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 purpose of mortgage brokers is to look for banks or direct lenders that will willingly provide the specific loan an individual would need.
Working with a mortgage broker in Puckeridge will help you get the mortgage loan you require at a favourable deal, without any unnecessary stress. If you work with a reputable mortgage broker and have a poor credit score or any other issues that could affect your mortgage application, your chances would be greatly improved.
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
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. Find out how your interest rate and total loan amount determines your mortgage repayments with this handy calculator. 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?
Working on your mortgage application with a mortgage broker in Puckeridge comes with many different benefits. Of these advantages, some of the more prominent 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.
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? As understandable as such thoughts are, it’s important to understand that mortgage brokers have nothing to gain by not working in your best interests.
The broker could actually be at a disadvantage if they cannot prove to you, their regulators, the Financial Conduct Authority or the Prudent Regulation Authority why they made the recommendations in respect of the mortgage in question. 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. Filing the pockets of a broker is of little value to a mortgage advisor company when compared to making sure customers have a positive experience.
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. 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. Mortgage brokers will interview you to identify your needs, as well as 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. 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
It’s never just about money. Saving some extra cash is great, but so is your time and sanity. Think of the amount of time you’d spend researching multiple loan types from multiple lenders. With a mortgage broker, you’ll only need one application, rather than completing forms for each individual lender. 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. 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. 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. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. These features can make a massive difference to your mortgage experience and overall costs. 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 deals are pushed by the banks on to the brokers, who are then charged with overseeing the sale of products. Going to the bank directly could cause you to miss out on added benefits such as these, which you can procure by speaking to a broker.
A bank can only sell their own deals – not those of the other banks as well – whereas a broker can search the whole market for the best 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. The experience and knowledge required for your best chance of approval the first time you apply is something brokers have in abundance.
Access to expert knowledge
The job of a mortgage broker is to help people secure loans. There’s much information and numerous exclusive deals available to them that you won’t find by yourself. There are small details accompanying loans that you might miss if you’re not looking for them. At the end of the day, these subtleties tend to improve your mortgage chances. It is a huge plus to have the services of an experienced expert to show these things to you.
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? Just like you’d acquire the services of a hairdresser to replenish damaged hair or a plumber for leaking pipes, a mortgage broker is an excellent option for any of 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 are not as complicated as they might first seem. That’s why finding honest advisers with invaluable experience and knowledge is so important. Our mortgage savings experts will make your task as easy and straightforward as possible. After all, why make everything more stressful than it ought to be? Allow us to secure the best deal possible for you and make everything straightforward.
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. All mortgage and insurance applications are handled like they’re our own at Mortgage Savings Experts. This is what we’re all 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! Approximately “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Puckeridge Mortgage Experts
Due to regulations by the Financial Conduct Authority (FCA), we must do all we can to get you the most suitable 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 team of mortgage insurance experts, who are enthusiastic, passionate and widely experienced.
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?
For the first few years after taking out a mortgage, you’ll be subject to an initial rate. The lender’s variable rate is implemented after the initial rate is complete. 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. Here are some of the other advantages you’ll enjoy if you work with us:
- You’ll get a better deal than the bank variable rate and subsequently save money.
- You won’t have to remember when the deal is due to end, as we will do this for you.
- While we deal with the stress on your behalf, you can sit back and ease your mind.
- We are good at what we do, so you’ll always be advised by professional mortgage experts.
- To arrange the best deal for you, we compare and dispense advice with regards thousands of mortgage deals.
- For the entire mortgage process, you will be expertly advised and supported.
Our Approach to Mortgage Advice
We provide personalised services and pay attention to all your specific needs. The approach we take 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 reasons our services are better than those of other mortgage services in Puckeridge include:
- Find out what your needs and circumstances are through fact-finding.
- Spell out the costs buying and selling involves.
- Ask for applicable documents necessary for the application.
- Recommend and explain all about the prospective mortgage.
- Proffer replies to any questions you might have.
- Obtain an agreement in principle.
- Have your full 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 provide professional advice on a broad 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
First Time Buyers are classified by the majority of mortgage lenders as those 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 rules and ideas on this are different across various lenders. Normally, being a First Time Buyer is no issue. To qualify for stamp duty relief as First Time Buyers, you must have never owned a property before, anywhere in the world.
Mortgage processes may look tough to negotiate, but they really don’t need 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. It is abundantly clear why you should use one. It stands to reason that you would contact a mechanic if your car became faulty – especially if you knew little or nothing about cars. It isn’t any different with mortgages. Mortgage brokers can save you time, effort and money, so why not use one? You won’t have to pay for the initial consultation.
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. 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 prefer otherwise, then instead speak to an adviser who will guide you through it.
Your credit is crucial.
A mortgage is of major importance. Banks put up a lot of money at their own risk. So much so, they’ve been very careful since the subprime mortgage crisis of 2008. To qualify for a mortgage, good credit is helpful, but not essential. 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. 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 always sit well together. Let me simplify this for you. It may seem unwise to pay an arrangement fee to another lender to get on a lower rate if you have a small mortgage. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any lender. 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. One benefit of re-mortgaging is that you’ll not normally pay for any valuation or solicitors fees, although 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, do find out from your adviser.
A smart way to significantly minimise the cost of your mortgage bills is to undertake a re-mortgage on time. Even though a re-mortgage deal is accompanied by various benefits, it might not the best choice for you, depending on your unique circumstances.
- Based on your individual circumstances, like…
- Mortgage debt is fairly minor.
- Financial circumstances have changed.
- Expensive early repayment charge.
- Home value reduced.
- Existing credit problems.
- Current rate is ideal.
- We will provide guidance to help you choose whether to re-mortgage.
Buy to Let
‘Buy to let’ properties are those you wish to purchase and then rent to tenants. You aren’t allowed to live in the property by law. If you’re a First Time Buyer, the number of available lenders will be restricted if you’re purchasing a buy to let, while extra checks would be carried out by the lender in such cases.
- There are a few things you may need to be aware of when purchasing a buy to let property.
- The amount of rental income you receive more or less affects how the loan amount you’re able to borrow.
- Other than your regular stamp duty, you will have to pay an extra 3% stamp duty on top.
- If the value of the property isn’t valued at the amount for which stamp duty becomes liable, you are still required to pay the extra 3% of purchase cost.
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?
Many mortgage brokers are paid commission from lenders, which represents a percentage of your mortgage loan. 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. Many independent brokers usually charge about £500 as a flat fee. 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 the commission we receive is less than £695, we then ask the client to make up the difference between what we have been paid in commission 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. The amount a lender will agree to lend is determined by a total affordability assessment, which will provide insight regarding your income, regular household expenditures and any credit card or loan commitments you might have. A credit check will be undertaken for mortgage purposes to confirm you have sufficient credit rating.
Prior to applying for a mortgage in full, obtain a decision in principle to form a clear picture with regards the amount you can borrow. Arrange to see one of our qualified mortgage experts today. 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 thousands of the latest mortgage deals to help you find exactly what you need.
Request a free quote from Mortgage Saving Experts, your Puckeridge Expert Mortgage Broker
What Our clients say About us
Our list of happy clients in Puckeridge is long and diverse. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Puckeridge at the lowest price, check out what some of our customers have to say about their experience with us. For a first-hand experience of just how amazing our services are, give us a call 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
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.
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.
Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. Strict rules are in place against using false or unfair adverts and promotions, in addition to checks to ensure the terms of contracts for financial services are fair for the consumer. The original regulations represented in the rules for Mortgage Conduct of Business (MCOB) were reconstructed due to the 2014 FCA Mortgage Market Review (MMR).
The Prudential Regulation Authority (a sister organisation to the FCA) presides over deposit-taking organisations in the UK, with regards their financial conduct.
They ensure firms have adequate capital levels to balance out their lending risks. Taking up the matter with your mortgage provider is the first step to take if you have any complaints about them. 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 Puckeridge. You can do so by calling us on 01273 738 072 for a friendly conversation.
What to Ask Your Puckeridge 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
- Mortgage Brokers in Pirton, Hertfordshire
- Mortgage Brokers in Potten-End, Hertfordshire
- Mortgage Brokers in Potters-Bar, Hertfordshire
- Mortgage Brokers in Potters-Crouch, Hertfordshire
- Mortgage Brokers in Preston, Hertfordshire
- Mortgage Brokers in Radlett, Hertfordshire
- Mortgage Brokers in Radwell, Hertfordshire
- Mortgage Brokers in Redbourn, Hertfordshire
- Mortgage Brokers in Redbournbury, Hertfordshire
- Mortgage Brokers in Reed, Hertfordshire