Mortgage Brokers in Preston

What is a mortgage broker

Mortgage loans are brokered on behalf of companies and individuals by mortgage brokers, who effectively act as intermediaries. The purpose of mortgage brokers is to look for banks or direct lenders that will willingly provide the specific loan an individual would need. If you work with a mortgage broker in Preston, it won’t be so difficult to get a great deal on the mortgage loan you require. If you have a poor credit score or any other problems that could have an impact on your mortgage application, the right mortgage broker can increase your chances immeasurably.

Because professional mortgage brokers are regulated to assure compliance with banking and financial laws in the jurisdiction of the consumer, you can be assured you’re in good hands.

What Is A Mortgage?

A mortgage is simply a loan. Quite unlike personal loans however, a mortgage is used as guarantee against a loan, because it is linked to a piece of property. Failure to pay when due can result in your mortgage provider taking back (repossessing) the property, as would be their legal right.

While shorter or longer terms are available, mortgages are usually set for a 25-year period. A repayment plan is set up as soon as you’re granted permission to borrow the money. Although mortgages which involve monthly capital repayment plans are more common, there are also other types of mortgage available.

In addition to repaying the original loan (the ‘capital’), you’ll also have to pay interest on top. A mortgage – secured by the collateral of the property involved – is a debt instrument that the borrower must repay against the agreed pre-set payment instalments. Large properties can be bought by individuals and businesses via a mortgage facility, whereby they don’t have to pay the entire cost immediately. Over time, the loan and interest included can be repaid by the borrower, before the property can become theirs without any mortgage. If the borrower stops paying the mortgage, the lender can repossess the property against which the mortgage is secured.

If the home buyer does not keep up with mortgage payments, the lender can take the property back, as there are bank charges against it. If there is a repossession, the tenants can be evicted by the bank and the property sold to repay the mortgage debt.

Mortgages come in various guises. Even though there are longer fixed rate mortgage terms available, the borrower would have to pay the same interest rate for the initial terms of two, three or five years. Monthly payments remain constant during the fixed rate term. The borrower’s payments will not change on a fixed rate, even though the market interest rates increase. Changes in market interest rates have no effect on the borrower’s mortgage repayment if they have a fixed rate.

Get in contact with the Mortgage Saving Experts in Preston. You can reach us by dialling 01273 738 072 today for a friendly chat.

After the fixed rate ends, your mortgage normally reverts to a ‘standard variable rate’, which is a rate set by the lender, bank or building society that’s lending you the money. If you have a diary system in place or a switched-on broker, you must remember to re-mortgage or contact your existing lender and change the rate three months before it increases to the variable rate. This is because the rates can increase or decrease as the lender sees fit, which will help you avoid higher monthly payments.

In short, the initial interest rate is often a low rate, which can make a mortgage seem more affordable than it really is. If interest rates rise later on, the monthly rates may become too high for the borrower to pay. Monthly payments after the initial term are usually unpredictable, since the variable rates could be changed at any time.

Interest-only mortgages, tracker rates, offset mortgages, secured loans, buy to lets, and bridging loans are less-common types of mortgages that could be available, so contact an independent broker to discover your options. Our mortgage brokers in Preston can provide help for getting the best mortgage deal to suit your personal specifications and requirements.

Handy Tools and Calculators

You can easily plan your future once you have an idea of the maximum you can borrow and how much the loan will cost. 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. Find out how much you’ll have to repay every month instantly by simply entering those values with your term and pressing ‘Click to calculate’.

Mortgage Calculator
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Why Use A Mortgage Broker?

Working with a mortgage broker for your mortgage application in Preston can be beneficial in various ways. Some of the more obvious benefits include:

Save Money

Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. You don’t have to handle the hard work, as this can be managed by an expert with ample experience, who will make sure your best interests are addressed. All you’ll need to do is fill out some details.

With limited understanding on the concept of mortgage brokers, some people don’t fully trust this, believing there must be a catch at some point. Although such reservations are not entirely invalid, you should be aware that there is no benefit for mortgage brokers who do not work in your best interests.

In truth, brokers have to provide viable reasons to you, their regulatory body, the Prudent Regulation Authority or the Financial Conduct Authority for recommending the mortgage they have. To not do so could lead to them facing significant problems. There are various inexpensive, exclusive mortgage deals that a number of mortgage brokers can find for their clients that could possibly reduce the total loan cost. Reputable mortgage brokers communicate how they expect to be paid for their services, as well as outline the details of the entire loan. A positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.

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

Finds The Most Advantageous Deal

A mortgage broker will always be in favour of your own interests and not those of the lending institution. They shouldn’t just play the role of your agent, but also those of problem solver and knowledgeable consultant. For terms like interest rates, repayment value and loan products, you can get the best possible value from a broker, who has access to a wide array of mortgage products. Mortgage brokers will interview you to identify your needs, as well as short and long term goals. Simple 30 or 15-year mortgages are not sufficient in many cases, which is why innovative mortgages and sophisticated solutions are distinct benefits of working with experienced brokers. These include mortgages to raise capital for repaying debts, money for marital needs or children, home renovations or the purchase of other properties such as buy to lets.

Has Flexibility Expertise to Meet Your Needs

A mortgage broker will work with the client in any situation, as well as manage the process and take care of any bumps in the road that may occur. For example, if borrowers face credit issues, the broker will know which lenders offer the best products to meet their particular needs. A broker will be beneficial in providing the necessary knowledge to source financing if a borrower requires a loan that’s larger than the bank would normally approve.

Save Time & Hassle

It is not just about money. Your time and sanity are just as important as saving some extra money. Take into consideration the time you would need to research different kinds of loans from multiple lenders. With a mortgage broker, you’ll only need one application, rather than completing forms for each individual lender. The loans recommended can be formally compared for you buy your mortgage broker. This will serve as a guide to the information which correctly shows cost differences, with present rates, points and closing costs for each loan illustrated. Your broker compares loans from major and less popular lenders to find you the best deal with the lowest rates and overall cost.

Reduce the workload for yourself and outsource it to someone who can provide professional advice. A mortgage broker can provide an array of support throughout the application and approval process. This can include assisting with paperwork, responding to questions and helping with government scheme applications, as well as explaining all the available options and loan features you may not have considered or been aware of. These features could include things such as drawdown facilities and options for making extra repayments and offset accounts. Features like these can make a huge difference to your mortgage costs and overall experience. Better still, your broker can answer any questions you might have over the phone or provide clarity if you don’t know much about these concepts and the impact they could have on you.

Access to exclusive non-advertised deals

There are exclusive deals that aren’t advertised by banks to which brokers have access. The banks pass these deals on to the brokers, who are responsible for selling the products. Speaking to a broker unlocks these extra perks you would otherwise miss out on by going directly to a bank.

A bank can provide access to their own deals (not those offered by other banks), but brokers can gain access to the entire market to find the best deals.

Better chance of pre-approval success

A mark is left on your credit rating if your request for an Agreement in principle/Decision in principle of a loan is turned down. Brokers are knowledgeable and have the much-needed experience to give you a better shot at approval the first time you apply.

Access to expert knowledge

A mortgage broker’s job is to help people obtain loans. They have access to information and select deals you wouldn’t discover by yourself. Loans come with certain subtleties you could miss if you’re not looking out for them. It’s these subtleties that can make a difference to your mortgage in the long haul. It is a huge plus to have the services of an experienced expert to show these things to you.

Rather than putting time aside to research thousands of loans and several lenders – and still possibly miss important subtleties – why not let someone else who has industry experience handle the work? 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.

Get in touch with the Mortgage Saving Experts in Preston. You can do so by calling us on 01273 738 072 for a friendly conversation.

About Mortgage Saving Experts

Mortgages and insurance aren’t as difficult as they first appear. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. Our Mortgage Saving Experts will make your journey as seamless and transparent as possible. Why make things harder than necessary, after all? Let us make everything easy for you and ensure you get the best possible deal.

Mortgage Saving Experts offer honest and transparent services to our customers, making them feel that mortgages and insurance are not as problematic as they first appear. At Mortgage Saving Experts, we handle every single mortgage and insurance application like they belong to us. These are the things we’re about. At Mortgage Saving Experts, our services are available regardless of circumstances, whether you’re a landlord, a first-time buyer, moving onto a new chapter or simply re-mortgaging. We’re here to help! Essentially “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”

Our Team of Brighton Mortgage Experts

We make it our duty to get you the best deal the market has to offer, as we are regulated by the Financial Conduct Authority. We must justify to our customers and regulators why we make the mortgage recommendations we do, so you know just why you have that mortgage.

Down to Earth Mortgage

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

Our mortgage and insurance experts will pay attention to you and understand all your current and future objectives. We will make these goals happen by working meticulously alongside you.

Why chose Mortgage Saving Experts?

For the first few years after taking out a mortgage, you’ll be subject to an initial rate. After the initial rate period, the rate is then raised to the lender’s variable rate. Three months before you’re due to renew, our team will reach out to secure a new deal before your monthly payments and rate increase. Some other reasons for which it’s beneficial to work with us include:

  • The deal you’ll get is better than the bank variable rate, which in turn saves you money.
  • We can provide updates relating to the end of your deal, so you need not worry.
  • While we deal with the stress on your behalf, you can sit back and ease your mind.
  • We know our business, so you’ll only be advised by qualified mortgage experts.
  • To arrange the best deal for you, we compare and dispense advice with regards thousands of mortgage deals.
  • You’ll be provided expert advice and support right through the mortgage process.

Our Approach to Mortgage Advice

Your individual needs will be duly considered, as we provide fully personalised services. The approach we take to mortgage advice involves three simple steps:

  1. Let’s have an Initial Chat, so we can get to know You and What Your Requirements Are
  2. We Search the Entire Market to Find the Best Deal for You
  3. We’ll Present you with the Cheapest and best Deals Available for Both Mortgages and Insurance Cover

How Mortgage Saving Expert Brokers Can Help you:

The things that make our services the best amongst mortgage brokers in Preston include:

  • Understand your needs and circumstances via fact-finding.
  • Explain what costs buying and selling involve.
  • Request relevant documents to assist with the application.
  • Recommend and explain the prospective mortgage.
  • Respond to any questions you might have.
  • An agreement in principle will be put in place.
  • Get your whole mortgage application submitted.
  • Answer any questions and work together with your mortgage lender, solicitor and estate agent until the final stages.

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

Mortgage Types We Provide Expert Advice On

We advise our clients expertly on a vast selection of mortgage products. Working together with us, finding the most suitable mortgage product to suit your needs won’t be difficult at all. Amongst the mortgage types we’re commonly asked to handle are:

First time buyers

First Time Buyers are classified by the majority of mortgage lenders as those who have either:

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

Every lender has different rules and ideas about this. There usually are no issues in being a First Time Buyer. First Time Buyers must not have owned property anywhere in the world before to be eligible for stamp duty relief for stamp duty purposes.

Mortgages can seem a daunting process, but they do not have to be. Buying your first home can be exciting, so if you come across a suitable broker who can handle the process for you at a fair price, do take advantage of their expertise. The reason you should use one is fairly obvious. After all, if you don’t know a thing about cars and yours breaks down, you would rather call a mechanic than fix it yourself. The same applies to mortgages. Mortgage brokers can save you time, effort and money, so why not use one? There are no charges for the initial consultation.

Buying a home

You should brush up your knowledge of mortgages if a home purchase is a viable option for you any time soon (or a few years down the line). Get to know what to do before your mortgage application, during the application process itself and the way in which to use it after buying the property. If you prefer otherwise, then instead speak to an adviser who will guide you through it.

Your credit is important.

A mortgage is not to be taken lightly. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 2008. For mortgage eligibility, good credit helps, but isn’t vital. We can also offer guidance regarding how much you can afford to pay for your new home and how to set your limit, depending on your ongoing situation. In addition to assisting you with the purchase of your dream home, we will also help with financing at minimum cost and the most agreeable mortgage available.

Re-mortgage your home

Basically, what you’re doing here is changing lenders to get a more suitable rate or cheaper deal. They don’t always sit well together. I’ll explain this clearly. If you have a small mortgage, you’ll probably find it’s not worthwhile paying an arrangement fee to the lender just to go on a lower rate. You might find it cheaper by going on a slightly higher rate and paying no arrangement fee to the lender at all. It’s best to always talk to someone before agreeing any deal, because you don’t want one that’s more expensive overall, even though the rate might be significantly lower. Take extra caution.

The potential absence of valuation or solicitors fees is one of the plus points of re-mortgaging, even though not everyone qualifies for this. This is because it is dependent on your circumstances alone at the time of re-mortgaging. So, please ask your adviser about it.

A brilliant way to ensure you cut down on your mortgage bills is to re-mortgage on time. Depending on your circumstances, it might not be the ideal move for you – even though a re-mortgage arrangement certainly has its benefits.

Reasons for remortgaging your property

  • Depending on your individual circumstances, such as…
  • Mortgage debt is fairly minor.
  • Financial circumstances have changed.
  • Costly early repayment charge.
  • Home value reduced.
  • You’re dealing with credit problems.
  • Already on a suitable current rate.
  • We will advise you whether or not to pursue a re-mortgage.

Buy to Let

A property bought with the purpose of renting to tenants is known as ‘buy to let’. You are not allowed to legally live in the property. You can purchase a buy to let property as a First Time Buyer, but you’ll be restricted to the number of available lenders, while extra checks will be made by the lender in such situations.

  • There are some things you might want to know when purchasing a buy to let property.
  • The rental income you receive is a primary factor when determining the size of the loan you can borrow.
  • You will have to pay 3% stamp in addition to your normal stamp duty.
  • Even if the value of the property isn’t enough to be liable for stamp duty, you are still required to pay an extra 3% of the purchase price.
  • TIP: If you want to buy a second property, find out the amount you’ll be require pay from your conveyancer/solicitor.
  • A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions.
  • To find out if you qualify, contact our advisers today.

How Much Do Mortgage Brokers Charge?

The majority of mortgage brokers receive commission from lenders, which is a percentage of the mortgage loan you secure. While the figure varies widely, it is generally set at around 0.33%, depending on the type of mortgage you require. For example, this could be a residential mortgage or buy to let and would take into account whether you’ve had any credit troubles recently. Most independent brokers charge a flat fee, which is typically around £500. Remember to ask brokers how they want to be paid. They must be completely clear, letting you know the exact figure and fee structure in place.

For our fee structure, we charge clients £695; any commission we receive from mortgage lenders is subtracted from that figure If we are paid a commission less than £695, the client is then asked to pay the necessary difference to top it up to £695. If we receive a mortgage commission of £495, our client would be required to pay £200, which would be paid after the mortgage offer has been forthcoming, meaning we only get paid according to results.

How Much Can I Borrow?

Many factors affect this, such as how much you earn, the amount you deposit, the number of children you have, as well as any debts you might have in the background. What determines the amount a lender will agree to lend is a full affordability assessment. This will help them understand your loan or credit commitments, as well as income and everyday household expenses. Other than this, they will also carry out a credit check to ensure you have an agreeable credit rating for mortgage purposes.

For a more accurate idea of how much you can borrow, get a decision in principle before you apply for a mortgage in full. Make plans today for an appointment with one of our capable mortgage experts. Initially, we can at least give you an idea, without needing to conduct any credit checks.

The Latest Best Mortgage Rates

We can help, whether you’re seeking to re-mortgage, purchase a buy to let, move home or find a mortgage for a first-time buyer. We compare recent mortgage deals in large quantities to help you find just what you want.

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

What Our clients say About us

Our list of satisfied clients in Preston is lengthy and diversified. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Preston at the lowest price, check out what some of our customers have to say about their experience with us. For a personal experience to discover how effective our services are, contact us today.

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’ll be in. Below is the latest insightful mortgage news to help you get started on the right path.

Mortgage Regulatory Information

The majority of mortgages in the UK are made available by banks, building societies 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.

In the UK, despite there being tight regulations that guide banks and building societies, a regulatory scheme was implemented by the FCA (formerly the Financial Services Authority) in response to the Financial Services Act 2000.

The FCA regulates the professional behaviour of mortgage providers. Tough rules are in place concerning checks that ensure customers are fairly treated in terms of contracts for financial services, as well as misleading and unfair adverts and promotions. As a result of the FCA Mortgage Market review of 2014, the initial regulations set out in the rules for Mortgage Conduct of Business were revamped.

In terms of their financial conduct, organisations collecting deposits in the UK fall under the Prudential Regulation Authority, the FCA’s sister organisation. They ensure firms have adequate capital levels to balance out their lending risks.

For lodging complaints about your mortgage provider, the first step is to take it up with them. If you feel it hasn’t been handled properly, there is a procedure that can have your complaint referred to the Financial Ombudsman Service. Some mortgages are not regulated by the Financial Conduct Authority such as moist Buy to Let mortgages and if you make a complaint about these you are unable to take these to the Financial Ombudsman Service

What To Ask Your Brighton Mortgage Broker?

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.

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”.

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.

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?”

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

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.

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)

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.

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”.

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Reach out to the Mortgage Saving Experts in Preston. You can reach them by dialling 01273 738 072 today for a friendly chat.