What is a mortgage broker?
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 direct lender that will be willing to make the specific loan an individual requires.
If you work with a mortgage broker in Brentwood, it won’t be so difficult to get a great deal on the mortgage loan you require. Even if you have a poor credit score or any other issues that could affect your mortgage application, working with a reputable mortgage broker will still boost your chances considerably.
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.
Handy Tools and Calculators
Being aware of what you can borrow and the amount the loan will cost will make it simpler to plan your future. Take advantage of this handy calculator to determine exactly how much your mortgage repayments will be, based on your total loan figure and interest rate. Simply fill in the values plus your term and press ‘Click to calculate’ to immediately discover the amount you must repay monthly.
Why Use A Mortgage Broker?
Working with a mortgage broker for your mortgage application in Brentwood can be beneficial in various ways. Some of the most obvious of these benefits are:
In working with a mortgage broker, the most noticeable benefit would be the opportunity to save money. An experienced expert can take care of the hard work and see to it that your interests are protected. You’ll only need to provide a few details.
Some people are sceptical about this – especially with the concept of a mortgage broker not yet universally understood. There must be a catch somewhere, surely? 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 short, a broker is required to give proof of their reasons for recommending the mortgage they have (to you, their regulators, the Prudent Regulation Authority or Financial Conduct Authority) or they could be penalised. Many 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 details of how they take payment for their services and convey the components which make up the entire mortgage cost. 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
For a mortgage broker, your interests – rather than those of the lending institution – are paramount. They should act not only as your agent, but also as a knowledgeable consultant and problem solver. A broker can offer the best value when it comes to repayment amounts, interest rates and loan products. This is because a large variety of mortgage products are accessible to them. You will be interviewed by the mortgage brokers to determine your needs and goals – both in the short and long term. The simple use of a 30 or 15-year mortgage is inadequate for many situations, which is why sophisticated solutions and innovative strategies are the benefits of working with an experienced mortgage broker. This includes mortgage to raise capital for repayments, money for necessary home improvements or children, or even to buy other properties such as buy to lets.
Has Flexibility Expertise to Meet Your Needs
A mortgage broker will guide the client throughout the whole process and sort out any issues that might arise. If a borrower has credit issues for instance, the broker would know about lenders who have the best products available to meet their needs. If a borrower requires a large loan – considerably more than what the bank will approve – the knowledge and expertise of a broker in securing financing would be a distinct advantage.
Save Time & Hassle
Money isn’t the only consideration. Saving some extra cash is great, but so is your time and sanity. Give a thought to the amount of time you’d have to invest when enquiring about various loan types from numerous lenders. Unlike working with different lenders – which would require you to complete different forms every time – you’d only need one form with a mortgage broker. Your mortgage broker can provide a formal comparison of any loans recommended, as well as advise on the information which accurately portrays cost differences, reflecting current rates, points, and closing costs for each loan. Comparisons will be made by your broker between popular and less popular lenders to get you the most suitable deal, with lower rates and total cost.
Take some of the work off your shoulders and outsource it to someone who can offer expert advice. Mortgage brokers do the bulk of the work by helping you during the application and approval process in ways such as taking care of all paperwork; answering questions; handling applications for government schemes; and providing information about the various options and loan features you aren’t aware of. These features can include drawdown facilities, the option to make extra repayments and offset accounts to name a few. Features like these can make a huge difference to your mortgage costs and overall experience. If you’re unfamiliar with these concepts and how they might affect you, your broker can clarify and answer any questions via 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 on to brokers, who 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.
While banks can only provide their own deals (and not the deals offered by other banks), brokers can scour the entire market to discover the most suitable deal.
Better chance of pre-approval success
If your request for an Agreement in principle/Decision in principle of a loan is turned down, a mark is left on your credit rating. You’ll need the necessary knowledge and experience a broker has to secure approval on your first attempt.
Access to expert knowledge
The job of a mortgage broker is to help people secure loans. They have access to helpful information and exclusive deals you’d otherwise not find. Loans are attached to subtleties you could easily overlook if you aren’t searching for them. The difference to your mortgage could ultimately be made by these subtleties. It’s beneficial to have an experienced professional to point out these things for you.
You can avoid spending valuable time to research numerous loans and lenders (while perhaps missing fundamental key subtleties) and instead give the work to someone with key industry experience. 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.
Contact the Mortgage Saving Experts in Horsell. You can reach us by dialling 01273 738 072 today for a friendly chat.
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 savings experts will ease the process for you and make it as simple as possible. Why make things harder than necessary, after all? Let us make things easy for you and make sure we find you the most suitable deal.
With the honest and transparent services customers receive at Mortgage Saving Experts, they will come to realise that mortgages and insurance are not as challenging as they seem. All the mortgage and insurance applications we take care of at Mortgage Saving Experts are treated as if we own them. We’re all about this. No matter the circumstances – whether this is your first time buying, you’re a landlord, moving onto a new chapter or even re-mortgaging, Mortgage Saving Experts are here to help. We are here to provide assistance! Approximately “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Brentwood Mortgage Experts
As we are bound by regulations of the Financial Conduct Authority (FCA), we must ensure we get you the best available deal on the market. 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, enthusiastic and passionate team of mortgage insurance experts, with years of industry experience.
Our mortgage and insurance experts are particularly good at listening to your current and future goals. We will make these goals happen by working meticulously alongside you.
Why chose Mortgage Saving Experts?
When you take out a mortgage, you’ll be subject to an initial rate for the first few years. The rate is raised to the lender’s variable rate after the initial rate ends. Our team will contact you three months prior to the date of renewal to strike a new deal, before both your rate and monthly payment are raised. Other benefits of working with us include:
- With a deal better than the bank variable rate, you’ll subsequently save money.
- You don’t have to remember when your deal finishes, as we will do this for you.
- You can take a breather, while we do the bulk of the work.
- This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
- We compare thousands of deals, so can advise you accordingly and arrange the very best.
- For the entire mortgage process, you will be expertly advised and supported.
Our Approach to Mortgage Advice
Your individual needs will be duly considered, as we provide fully personalised services. Our approach to mortgage advice involves three simple steps:
- Let’s have an Initial Chat, so we can get to know You and What Your Requirements Are
- We Search the Entire Market to Find the Best Deal for You
- 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 Brentwood include:
- Learn about your situation and needs via fact-finding.
- Explain the costs involved with buying and selling.
- Request all documents related to the application.
- Recommend and explain all about the prospective mortgage.
- Get answers to any questions you might have.
- Collect an agreement in principle.
- Submit your full mortgage application.
- Answer any questions and work together with your mortgage lender, solicitor and estate agent until the final stages.
Mortgage Types We Provide Expert Advice On
We provide professional advice on a broad range of mortgage products. You won’t have any difficulty finding the right mortgage products to suit your needs when working with us. Some of the most frequently requested types of mortgage we assist with include:
First time buyers
Most mortgage lenders Categorise First Time Buyers as people who have either:
- Never owned a property or
- People who have owned a property in the past, but not owned one for six months or more.
The ideas and rules differ from lender to lender. Typically, there are no problems with being a First Time Buyer. To be eligible for stamp duty relief, First Time Buyers are required to never have been owners of property before. This is applicable worldwide for stamp duty purposes.
Mortgages may appear to be a rather difficult process, but they really don’t have to be. The purchase of your first home can be filled with excitement, so if you discover a well-respected broker to manage the process for a reasonable price, then use one. The purpose of using one is straightforward enough. 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. With mortgages, the same principle applies. You can cut down on cost, effort and time with mortgage brokers, so why not use one? The initial consultation will cost you nothing.
Buying a home
If you’re considering buying a home in the near future or further down the line, you should get to know mortgages a lot better in the meantime. Find out what to do before applying for a mortgage; during the application process; and how to use it accordingly after purchasing your home. If you prefer otherwise, then instead speak to an adviser who will guide you through it.
Your credit is vital.
A mortgage is a serious affair. 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 provide guidance about the amount you can afford to pay for your new home and what should be your maximum offer, based on your current circumstances. We won’t just facilitate the purchase your dream home, we will also help you fund it with the lowest cost and most favourable mortgage deal on offer.
Re-mortgage your home
Simply put, all you’re doing with this is changing from one lender to another to get a better rate or cheaper deal. They don’t necessarily have to be paired together. Let me clarify this. If you’ve got a small mortgage, paying the arrangement fee to a new lender to go on a lower rate might not seem practical to you. It may seem cheaper to be on a slightly higher rate than pay an arrangement fee to another lender. Even with a lower rate, you could end up having a costlier deal in total, which is why it’s always prudent to talk to someone before you make any decisions.
Tread carefully. 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 due to the fact that it is based solely on your disposition at the time of re-mortgaging. So please check or ask your adviser.
A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.
- Depending on your unique needs, like…
- Mortgage debt is considerably small.
- There have been significant changes in financial disposition.
- Significant early repayment charge.
- A drop in the value of your home.
- Existing credit problems.
- Present rate is very agreeable.
- We will dispense advice on the merits of pursuing a re-mortgage.
Buy to Let
A property purchased in order to be rented to tenants is a ‘buy to let’. According to the law, you cannot 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 loan amount you can borrow is largely dependent on the rental income you receive.
- You will have to pay 3% stamp in addition to your normal stamp duty.
- An extra 3% of the purchase price will still be required of you, even if the value of the property isn’t high enough for the stamp duty to be liable.
TIP: Ask your solicitor/conveyancer to work out how much you’ll have to pay if you’re buying a second property. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. To see if you’re eligible, reach out now to our advisers.
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. Even though the figure isn’t set in stone, it is usually about 0.33%, based on the type of mortgage you require – for instance, a residential mortgage or buy to let. Also, any recent credit issues you may have had would be taken into consideration. Most independent brokers charge a flat fee, which is typically around £500. Be sure to ask brokers how you can pay them. They should be honest and up front, telling you the amount owed and the fee structure they have in place.
We charge the client £695 as part of our fee structure; if the mortgage lender pays any commission, it is then deducted from that figure. If we receive a commission below the value of £695, we ask the client to pay the difference between the received commission and £695. For example, if we received a commission of £495, we would then ask you for a fee of £200 which is payable on production of your mortgage offer, so we are only paid on results.
How Much Can I Borrow?
This is based on a number of factors, such as the amount you deposit, your income, the number of children you have, and any current debts you might have. 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. In addition, they will perform a credit check to ensure your credit rating is sufficient for the purpose of a mortgage.
Get a decision in principle before you finish your mortgage application; this way, you can form a clearer idea with regards the amount you can borrow. Arrange for an appointment with one of our certified mortgage experts today. Without the need for credit checks, we can at least provide an initial estimate.
The Latest Best Mortgage Rates
Whether you want a re-mortgage, move home, find a mortgage for a first-time buyer or purchase a buy to let, we can help. We compare thousands of the latest mortgage deals to help you find exactly what you need.
Request a free quote from Mortgage Saving Experts, your Brentwood Expert Mortgage Broker
What Our clients say About us
We have a list of clients in Brentwood that is both lengthy and diverse. If you still have doubts about our ability to professionally provide the best deal in Brentwood at the cheapest price, see for yourself what some of our customers have said about their experience with us. For a personal experience to discover how effective our services are, contact us today.
Latest Mortgage News
The more information you have available when looking for the most suitable mortgage deal, the more beneficial this is for you. To provide insight and help you get started, find recent news on mortgages below.
Mortgage Regulatory Information
Banks, building societies and specialised mortgage lenders account for the bulk of mortgage providers in the UK. In Britain, there are around 200 different financial institutions that make mortgages available, even though Lloyds Banking Group and Nationwide Building Society has the biggest portion of the market share.
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 FCA monitors the professional conduct of mortgage providers. Strict rules exist that monitor the use of dishonest and misleading adverts and promotions, checking to ensure the terms of any contract for financial services are fair to the customer. Regulations were initially documented in the rules for Mortgage Conduct of Business (MCOB), but were overhauled because of the 2014 FCA Mortgage Market Review (MMR).
With regards their financial conduct, deposit-taking firms in the UK come under the jurisdiction of FCA’s sister organisation, the Prudential Regulation Authority.
They make sure firms have capital large enough to cancel 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 dealt with to your complete satisfaction, there is a complaints procedure which can be 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 Contact the Mortgage Saving Experts in Brentwood. You can do so by calling us on 01273 738 072 for a friendly conversation.
What to Ask Your Brentwood Mortgage Broker?
- “Why exactly are you the best?”
- “In what way do you deliver great service?”