Mortgage Brokers in Elmfield, Isle-of-Wight

What is a mortgage broker?

A mortgage broker is sometimes considered a middle man who brokers loans in favour of people or businesses. Mortgage brokers strive to find a bank or direct lender that will agree to meet the particular loan an individual requires.

With a mortgage broker in Elmfield, you’ll have an easier time procuring the mortgage loan you need at the best possible terms. Even with complicated circumstances or a poor credit score, the ideal mortgage broker will boost your chances of getting a mortgage.

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 enter those values together with your term and press ‘Click to calculate’ to instantly see how much you’ll need to repay each month.

Mortgage Calculator
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Why Use A Mortgage Broker?

There are a variety of advantages that come with working on your mortgage application with a mortgage broker in Elmfield. Some of the most prominent benefits are:

Save Money

The possibility of saving money is the most obvious advantage of working with a mortgage broker. 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 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.

In truth, brokers have to provide viable reasons to you, their regulatory body, the Prudent Regulation Authority or the Financial Conduct Authority for recommending the mortgage they have. To not do so could lead to them facing significant problems. 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. For a mortgage advisor company, a positive user experience is higher on the value chain than lining the pockets of an individual broker.

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

Finds The Most Advantageous Deal

Your interests – and not those of the lending institution – will be represented by the mortgage broker. They should act not only as your agent, but also as a knowledgeable consultant and problem solver. 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. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. The simple use of a 30 or 15-year mortgage is inadequate for many situations, which is why sophisticated solutions and innovative strategies are the benefits of working with an experienced mortgage broker. This includes mortgage to raise capital for repayments, money for necessary home improvements or children, or even to buy other properties such as buy to lets.

Has Flexibility Expertise to Meet Your Needs

A mortgage broker will work with the client in any situation, as well as manage the process and take care of any bumps in the road that may occur. For example, if borrowers face credit issues, the broker will know which lenders offer the best products to meet their particular needs. 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 never just about money. Your time and sanity are just as important as saving some extra money. Take into consideration the time you would need to research different kinds of loans 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. 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. 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. 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. Some of these features can include drawdown facilities, offset accounts and options for extra repayments to name but a few. Your general mortgage experience and overall expenses can be largely affected by these features. 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

Brokers have access to exclusive deals that aren’t advertised by the banks. 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.

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. With the required knowledge and experience brokers possess, you’ll have a better chance at approval the first time around.

Access to expert knowledge

Mortgage brokers assist people with obtaining loans as part of their job. Helpful information and exclusive deals you won’t find yourself are accessible to them. There are small details accompanying loans that you might miss if you’re not looking for them. In fact, it is these small details that can make a difference to your mortgage in the long run. 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? A mortgage broker is a great choice for your home loan requirements, just as a plumber is for fixing a leaking pipe and a hairdresser for dealing with damaged hair.

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. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. 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? Let us simplify everything for you and ensure we get the best deal possible.

With the honest and transparent services customers receive at Mortgage Saving Experts, they will come to realise that mortgages and insurance are not as challenging as they seem. At Mortgage Saving Experts, we treat each mortgage and insurance application as if it were our own. This is what we do. 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’re here to help! In essence “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”

Our Team of Elmfield 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 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, passionate, enthusiastic and very experienced team of mortgage and insurance experts.

Our mortgage and insurance experts are particularly good at listening to your current and future goals. These goals will be achieved when we work with you intently.

Why chose Mortgage Saving Experts?

For the first few years after taking out a mortgage, you’ll be subject to an initial rate. After the initial rate period, the rate is then raised to the lender’s variable rate. Three months before this rate is up for renewal, our team will contact you again to put a new deal in place before your rate and monthly payments increase. Included below are the plus points of working with us:

  • The deal you’ll get is better than the bank variable rate, which in turn saves you money.
  • You won’t have to remember when the deal is due to end, as we will do this for you.
  • We can take care of the hard work for you while you relax.
  • We know our onions, so you’ll only ever be advised by 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 be provided expert advice and support right through the mortgage process.

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:

  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:

The things that make our services the best amongst mortgage brokers in Elmfield include:

  • Learn about your situation and needs via 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.
  • Respond to any questions you might have.
  • An agreement in principle should be obtained.
  • Get your whole mortgage application submitted.
  • Communicate with your solicitor, mortgage lender and estate agent to respond to any questions through to completion.
For a first-hand experience of how amazing our services are, give us a call today

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:

  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.

Every lender has different rules and ideas about this. There usually are no issues in being a First Time Buyer. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.

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. It is abundantly clear why you should use one. 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? You won’t have to pay for the initial consultation.

Buying a home

You should get to know more about mortgages if you’re thinking of buying a home in the near future or a few years to come. 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 of great importance.

A mortgage is serious issue. Since the subprime mortgage crisis in 2008, banks have trodden more carefully in terms of risking money up front. To be eligible for a mortgage, good credit is useful but not absolutely 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. 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

Effectively, all you’d be doing with this is changing to a different lender to find a better or more affordable 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. You might find it cheaper by going on a slightly higher rate and paying no arrangement fee to the lender at all. Even if the rate is lower, you could find that you chose a more expensive deal when you add it all up, hence the need to speak to someone before deciding.

Tread carefully. 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. This is due to the fact that it is based solely on your disposition at the time of re-mortgaging. So, please ask your adviser about it.

Performing a re-mortgage in time is a practical way to reduce your mortgage costs significantly. Depending on your circumstances, it might not be the ideal move for you – even though a re-mortgage arrangement certainly has its benefits.

  • Depending on your individual circumstances, such as…
  • Mortgage debt isn’t considerable.
  • There have been significant changes in financial disposition.
  • Costly early repayment charge.
  • Decrease in home value.
  • You are having trouble with credit.
  • Already on a suitable current rate.
  • We will provide guidance to help you choose whether to re-mortgage.

Buy to Let

A ‘buy to let’ property is one bought with a view to renting to others. You aren’t allowed to live in the property by law. 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 some things you might want to know when purchasing a buy to let property.
  • The rental income you receive is a primary factor when determining the size of the loan you can borrow.
  • 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: 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 find out if you qualify, contact our advisers today.

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. Depending on the type of mortgage you need – whether buy to let or residential mortgage for instance – and whether you’ve had any credit problems of late. The figure is often set at around 0.33%, although this varies widely. Most independent brokers charge a flat fee, which is typically around £500. Don’t forget to find out how brokers collect payment. They need to be totally clear, informing you of the fee structure they use and just how much you are due to be charged.

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. 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?

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. A total affordability assessment is required to determine how much a lender will agree to lend; this takes into account your income, any loan or credit card commitments you have, as well as regular household expenses. A credit check will be undertaken for mortgage purposes to confirm you have sufficient credit rating.

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 to see 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’re looking to re-mortgage, move home, find a first-time buyer mortgage or a buy-to-let, we can help. 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 Elmfield Expert Mortgage Broker

What Our clients say About us

The list of happy clients in Elmfield is a lengthy and diverse one. If you still have doubts about our ability to professionally provide the best deal in Elmfield at the cheapest price, see for yourself what some of our customers have said about their experience with us. For a personal experience to discover how effective our services are, contact 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. 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.

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 FCA monitors the professional conduct of mortgage providers. 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.

The Prudential Regulation Authority (a sister organisation to the FCA) presides over deposit-taking organisations in the UK, with regards their financial conduct.

They make sure firms have capital large enough to cancel out their lending risks. If you have a complaint about your mortgage provider, the first step is to take up the matter 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 touch with the Mortgage Saving Experts in Elmfield. For a brief and informal chat, call us now on 01273 738 072.

What to Ask Your Elmfield 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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