Mortgage Brokers in North-Mymms, Hertfordshire

What is a mortgage broker?

To broker a mortgage loan, a mortgage broker will act as a link on behalf of an individual or business. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.

With a mortgage broker in North-Mymms, you’ll have an easier time procuring the mortgage loan you need at the best possible terms. 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.

Also, you can rest easy knowing that professional mortgage brokers must work within regulations that require their compliance to banking and finance laws in the jurisdiction of the consumer.

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. Find out how your interest rate and total loan amount determines your mortgage repayments with this handy calculator. To immediately determine how much you’ll have to repay each month, simply enter the values and your term before pressing ‘Click to calculate’.

Mortgage Calculator
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Why Use A Mortgage Broker?

Working on your mortgage application with a mortgage broker in North-Mymms comes with many different benefits. Of these benefits, some of the most evident include:

Save Money

Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. You’ll be required to complete a few details, but the hard work is managed by an experienced professional, who has your best interests in mind.

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? Even though this line of thought is understandable, you can rest easy, because not working in your best interests is in no way profitable to a mortgage broker.

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.

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

Finds The Most Advantageous Deal

A mortgage broker will work towards protecting your interests, rather than those of the lending institution. In addition to being your agent, they should also be knowledgeable consultants and problem solvers. 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. Mortgage brokers will interview you to identify your needs, as well as short and long term goals. Many situations demand more than the simple use of a 30-year or 15-year mortgage. Therefore, innovative mortgage strategies and sophisticated solutions are distinct advantages of working with an experienced mortgage broker. These include mortgage to raise capital for repaying debts, money for the children or essential home improvements, or even to enable the purchase of other properties such as 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. 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. Borrowers who find they need larger loans than their bank will approve can also benefit from a broker’s knowledge and ability to successfully obtain financing.

Save Time & Hassle

It isn’t only about money. While it’s a good thing to save some extra money, your sanity and time matter just as much. Give a thought to the amount of time you’d have to invest when enquiring about various loan types from numerous lenders. You’d be required to fill out just one application with a mortgage broker, unlike completing one for every different 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. Major lenders and those not so popular will be compared by your broker to seek out the most suitable deal for you, in terms of 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. A few of the features may include options to make extra repayments, as well as drawdown facilities 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

Brokers have access to exclusive deals which the banks do not announce. The deals are pushed by the banks on to the brokers, who are then charged with overseeing the sale of products. Talking to a broker can release these extra perks, which you’d otherwise not enjoy by contacting the bank yourself.

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

When you request an Agreement in principle/Decision in principle of a loan and are refused approval, this shows up 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

Mortgage brokers assist people with obtaining loans as part of their job. 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. At the end of the day, these subtleties tend to improve your mortgage chances. It’s beneficial to have an experienced professional to point out these things for you.
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

Contrary to how they might seem initially, mortgages and insurance are not so difficult. Finding an adviser who is reliable, knowledgeable and has significant experience is very important for this reason. Our Mortgage Saving Experts will make your journey as seamless and transparent as possible. 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 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. This is what we do. Mortgage Saving Experts are here, no matter what the circumstances, whether you’re a landlord, first time buyer, moving on to a new chapter or just re-mortgaging. Assisting you is the reason we’re here! In essence “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”

Our Team of North-Mymms 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 need to provide justification to our customers and regulators for recommending the mortgages we do, so you understand just why you have that particular mortgage.

“Down to Earth Mortgage”

Our team of mortgage insurance experts is made up of honest, passionate, enthusiastic and widely experienced individuals.

Our mortgage and insurance experts pride themselves on listening to what your current and future objectives are. These goals will be achieved when we work with you intently.

Why chose Mortgage Saving Experts?

When you take out a mortgage, you’ll be subject to an initial rate for the first few years. After the initial rate period, the rate is then raised to the lender’s variable rate. Before your monthly payment and rate are increased, our team will reach contact you to arrange a new deal roughly three months prior to the date of renewal. Other benefits of working with us include:

  • You’ll save some money, as the deal you get is better than the bank variable rate.
  • You won’t have to remember when the deal is due to end, as we will do this for you.
  • You can take time to relax, while we handle the stress for you.
  • We know our stuff; you’ll always receive pertinent advice from a qualified mortgage expert.
  • Comparing, advising and setting up the best possible mortgage deal from amongst the many available is what we do.
  • 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. 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:

What makes our services superior to those of other mortgage brokers in North-Mymms includes:

  • Get to determine your situation and requirements by fact-finding.
  • Clarify the costs related to buying and selling.
  • Request all documents related to the application.
  • Provide explanations and recommendations for the prospective mortgage.
  • Proffer replies to any questions you might have.
  • Collect an agreement in principle.
  • Have your entire mortgage application sent in.
  • 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 dispense expert advice on a wide range 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 frequently requested types of mortgage we assist with include:

First time buyers

Many mortgage brokers consider First Time Buyers people who have either:

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

The ideas and rules differ from lender to lender. Normally, being a First Time Buyer is no issue. First Time Buyers must not have owned property anywhere in the world before to be eligible for stamp duty relief for stamp duty purposes.

The mortgaging process might appear to be challenging, but this isn’t necessarily so. 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. Why you should use one is pretty obvious. If you have no knowledge about cars and yours develops a fault, you would call a mechanic rather than attempt to fix it yourself. It’s the same with mortgages. You can cut down on cost, effort and time with mortgage brokers, so why not use one? The initial consultation comes at no cost at all.

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). Learn what to do before applying for a mortgage; what to watch for during the process; and how to use a mortgage after you’ve bought your home. If you can’t deal with all of that, talk to an adviser who will provide guidance accordingly.

Your credit is crucial.

A mortgage is not to be taken lightly. Since the subprime mortgage crisis in 2008, banks have trodden more carefully in terms of risking money up front. Good credit helps to qualify for a mortgage, but it isn’t a necessity. If your credit score is low or there are other circumstances that might complicate your mortgage application, we have the expertise to provide all the necessary guidance to help you qualify for the best mortgage deal for your dream home. 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. The two of them don’t have to go hand in hand. Let me explain. 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. It may seem cheaper to be on a slightly higher rate than pay an arrangement fee to another lender. It’s always best to speak with someone before deciding which deal to go for, as you don’t want to be caught out by being tied to a more expensive deal overall, even if the rate is much lower.

Focus on any small print. One upside to re-mortgaging is that your usually not required to pay for valuation or solicitors fees, although some people don’t qualify for this. Any reasoning depends solely on your circumstances 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. Even though a re-mortgage deal is accompanied by various benefits, it might not the best choice for you, depending on your unique circumstances.

  • Depending on your unique needs, like…
  • Mortgage debt isn’t so big.
  • The financial situation is no longer the same.
  • Costly early repayment charge.
  • Home value reduced.
  • You have credit problems.
  • Present rate is just fine.
  • 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’. Legally, you aren’t allowed to 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 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: If you’re purchasing a second property, ask your conveyancer/solicitor about the figure you’ll have to pay. To find the best mortgage to match your requirements, a good adviser will know which questions you need to answer. Get in touch with our advisers to find out if you qualify.

How Much Do Mortgage Brokers Charge?

Most mortgage brokers get paid commission from lenders, which will be a percentage of the mortgage loan you receive. This is often about 0.33%, even though it largely varies, based on your mortgage needs. For example, a residential mortgage or buy to let and if you’ve had any credit issues 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 transparent, telling you how much is being charged and what fee structure they use.

The fee structure we adopt is based upon charging the client £695 and deducting from that figure any commission paid by the mortgage lender. 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. 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?

A lot of factors influence this, like the number of children you have, the deposit amount, your income and any debts you might have in the background. The amount a lender would be willing to lend is dependent on a comprehensive affordability assessment that helps them understand your income, as well as any loan or credit card commitments you might have and everyday household expenses. For mortgage purposes, they will also perform a credit check to be sure you have an adequate credit rating.

To get an idea of the amount you can loan, get a decision in principle before applying for a mortgage in full. Arrange for an appointment with one of our certified mortgage experts today. Initially, we can at least give you an idea, without needing to conduct any credit checks.

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 North-Mymms Expert Mortgage Broker

What Our clients say About us

Our list of happy clients in North-Mymms is long and diverse. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in North-Mymms at the cheapest cost, see what some of our customers have got to say about working 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 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

Building societies, specialised mortgage lenders and banks provide the most mortgages across the UK. Although a big portion of the market share is owned by Lloyds Banking Group and Nationwide Building Society, all together there are 200 different financial institutions providing mortgages in Britain.

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.

Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. There are strict rules regarding the use of unfair, misleading adverts and promotions, as well as checks to make sure the terms of any contract for financial services are fair for the consumer. Regulations were formerly presented in the rules for Mortgage Conduct of Business (MCOB), although they were changed due to the FCA Mortgage Conduct of Business (MMR) of 2014.

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 make sure firms have a substantial level of capital to offset their lending risks. The first step in tackling any issue you have with regards your mortgage provider 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 Get in contact with the Mortgage Saving Experts in North-Mymms. For a brief and informal chat, call us now on 01273 738 072.

What to Ask Your North-Mymms Mortgage Broker?

What happens if you don’t respond to my messages within that timeframe?

This is a valid follow-up question. Remember, insist on receiving a specific answer. As soon as your questions are answered, find out about the broker putting both claims down on paper. The seriousness of these claims will be all too evident.

How quickly will you respond to my messages?

You don’t want a broker who can’t respond sufficiently to any issues that could arise during the application process, hence the need for this question. Be forceful in asking for a specific answer: for example, say “within three hours” rather than “quickly”.

How much hand-holding is involved during the buying process?

This question is necessary to ascertain whether you will be closely guided by the broker (through this potentially complicated and stress-filled process) or be expected to figure things out on your own.

Why should I choose you rather than another broker?

Knowing you’re in safe hands is important, as it can be both complicated and stressful when purchasing property and organising finance. This makes it necessary to make sure brokers answer this question before you decide on who to work with. Don’t let the broker get away with vague statements like “Because I’m the best” or “Because I provide great service”. More details can be acquired by using follow-up questions.
  • “Why exactly are you the best?”
  • “In what way do you deliver great service?”

What sort of clients do you specialise in?

Another necessary question to ask. The reason is that while many borrowers work only with ‘plain vanilla’ clients, many others may prefer complex investors or borrowers with credit issues. Hypothetically speaking, Broker A may have worked on 450 regular loans and 50 bad-credit loans, while Broker B may have worked on 50 regular loans and 250 bad-credit loans. Therefore, if you were a borrower with credit problems, you might be better off with Broker B. Then, ask questions regarding their standard of customer service.

What will the true cost of my home loan be?

A good way to benefit from their experience and specialist knowledge is to ask them to figure out just how much your home loan will cost. A mortgage illustration with the actual cost attached can be sourced by your broker, depending on factors such as whether you’ll pay repayment or interest only; the length of your loan term; the size of the deposit you have in place; and the rates payable. This is usually reflected in the Annual Percentage Rate (APR). To significantly reduce the total cost of your loan, the loan term can be minimised and the deposit maximised. Determining exactly how much your home loan will cost requires much more work. Upfront fees need to be included in the entire cost; these include valuation fees, conveyancing and legal fees. For instance, using drawdown facilities can incur ongoing fees. Even though it’s not possible to foretell the exact cost of your mortgage in figures – and we can’t rule out the fact that things may change that can affect your ability to pay - a broker can put all the relevant details into perspective. Recommendations can be made by Mortgage Saving Experts for the protection and insurance of you and your family to provide for all of life’s unfortunate eventualities. Our team of advisers will utilise this information to help figure out the best possible loan for you.

How much can I borrow?

The big question plaguing home buyers tends to be “How much can I borrow?” Several factors affect the maximum amount, because lenders are all different in this area. In most cases, you can borrow up to roughly five times your gross annual salary, but in some instances, you may be able to borrow up to 5.5 times your gross annual income. We can get a much clearer indication of your borrowing capacity once you get in touch with us. Brokers act as middlemen between you and the lender. Lenders will require information concerning your debts, living expenses, credit score and any dependents you might have. All these details can be factored into the best loan by a broker. Home loan terms can also be explained to you by a broker, such as Loan-to-Value (LTV), which is in effect a percentage of the full loan amount you are seeking as a percentage of the property purchase value. They can also explain things like the differences in interest rates and repayment types, such as Interest Only and Repayment (Capital and Interest).

How many loans have you written during that time?

Asking this question as a follow-up is prudent, because it will give you a better understanding of the broker’s overall experience. For instance, consider that two imaginary brokers joined the industry in 2013, but while one has written 500 loans in that time, the other has written just 300. In that case, despite spending the same amount of time in the industry, the differences in their hand-on experience would be all too obvious.

How much experience do you have?

This is a good starting point, as a suitably experienced broker will certainly know more than a less experienced one. Press for specific responses like “10 years” or “I’ve been in the mortgage industry since 2005”, as opposed to vague answers, such as “I’m very experienced in that area”.

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

Want to know more?

Get in touch with of our mortgage saving experts today to find out how we can help.

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