What is a mortgage broker?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Mortgage brokers function to find banks or lenders that will willingly make the exact loan an individual requires.
You’ll have a stress-free time getting a great deal on the mortgage you need in Ickleford if you work with a mortgage broker. The right broker will also improve your chances of getting a mortgage, even if you have a poor credit score or are subject to any other circumstances that could complicate your mortgage application.
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
Knowing how much you can borrow – as well as the cost of the loan – will help make planning your future easier. 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. Just fill in those values, along with your term and press ‘Click to calculate’ to immediately see the amount you will have to repay per month.
Why Use A Mortgage Broker?
There are a wide range of benefits to be enjoyed from working with a mortgage broker in Ickleford with regards your mortgage application. Some of the more obvious benefits include:
The most obvious benefit of choosing a mortgage broker is the potential 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 not fully convinced about this, what with the concept of a mortgage broker still vaguely understood universally. So, there has to be a catch somewhere, surely? A mortgage broker wouldn’t stand to gain anything by not working in your favour. You’ll need to bear this in mind, even though any concerns you might have are understandable.
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. 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 will usually inform you how they get paid for their services, as well as disclose the details of the entire cost of the loan. A positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.
Finds The Most Advantageous Deal
For a mortgage broker, your interests – rather than those of the lending institution – are paramount. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. With access to a wide range of mortgage products, a broker can offer you the greatest value in terms of interest rates, repayment amounts, and loan products. You’ll be required to meet with the mortgage broker to document your needs, as well as your short and long term goals. 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
A mortgage broker will guide the client throughout the whole process and sort out any issues that might arise. For instance, a broker will have knowledge of the lenders who offer the best products to meet the needs of a client with a credit issue. 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 is not just about money. Saving some extra cash is great, but so is your time and sanity. Consider how much time it would take you to research multiple loan types from multiple 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 make available a formal comparison of the loans recommended to advise on the information which completely illustrates cost differences, along with present rates, points and closing costs for every loan shown. Your broker will set deals from major and less popular lenders side by side in order to discover an agreeable deal, with rates and total costs that are lower.
By outsourcing, you can reduce the workload and get someone else’s professional advice. To be of assistance throughout the entire application and approval process, mortgage brokers do the bulk of the work. This includes handling all the paperwork, helping with applications for government ski schemes, answering questions and providing insight on other options and loan features you may not have given thought to. These features could include things such as drawdown facilities and options for making extra repayments and offset accounts. A noticeable difference can be made to your overall experience and the cost of your mortgage. In fact, if you don’t know so much about these concepts and the effects they could have, you can find clarification and get answers to any questions you may have during a phone call.
Access to exclusive non-advertised deals
There are exclusive deals that aren’t advertised by banks to which brokers have access. The banks push these deals on to brokers, who are in charge of selling the products. If you contact the bank yourself, you wouldn’t have access to the extra benefits you would otherwise get by speaking to a broker.
Unlike brokers who have access to the whole market to search for the best deals, banks can offer their own deals alone – and not the deals offered by other banks.
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
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. If you’re not on the lookout for them, you might not notice the subtleties that accompany loans. The difference to your mortgage could ultimately be made by these subtleties. If you have an experienced professional who can show you these things, you’ll be at a distinct advantage.
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 this industry? 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. For this reason, it’s necessary to find an honest and knowledgeable adviser, with ample experience. Our mortgage savings experts will make your task as easy and straightforward as possible. Why complicate things more than necessary, after all? Allow us to ease the entire process and obtain the best deals available for you.
Mortgage Saving Experts provide our clients with honest and transparent services that leave you feeling mortgages and insurance are less complicated than they first appear. All the mortgage and insurance applications we take care of at Mortgage Saving Experts are treated as if we own them. This is what we’re primarily concerned with. 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 assist! In essence “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Ickleford Mortgage Experts
Because we’re regulated by the Financial Conduct Authority (FCA), we strive to get you the best possible deal on the market. 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 a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.
Our mortgage and insurance experts are particularly good at listening to your current and future goals. We will then work together with you to reach these goals.
Why chose Mortgage Saving Experts?
After taking out a mortgage, you’ll get an initial rate for the first couple of years. At the end of this initial rate, this returns 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:
- With a deal better than the bank variable rate, you’ll subsequently save money.
- We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
- You can take time to relax, while we handle the stress for you.
- This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
- We compare, advise and arrange the best mortgage for you from thousands of available deals.
- You’ll receive expert advice and support throughout the entire mortgage process.
Our Approach to Mortgage Advice
The services we offer are personalised and take into account your unique needs. 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:
Our services are more remarkable than those of other mortgage brokers in Ickleford because:
- Understand your needs and circumstances via fact-finding.
- Explain the costs involved with buying and selling.
- Request applicable documents to aid the application.
- Propose and explain the likely mortgage.
- Get answers to any questions you might have.
- Get an agreement in principle.
- Get your whole mortgage application submitted.
- 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 offer expert advice on a wide variety of mortgage products. By working with our team, you’ll 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
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.
For each lender, the rules and ideas about this differ. 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 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 purpose of using one is straightforward enough. After all, if your car broke down and you knew nothing about cars, you wouldn’t try to fix it yourself. Instead, you would take it to a mechanic. With mortgages, the same principle applies. You can save on time, effort and even money with mortgage brokers, so you should use one. There are no charges 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. Study what you should do before the application, during the process of application, and how to utilise the mortgage after buying your property. If you would rather avoid any stress, speak to an adviser, who will guide you accordingly.
Your credit is vital.
A mortgage is of major importance. A lot of money has been risked by banks over the years; notably, they have been more and more cautious since the subprime mortgage crisis of 2008. To qualify for a mortgage, good credit is helpful, but not essential. Based on your present situation, we can also be your guide when it comes to how much you can afford to pay for your new home and what your price ceiling should be. Not only will we help you buy your dream home, we’ll also help you finance it with the lowest cost and most convenient mortgage deal available.
Re-mortgage your home
Basically, what you’re doing here is changing lenders to get a more suitable rate or cheaper deal. The two don’t automatically go hand in hand. Let me make it clearer. If your mortgage is a small one, you might find that it isn’t profitable paying an arrangement fee to a lender to secure 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.
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, do find out from your adviser.
A mortgage deal conducted at the right time is an effective way to cut the cost of your mortgage bills significantly. While a re-mortgage deal can be beneficial for some, it’s not the best move for everyone, as it all depends on your unique circumstances.
- Based on your individual circumstances, like…
- Mortgage debt isn’t so big.
- The financial situation is no longer the same.
- Expensive early repayment charge.
- Home value reduced.
- Existing credit problems.
- Present rate is just fine.
- We will advise you whether or not to pursue a re-mortgage.
Buy to Let
A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. 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 a few things you may need to be aware of when purchasing a buy to let property.
- The loan amount you can borrow is mostly based on the total rental income you receive.
- You’ll be required to pay a 3% stamp duty 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: Ask your solicitor/conveyancer to work out how much you’ll have to pay if you’re buying a second property. To find the best mortgage to match your requirements, a good adviser will know which questions you need to answer. To see if you’re eligible, reach out now to our advisers.
How Much Do Mortgage Brokers Charge?
A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. 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 enquire about how to make payments to brokers. 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. If for example, we are paid a commission of £495, we would ask you to pay a fee of £200, payable on production of your mortgage offer. Please note, we only take payments on a results-based arrangement.
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. In addition, they will perform a credit check to ensure your credit rating is sufficient for the purpose of a mortgage.
For a more accurate idea of how much you can borrow, get a decision in principle before you apply for a mortgage in full. Arrange for an appointment with one of our certified mortgage experts today. We can at least give you an idea, without having to do any credit checks at the initial stage.
The Latest Best Mortgage Rates
Whether you’re looking to re-mortgage, move home, find a first-time buyer mortgage or 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 Ickleford Expert Mortgage Broker
What Our clients say About us
Our list of happy clients in Ickleford is long and diverse. If you’re still not sure that we are the experts to get you the most suitable mortgage deal in Ickleford at the most affordable price, check out some of the things our clients have said about working with us. Reach out to us today for a personal experience of how effective our services are.
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. To provide insight and help you get started, find recent news on mortgages below.
Mortgage Regulatory Information
The majority of mortgages in the UK are made available by banks, building societies and specialised mortgage lenders. There is a total of 200 different financial institutions which offer mortgages in Britain, although Lloyds Banking Group and Nationwide Building Society owns the market’s largest share.
Even though UK banks and building societies have always been regulated closely, the FCA (formerly the Financial Services Authority) put a regulatory scheme in place for mortgages, because of the Financial Services Act 2000.
The FCA regulates the professional behaviour 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 originally set out in the rules for Mortgage Conduct of Business (MCOB), but these were overhauled as a result of the FCA Mortgage Market Review (MMR) in 2014.
In terms of their financial conduct, organisations collecting deposits in the UK fall under the Prudential Regulation Authority, the FCA’s sister organisation.
They make sure firms have capital large enough to cancel out their lending risks. If there is something bothering you about your mortgage provider, talking to them about it is the first step to take. If you don’t like how the issue has been dealt with, you can take your complaint 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 Get in contact with the Mortgage Saving Experts in Ickleford. You can reach them by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Ickleford 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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