What is a mortgage broker?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.
You’ll have a stress-free time getting a great deal on the mortgage you need in Afton if you work with a mortgage broker. 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.
With regulations in place to make sure professional mortgage brokers follow banking and finance laws in the relevant customer jurisdiction, you won’t have to worry about being in the wrong hands.
Handy Tools and Calculators
You can easily plan your future once you have an idea of the maximum you can borrow and how much the loan will cost. Find out how your interest rate and total loan amount determines your mortgage repayments with this handy calculator. 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?
Working on your mortgage application with a mortgage broker in Afton comes with many different benefits. Some of the most obvious of these benefits are:
The possibility of saving money is the most obvious advantage of working with a mortgage broker. 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? 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.
If the broker cannot provide genuine reasons for recommending the mortgage they have (to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority), then they could be in serious trouble. To potentially reduce the cost of the entire loan, there are some mortgage brokers who can secure exclusive mortgages deals not available on the high street. Reputable mortgage brokers communicate how they expect to be paid for their services, as well as outline the details of the entire 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
Your interests – and not those of the lending institution – will be represented by the mortgage broker. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. A broker has access to many different mortgage products and can therefore offer you great value in terms of relation interest rates, loan products and repayment amounts. You’ll be required to meet with the mortgage broker to document your needs, as well as your short and long term goals. Sophisticated solutions and innovative mortgages are distinct advantages of working with experienced broker, because simple 15 or 30-year mortgages aren’t enough in some situations. These include mortgages to raise capital for debt repayment, money for your children, important home renovations or even the purchase of 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, brokers would know the lenders that can make available the best products for clients with credit issues. 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’s not all about money. As much as it’s important to save some extra money, your time and sanity are important as well. Imagine how much time it would take to find out about the numerous types of loans available from multiple lenders. You would only have to fill out one application form, instead of one for every lender you have to work with. 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.
Take some of the work off your shoulders and outsource it to someone who can offer expert advice. Mortgage brokers do the legwork for you by supporting you throughout the application and pre-approval process. This includes completing all paperwork, answering questions, helping you apply for government schemes and shedding light on options and loan features you may not have considered or even known about. Some of these features can include drawdown facilities, offset accounts and options for extra repayments to name but a few. These features can make a massive difference to your mortgage experience and overall costs. 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
Exclusive deals not advertised by banks can accessed by mortgage brokers. 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
Whenever you request an Agreement in principle / Decision in principle of a loan, this leaves a mark on your credit rating if you’re refused. With the required knowledge and experience brokers possess, you’ll have a better chance at approval the first time around.
Access to expert knowledge
Helping people secure loans is what mortgage brokers do for a living. They can access useful information and exclusive deals you likely couldn’t find yourself. There are small details accompanying loans that you might miss if you’re not looking for them. It’s these subtleties that can make a difference to your mortgage in the long haul. If you have an experienced professional who can show you these things, you’ll be at a distinct advantage.
Instead of removing a chunk of your day to conduct voluminous research of loans and multiple lenders as well as possibly missing important subtleties, why not give the work to a person who has ample industry experience? 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 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 ease the process for you and make it as simple as possible. Why make things harder than necessary, after all? Allow us to secure the best deal possible for you and make everything straightforward.
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. At Mortgage Saving Experts, we treat each mortgage and insurance application as if it were our own. This is what we’re primarily concerned with. 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 are here to assist! Fundamentally “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Afton 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, enthusiastic and passionate team of mortgage insurance experts, with years of industry experience.
Your current and future goals will be identified by our mortgage insurance experts after talking with you. These goals will be achieved when we work with you intently.
Why chose Mortgage Saving Experts?
You’ll get an initial rate for the first few years after taking out a mortgage. 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. Here are some of the other advantages you’ll enjoy if you work with us:
- The deal you’ll get is better than the bank variable rate, which in turn saves you money.
- We can provide updates relating to the end of your deal, so you need not worry.
- We can take care of the hard work for you while you relax.
- We know our stuff; you’ll always receive pertinent advice from a qualified mortgage expert.
- We compare thousands of deals, so can advise you accordingly and arrange the very best.
- Expert advice and support will be available to you through 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 Afton because:
- Understand your needs and circumstances via fact-finding.
- Clarify the costs related to buying and selling.
- Request all documents related to the application.
- Propose and explain the likely mortgage.
- Reply to any questions you have.
- An agreement in principle should be obtained.
- Have your full mortgage application submitted.
- Communicate with your solicitor, mortgage lender and estate agent to respond to any questions through to completion.
Mortgage Types We Provide Expert Advice On
We dispense expert advice on a wide range of mortgage products. Working together with us, finding the most suitable mortgage product to suit your needs won’t be difficult at all. Amongst the mortgage types we’re commonly asked to handle are:
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. 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.
Mortgage processes may look tough to negotiate, but they really don’t need 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. 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. The same applies to 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). 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’d prefer a different approach, then speak to an adviser who can guide you through it.
Your credit is of great importance.
A mortgage is a major issue. 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. We can also guide you with regards how much you can afford to pay for your new home and what should be your price ceiling, based on your current situation. Helping you buy your dream home is not all we do; we will also help you finance it with the lowest cost and most beneficial mortgage deal available.
Re-mortgage your home
In short, this means you’ll switch from one lender to another to get a more affordable rate or cheaper deal. The two don’t automatically go hand in hand. Let me make it clearer. If you have a small mortgage, you’ll probably find it’s not worthwhile paying an arrangement fee to the lender just to go on a lower rate. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any 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.
Focus on any small print. One advantage of re-mortgaging is that you won’t have to pay any valuation or solicitors fees. That said, not everyone is eligible for this exemption. The reason is that it is based on your disposition alone at the time of re-mortgaging. So, please make enquiries 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.
- Based on your individual circumstances, like…
- Mortgage debt isn’t considerable.
- Financial circumstances have changed.
- Early repayment charge is on the high side.
- A drop in the value of your home.
- You have credit problems.
- Current rate is ideal.
- We will advise you whether to re-mortgage or not.
Buy to Let
A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. Legally, you aren’t allowed to live in the property. 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 loan amount you can borrow is largely dependent on the rental income you receive.
- A payment in respect of an extra 3% stamp duty will be required after your normal stamp duty.
- If the property is below the value at which stamp duty becomes liable, you will still have to pay the extra 3% of the purchase price.
TIP: You should ask your solicitor/conveyancer to figure out how much you must pay when considering buying a second property. 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?
The majority of mortgage brokers receive commission from lenders, which is a percentage of the mortgage loan you secure. This is usually around 0.33%, although this does vary massively, depending on what mortgage you require. For example, this would take into account buy to let or residential mortgages and whether you’ve had any credit problems in the recent past. Most independent brokers charge a flat fee, which is typically around £500. Be sure to enquire about how to make payments to brokers. They must be completely transparent, telling you how much is being charged and what fee structure they use.
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 we are paid a commission less than £695, the client is then asked to pay the necessary difference to top it 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?
This depends on several factors, such as the deposit value and how much you earn, how many children you have, as well as what debts (if any) you have in the background. How much a lender is willing to lend is based upon a full affordability assessment, whereby they will look to understand your income, as well as any loan or credit card commitments and regular essential household expenditure. Other than this, they will also carry out a credit check to ensure you have an agreeable credit rating for mortgage purposes.
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 an appointment with 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
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 between thousands of recent mortgage deals to help you find the one you want.
Request a free quote from Mortgage Saving Experts, your Afton Expert Mortgage Broker
What Our clients say About us
The list of happy clients in Afton is a lengthy and diverse one. If you’re still not sure that we are the experts to get you the most suitable mortgage deal in Afton 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
Having more information at your disposal when looking for the most ideal mortgage deal places you in a more advantageous position. To help you begin on the right path, find recent insightful mortgage news below.
Mortgage Regulatory Information
Building societies, specialised mortgage lenders and banks provide the most mortgages across the UK. All in all, there are 200 different financial institutions offering mortgages in Britain, although Lloyds Banking Group and Nationwide Building Society have the largest share of the market.
Even with regulations in the UK that closely guide banks and building societies, a regulatory scheme was set up just for mortgages (as a result of the Financial Services Act 2000) by the FCA (the former Financial Services Authority).
Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. 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 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.
Deposit-taking organisations in the UK are under the jurisdiction of the Prudential Regulation Authority (a sister organisation to the FCA) for their financial conduct.
They make sure firms have a substantial level of capital to offset 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 Afton. You can do this by dialling 01273 738 072 for a friendly chat.
What to Ask Your Afton 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.
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