What is a mortgage broker?
A mortgage broker represents individuals or companies looking to broker mortgage loans. Mortgage brokers exist to find a bank or direct lender that will be willing to make the specific loan an individual requires.
Working with a mortgage broker in Essendon will help you get the mortgage loan you require at a favourable deal, without any unnecessary stress. 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.
Professional mortgage brokers are bound under strict regulations and required to comply with banking and finance laws in the customer’s jurisdiction, so, you don’t have to worry about being in the wrong hands.
Handy Tools and Calculators
With a clear idea of the maximum you can borrow and how much the loan will cost, it then 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’ll need to repay each month.
Why Use A Mortgage Broker?
There are a wide range of benefits to be enjoyed from working with a mortgage broker in Essendon with regards your mortgage application. Of these benefits, some of the most evident include:
The possibility of saving money is the most obvious advantage of working with a mortgage broker. You only need to provide a few details, before an experienced professional committed to protecting your interests handles the hard work.
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. While this train of thought is understandable, be assured that most mortgage brokers don’t have an incentive to work against your best interests.
In fact, a broker could be in serious trouble if they are unable to prove to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority why they’ve recommended the particular mortgage that they have. Many mortgage brokers can obtain exclusive mortgage deals not found on the high street, potentially making the total loan cost lower for the client. Detailing the entire cost of the loan and letting you know how they get paid for their services is the duty of any reputable broker. 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 will work towards protecting your interests, rather than those of the lending institution. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. 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. To ascertain your goals and needs (both short and long term), you’ll be interviewed by the mortgage broker. Amongst the benefits of working with experienced mortgage brokers are innovative mortgages and sophisticated solutions, because regular 15 or 30-year mortgages aren’t usually sufficient. These include money for children or carrying out much needed renovations, mortgages to raise capital for repaying debts or even money to buy other properties like buy to lets.
Has Flexibility Expertise to Meet Your Needs
Any problems that may arise can be dealt with by a mortgage broker, who will oversee the whole process, guiding the client through any situation along the way. If a borrower has credit issues for instance, the broker would know about lenders who have the best products available to meet their needs. The knowledge and capability of a broker to successfully source financing will be of great benefit to a borrower who realises the loan they need may be too large for a bank to approve.
Save Time & Hassle
It isn’t only about money. As much as it’s important to save some extra money, your time and sanity are important as well. Give a thought to the amount of time you’d have to invest when enquiring about various loan types from numerous lenders. You’d only need to complete one application with a mortgage broker, instead of filling out forms for every individual lender. A formal comparison of the loans recommended can be provided by your mortgage broker to act as a guide for the information that accurately illustrates the differences in cost, showing present rates and points, as well as closing costs for each loan. To find the best deal in terms of lower rates and overall cost, your broker will make comparisons between popular and less popular lenders.
Outsourcing the work to someone who can provide an expert opinion is a great way to relieve yourself of the burden involved. A mortgage broker can do a lot of the work by providing you with support throughout the application and approval process. This might involve completing all paperwork, helping you with applications to government schemes, answering questions and explaining the options and loan features, about which you may not have been aware. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. Your general mortgage experience and overall expenses can be largely affected by these features. If you don’t know much about these concepts and how they can work for you, reach out to your broker over the phone for clarification and answers.
Access to exclusive non-advertised deals
There are exclusive deals not made public by the banks that brokers have access to. These deals are passed by the banks to the brokers, who then have the responsibility of selling the products. Talking to a broker can release these extra perks, which you’d otherwise not enjoy by contacting the bank yourself.
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
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. Brokers have the knowledge and experience required to give you the best shot at being approved at the first attempt.
Access to expert knowledge
Mortgage brokers help people secure loans for a living. Helpful information and exclusive deals you won’t find yourself are accessible to them. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. The difference to your mortgage could ultimately be made by these subtleties. An experienced professional to point you in the right direction is extremely beneficial.
Rather than sacrifice a chunk of your day researching thousands of loans and lenders (and still potentially missing out on key subtleties), why not let someone with industry experience handle the work? The same way you would contact a plumber to fix a leaking pipe or a hairdresser to work on damaged hair, contacting a mortgage broker is an ideal option for 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 might seem really complicated at first, but they’re not. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. Making the process as straightforward and seamless as it can be is something our mortgage experts will do for you. Why make things harder than necessary, after all? Allow us to ease the entire process and obtain the best deals available for you.
Mortgage Saving Experts provide an honest and transparent service that will leave our customers thinking that mortgages and insurance aren’t as daunting as they may seem. At Mortgage Saving Experts, we treat each mortgage and insurance application as if it were our own. We’re all about this. It doesn’t matter what the situation is – whether you’re a first-time buyer, a landlord, re-mortgaging or moving on to a new phase altogether – Mortgage Saving Experts are here to help. We are here to provide assistance! In essence “Take 15 minutes to talk to 1 adviser and find out about 1000s of mortgage deals.”
Our Team of Essendon 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 are required to justify our reasons for making the mortgage recommendations we do to both you and our regulators, so you can understand why you have the mortgage you have.
“Down to Earth Mortgage”
We are an honest team of mortgage insurance experts, who are enthusiastic, passionate and widely experienced.
Your current and future goals will be identified by our mortgage insurance experts after talking with you. We then work closely with you to achieve those goals.
Why chose Mortgage Saving Experts?
When you take out a mortgage, you’ll be subject to an initial rate for the first few years. At the end of this initial rate, this returns to the lender’s variable rate. 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. Here are some of the other advantages you’ll enjoy if you work with us:
- You’ll save some money, as the deal you get is better than the bank variable rate.
- We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
- You can take a breather, while we do the bulk of the work.
- We are good at what we do, so you’ll always be advised by professional mortgage experts.
- We compare thousands of deals, so can advise you accordingly and arrange the very best.
- 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. 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:
What makes our services superior to those of other mortgage brokers in Essendon includes:
- Use fact-finding to properly understand your individual needs.
- Point out the costs that come with buying and selling.
- Ask for related documents to help with the application.
- Recommend and explain all about the prospective mortgage.
- Get answers to any questions you might have.
- An agreement in principle should be obtained.
- Get your whole mortgage application submitted.
- We will collaborate with your estate agent, solicitor and mortgage lender and reply to any questions through to completion.
Mortgage Types We Provide Expert Advice On
We provide professional advice on a broad range of mortgage products. In choosing to work with our team, finding the ideal mortgage product to meet your needs will be relatively easy. Some of the most frequently requested types of mortgage we assist with include:
First time buyers
Most mortgage lenders put people in the First Time Buyers category if they 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.
Different lenders have different ideas and rules regarding 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.
While mortgages may look like a tedious process, they don’t have to be. It’s rather exciting to be buying your first home, so if you find a reputable broker to get the job done for you at a fair price, then do use one. The reason you should use one is fairly obvious. Besides, if your car breaks down and you have no knowledge of cars, you wouldn’t attempt to fix it yourself; you would use the services of a mechanic. With mortgages, it is exactly the same. You can save on time, effort and even money with mortgage brokers, so you should use one. You won’t have to pay for the initial consultation.
Buying a home
If you’re thinking of a home purchase any time soon – or even within a couple of years – you should familiarise yourself with everything involved with mortgages. 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 would rather avoid any stress, speak to an adviser, who will guide you accordingly.
Your credit is vital.
A mortgage is a major issue. Banks risk a large amount of money and have been steadily more careful since the subprime mortgage crisis in 2008. To qualify for a mortgage, good credit is helpful, but not essential. Depending on your present circumstances, we can be your guide on how much you can afford to pay for your new home and help set your cost limit. 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
In essence, the only thing you’re doing here is swapping one lender for another to get a cheaper deal or better rate. They don’t necessarily have to be paired together. Let me clarify this. If your mortgage isn’t so big, you might consider it not worthwhile to pay an arrangement fee to a new lender for a low rate. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any lender. Asking for advice before making up your mind about the deal is important, so that you don’t end up with a more expensive deal on the whole, even at a lower rate.
Be careful. A notable benefit of re-mortgaging is the absence of solicitors or valuation fees, even though some people are not eligible for this. This is because it is dependent on your circumstances alone at the time of re-mortgaging. So, please check with your adviser.
Performing a re-mortgage in time is a practical way to reduce your mortgage costs significantly. Depending on your specific needs, a re-mortgage deal might not be the best option, even though it does have its advantages.
- Depending on your unique needs, like…
- Mortgage debt is considerably small.
- There have been significant changes in financial disposition.
- Early repayment charge is on the high side.
- Home value reduced.
- Existing credit problems.
- Present rate is just fine.
- We will dispense advice on the merits of pursuing a re-mortgage.
Buy to Let
‘Buy to let’ properties are those you wish to purchase and then rent to tenants. Legally, you aren’t allowed to live in the property. The number of available lenders will be restricted if you’re a First Time Buyer, purchasing a buy to let property. Also, extra checks are made by the lender in cases like these.
- There are some things you might want to know when purchasing a buy to let property.
- The loan amount you can borrow is dependent on how much rental income you receive.
- A payment in respect of an extra 3% stamp duty will be required after 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: You should ask your solicitor/conveyancer to figure out how much you must pay when considering buying a second property. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. Get in touch with our advisers to find out if you qualify.
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. A flat fee of roughly £500 is usually charged by the majority of independent brokers. Be sure to ask brokers how you can pay them. The should be totally transparent, disclosing the amount to be charged, as well as their available fee structure.
We have a fee structure based on charging our clients £695. From that figure, we then deduct any commission received from the mortgage lender If the commission paid to us falls short of £695, our client will then be asked to make up the difference between the commission we receive and the figure of £695. For instance, if the commission we receive is £495, then we would require you to pay £200 to make up the difference. This can be paid when your mortgage offer has been produced, meaning we only get paid on results.
How Much Can I Borrow?
This takes into account many factors, such as how much you deposit, the amount you earn, the number of children you have and what debts (if any) you 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.
To be sure of how much you can borrow, obtain a decision in principle, prior to completing a full application. Arrange an appointment with one of our qualified mortgage experts today. We can provide an initial estimate, without the need for any credit checks to begin with.
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 make comparisons on thousands of recent mortgage deals to help you find just what you’re looking for.
Request a free quote from Mortgage Saving Experts, your Essendon Expert Mortgage Broker
What Our clients say About us
We have a list of clients in Essendon that is both lengthy and diverse. If you aren’t convinced that we are the professionals to make the best possible mortgage deal in Essendon at the lowest price, take a look at what some of our customers have said about their experience with us. To get a first-hand experience of the great services we provide, call us today.
Latest Mortgage News
The more information you have to hand in your search for the ideal mortgage arrangement, the greater advantage you’ll have. The latest mortgage news below will provide the insight you need to properly get started.
Mortgage Regulatory Information
Building societies, specialised mortgage lenders and banks provide the most mortgages across the UK. In total, there are roughly 200 financial institutions that provide mortgages in Britain, even though the biggest share of the market is owned by Lloyds Banking Group and Nationwide Building Society.
Due to the Financial Services Act 2000, a regulatory scheme specifically for mortgages was implemented by the former Financial Services Authority (now the FCA), even though close regulations have always been in place to guide banks and building societies in the UK.
The professional services of mortgage providers are monitored by the FCA. There are stern rules that serve as a guide with regards using unfair, deceitful promotions and adverts, as well as checks for financial service contracts for consumers. The original regulations represented in the rules for Mortgage Conduct of Business (MCOB) were reconstructed due to the 2014 FCA Mortgage Market Review (MMR).
Regarding their financial conduct, organisations that take deposits in the UK fall under the FCA’s sister organisation’s jurisdiction, the Prudential Regulation Authority.
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 think it hasn’t been sorted out satisfactorily, you can take the complaint to the Financial Ombudsman Service if necessary. 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 Get in touch with the Mortgage Saving Experts in Essendon. You can reach them by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Essendon Mortgage Broker?
What happens if you don’t respond to my messages within that timeframe?
How quickly will you respond to my messages?
How much hand-holding is involved during the buying process?
Why should I choose you rather than another broker?
- “Why exactly are you the best?”
- “In what way do you deliver great service?”
What sort of clients do you specialise in?
What will the true cost of my home loan be?
How much can I borrow?
How many loans have you written during that time?
How much experience do you have?
Get in contact with the Mortgage Saving Experts in Horsell. You can reach them by dialling 01273 738 072 today for a friendly chat.
Other Areas We Cover
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- Mortgage Brokers in Dudswell, Hertfordshire
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