I have used Barry several times over the years. He is very supportive in giving the lastedt information about the market and the best way remortgage. There have been times when remortgaging seemed impossible, with out Barry I wouldn't of been where I am today. I recommend using Barry as the mortgage is tailored to you rather than a bank or estate agent having a few options to offer.
Jon Roach
08:08 09 Aug 18
Friendly, fast and thorough. Barry made the process of buying our house so much less stressful. Always happy to go the extra mile, he worked with us every step of the way to ensure things went as smoothly as possible. Highly recommended.
Dan Garrett
17:56 01 Aug 18
Barry was a great help to us when arranging our life assurance. He was knowledgeable and extremely helpful. My working hours often Meant he had to contact us in the evening which he was happy to do. Highly recommended!
Sarah Ledwidge
13:18 31 Jul 18
I have been using Barry’s mortgage services for quite a few years, he has probably arranged around 5 + Mortgage’s for me.I don’t know how he does it but he always manages to find the best deal on the market which suits my needs.He is professional, very quick and just gets the job done with no messing around or trying to upsell other products.I have recommended him to many friends and colleagues and they are extremely happy with his services.I would highly recommend Barry to help you finding your perfect mortgage.CharlieBrighton
Charlie Kenyon
13:28 25 Jul 18
Excellent service from initial consultation to completion. Barry was able to find mortgage products that suited our needs and always took the time to provide clear explanations to our queries. I wouldn't hesitate to recommend his services.
Paul Drewitt
12:29 25 Jul 18
Professional and friendly service. I got an exhaustive answer to all the questions and everything was explained to me in a simple and clearly way. The whole procedure of all matters related to the mortgage was carried out in a quick and easy way, which I am very pleased with. Barry is a professional in his profession with a good sense of humor. Highly recommend 👍🏻
Monika Mroz
11:02 25 Jul 18
I have used Barry twice and both times the service has been first class. He explained things clearly and simply and did not use complicated jargon. Always did what’s best for me and a genuine nice bloke. Would 100 percent recommend and use again.
Buck CFC
09:02 15 Jul 18
Barry is a brilliant mortgage advisor. Very concercious of the needs of his clients. We have had the pleasure of using Barry's services for our mortgage, and have never been disappointed with the service he has provided. Always works hard to ensure we have a positive outcome and thoroughly investigates options to suit our financial requirements.Very professional and knowledgeable in his field, with a good sense of humour and down to earth nature. Barry is trustworthy and gives advice clearly, without the 'jargon'! Flexible in dealing with your questions and will contact you regularly to keep you informed and updated with important information.We have been very happy with the mortgage service we have received, and will hopefully continue to use Barry in the future. Jacqui and Danny
Jacqueline Gooden
10:56 14 Jul 18
I've used Barry's services twice now and will not forget how brilliant and amazing he is. I really thought I’d struggle to get a mortgage after my previous debt problems but he gave me peace of mind and ensured I got the best deal ever. He took all the stress and worry away from me. He is a mortgage God!! Not only is he factual, professional and efficient, he gives the best advice and I have complete trust in the information given. We've built a wonderful rapport over the last few years and I would not hesitate to recommend him to any of my friends or family. I wouldn't go anywhere else in the future. Barry is the answer to your best mortgage deal! Well worth the minimal fee he charges. He's utterly brilliant!
Just Ham
10:49 14 Jul 18
I've been using Barry at Mortgage Saving Experts to find me the best deal for my past two mortgages. His services have also helped me to save money on related insurances. Barry is very personable and professional in his manner and I would highly recommend.
Tatiana Bowskill
11:47 13 Jul 18
5 stars for 5 star service.I have used Barry for many years now and highly recommended him. He has been a constant help and willing to go that little bit further, that makes all the difference
Mark Macey
10:03 13 Jul 18
First class efficient service. Very helpful, informative and nothing is too much trouble!
Carol Harris
12:15 11 Jul 18
I very rarely write reviews, actually this is the first one ever I’ve done. However I can not recommend Mortgage Saving Experts highly enough... straight forward, easy to understand advice. Keep up the good work!!
Nick Daley
12:12 11 Jul 18
Barry provides an amazing service, goes really above and beyond to help you get the right mortgage. He understands the pressures of family life, it really feels like he cares about your future. He worked with us to get our first mortgage and has helped us renew and move house since. Have recommended him to many friends and will continue to do so.
Anna Allan
08:12 11 Jul 18
For many years and even more mortgages, MSE have provided a very prompt and efficient service of completing mortgages for me. As a property invester, I am always in the market for competitive mortgage products of various type with a quick turnaround, MSE's knowledge of the mortgage market place is second to none.
Gary Ottewell
07:03 11 Jul 18
Barry is trustworthy reliable and efficient in securing the best outcome for your mortgage needs. His experience make the process seamless transparent and easy to understand.
Karen Ainge
14:08 18 Jun 18

Latest Mortgage News

The more information you have at your disposal when seeking the best mortgage deal, the better the position you will be in. Below are latest insightful mortgage news to help you get started on the right path.

Mortgage Regulatory Information

Most mortgages in the UK are provided by building societies, banks and specialised mortgage lenders. All in all, there are 200 different financial institutions offering mortgages in Britain although Lloyds Banking Group and Nationwide Building Society have the largest share of the market.

Although banks and building societies have always been closely regulated in the UK, the former Financial Services Authority (now the FCA) implemented a regulatory scheme specifically for mortgages as a result of the Financial Services Act of 2000.

The professional conduct of mortgage providers is regulated by the FCA. There are strict rules regarding the use of unfair and misleading adverts and promotions as well as checks that the terms of any contract for financial services are fair for the consumer. Regulations were originally set out in the rules for Mortgage Conduct of Business (MCOB) but these regulations were overhauled as a result of the FCA Mortgage Market Review (MMR) in 2014.

As regards their financial conduct, deposit-taking firms in the UK come under the jurisdiction of FCA’s sister organisation, the Prudential Regulation Authority. They ensure that firms have a high enough level of capital to offset their lending risks.

If you have a complaint about your mortgage provider, your first step is to take the matter up with them. If you feel it hasn’t been dealt with to your satisfaction, there’s a complaints procedure, through the FCA, which can be referred to the Financial Ombudsman Service

What To Ask Your Brighton Mortgage Broker?

How quickly will you respond to my messages?
If a problem arises during the loan application process, you’ll want your broker to respond quickly – hence this question.

Again, demand a specific answer – “Within three hours”, say, rather than “Quickly”.

How much hand-holding will you do during the buying process?
The reason for this question is so you can discover whether the broker will closely guide you through what is a complicated and stressful process – or expect you to figure it out for yourself.
Why should I choose you rather than another broker?
Organising finance and purchasing property can be complicated and stressful, so you want to know you’re in safe hands. That’s why, before you settle on a particular broker, you should challenge the broker with this question.

Don’t let the broker get away with vague statements like “Because I’m the best” or “Because I provide great service”. Use follow-up questions to demand detail. “What specific things make you better than other brokers? What, specifically, do you do to deliver great service?”

What happens if you don’t respond to my messages within that timeframe?
This is a logical follow-up question. Again, insist on a specific reply.

And once you’ve received answers to these questions, ask if the broker would be willing to put both claims in writing. That will indicate how seriously those claims should be taken.

What sort of clients do you specialise in?
Another important question to ask. That’s because while most brokers focus on ‘plain vanilla’ clients, others might focus on, say, sophisticated investors or borrowers with credit problems.

Hypothetically; Broker A might have done 450 vanilla loans and 50 bad-credit loans, while Broker B might have done 50 vanilla loans and 250 bad-credit loans. So if you were a borrower with credit problems, you might be better off with Broker B.

Next, probe them about their customer service standards

What will the true cost of my home loan be?
A great way to utilise the knowledge and experience of a broker is to get them to work out the true cost of your home loan. Based on whether you’re paying Repayment or interest only, how much of a deposit you have, the length of your loan term and the rates payable your broker will be able to obtain a mortgage illustration which will have the true cost on it. This is normally depicted by the Annual Percentage Rate (APR)

By maximising your deposit amount and minimising your loan term, you stand to significantly reduce the overall cost of your loan. However, there is much more to answering what the true cost of your home loan will be. Upfront fees such as valuation fees, conveyancing and legal fees need to be added to the total cost. Ongoing fees such as those you can incur for using a drawdown facility.

While it’s impossible to forecast the entire cost of your mortgage to the penny – and let’s not forget how life circumstances and changes can affect your ability to pay your loan too – a broker can can help clarify the big picture details. Mortgage Saving Experts can recommend any protection or insurances to protect you and your family to cover life unfortunate eventualities and our team of advisers can use this information to help you decide which loan is best for your circumstances.

How much can I borrow?
The big question plaguing home buyers tends to be, ‘how much can I borrow?’ Each lender is massively different in this area so as a maximum depending on many factors. In the majority of cases, you can borrow up to around 5 times your gross annual salary but in some instances, you may borrow up to 5.5 times your gross annual income

Once you speak to us, however, we’ll be able to give you a much more accurate indication of your borrowing capacity. Brokers act as the go-between for you and the lender. Lenders will need to know your living expenses, debts, credit score and whether you have dependents. A broker can factor all these things into the right loan.

A broker can also explain home loan terms you’ll need to know, such as LTV, which is the initialism for Loan-to-Value and refers to the percentage of the total loan amount you seek to borrow as a percentage of the property purchase price or value. They can also explain things like the differences in interest rates and repayment types such as Interest Only and Repayment (Capital & Interest)

How many loans have you written during that time?
This is a good follow-up question to ask, as it will give you a better understanding of the mortgage broker’s experience.

For example, imagine two brokers joined the industry in 2013, but that Broker A had written 500 loans during that time and Broker B had written 300. In that case, even though both parties would be able to claim five years of industry experience, there would be a clear difference in hands-on experience.

How much experience do you have?
This is a good place to start, because a more experienced broker will generally be more knowledgeable than a less experienced broker.

Press the broker to give you a specific answer, such as “Eighteen years” or “I’ve been a broker since 2007 and in the mortgage industry since 2001”, rather than something vague like “I’ve got a lot of experience”.

Get in touch with the Mortgage Saving Experts in Brighton. You can by dialling 01273 738 072 today for a friendly chat.