What is a mortgage broker?
A mortgage broker represents individuals or companies looking to broker mortgage loans. Mortgage brokers exist to find a bank or direct lender that will be willing to make the specific loan an individual requires.
If you work with a mortgage broker in Adisham, it won’t be so difficult to get a great deal on the mortgage loan you require. The right broker will also improve your chances of getting a mortgage, even if you have a poor credit score or are subject to any other circumstances that could complicate your mortgage application.
There are regulations in place to guide professional mortgage brokers and make sure they adhere to banking and finance laws in the jurisdiction of customers, so you can be sure you’re in good hands.
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. Use this handy calculator to see just how much your mortgage repayments are going to be, based on your total loan amount and interest rate. Find out how much you’ll have to repay every month instantly by simply entering those values with your term and pressing ‘Click to calculate’.
Why Use A Mortgage Broker?
There are a variety of advantages that come with working on your mortgage application with a mortgage broker in Adisham. Of these advantages, some of the more prominent include:
The most obvious benefit of choosing a mortgage broker is the potential to save money. 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? While this train of thought is understandable, be assured that most mortgage brokers don’t have an incentive to work against 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. Exclusive mortgage deals not found on the high street can be unearthed by many mortgage brokers, which could potentially cut the cost of the entire loan for the client. A reputable mortgage broker will disclose details of how they take payment for their services and convey the components which make up the entire mortgage cost. For a mortgage advisor company, a positive user experience is higher on the value chain than lining the pockets of an individual broker.
Finds The Most Advantageous Deal
Your interests – and not those of the lending institution – will be represented by the mortgage broker. Not only should the role of being your agent be their focus, they also need to be knowledgeable consultants and problem solvers. 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. Mortgage brokers will interview you to identify your needs, as well as short and long term goals. Simple 30 or 15-year mortgages are not sufficient in many cases, which is why innovative mortgages and sophisticated solutions are distinct benefits of working with experienced brokers. These include mortgages to raise capital for repaying debts, money for marital needs or children, home renovations or the purchase of other properties such as buy to lets.
Has Flexibility Expertise to Meet Your Needs
A mortgage broker navigates the client through any situation, handling the process and smoothing any bumps in the road along the way. For example, if borrowers face credit issues, the broker will know which lenders offer the best products to meet their particular needs. A broker will be beneficial in providing the necessary knowledge to source financing if a borrower requires a loan that’s larger than the bank would normally approve.
Save Time & Hassle
It’s never just about money. Saving some extra cash is great, but so is your time and sanity. Give a thought to the amount of time you’d have to invest when enquiring about various loan types from numerous lenders. Unlike working with different lenders – which would require you to complete different forms every time – you’d only need one form with a mortgage broker. Your mortgage broker can 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. Comparisons will be made by your broker between popular and less popular lenders to get you the most suitable deal, with lower rates and total cost.
Outsourcing the work to someone who can provide an expert opinion is a great way to relieve yourself of the burden involved. 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. These features could include things such as drawdown facilities and options for making extra repayments and offset accounts. These features can make a massive difference to your mortgage experience and overall costs. 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 that aren’t advertised by the banks. The banks pass these deals on to the brokers, who are responsible for selling the products. Contacting a broker will unlock these extra benefits you would miss out on if you were to approach the bank yourself.
Unlike brokers who have access to the whole market to search for the best deals, banks can offer their own deals alone – and not the deals offered by other banks.
Better chance of pre-approval success
A mark is left on your credit rating if your request for an Agreement in principle/Decision in principle of a loan is turned down. Brokers are knowledgeable and have the much-needed experience to give you a better shot at approval the first time you apply.
Access to expert knowledge
Mortgage brokers help people secure loans 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. The difference to your mortgage could ultimately be made by these subtleties. 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? Just as you would contact a plumber for a leaking pipe or a hairdresser to replenish damaged hair, a mortgage broker is an excellent choice for all 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. That’s why finding honest advisers with invaluable experience and knowledge is so important. Our Mortgage Saving Experts will make your journey as seamless and transparent as possible. Why complicate things more than necessary, after all? Let us simplify everything for you and ensure we get the best deal possible.
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 handle every single mortgage and insurance application like they belong to us. These are the things we’re about. 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. We’re here to help! In essence “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”
Our Team of Adisham 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 you and our regulators why we recommend the mortgages we do, so you know exactly why you have the mortgage you have.
“Down to Earth Mortgage”
We are a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.
Our mortgage and insurance experts will pay attention to you and understand all your current and future objectives. 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. 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:
- 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 a breather, while we do the bulk of the work.
- 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.
- For the entire mortgage process, you will be expertly advised and supported.
Our Approach to Mortgage Advice
The services we offer are personalised and take into account your unique needs. We take three basic steps in our approach to mortgage advice:
- 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 things that make our services the best amongst mortgage brokers in Adisham include:
- 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.
- Recommend and explain all about the prospective mortgage.
- Respond to any questions you might have.
- Collect an agreement in principle.
- Get your whole mortgage application submitted.
- Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.
Mortgage Types We Provide Expert Advice On
We advise our clients expertly on a vast selection 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 classed by most mortgage lenders as people who have either:
- Never owned a property or
- People who have owned a property in the past, but not owned one for six months or more.
The rules and ideas on this are different across various lenders. There usually are no issues in being a First Time Buyer. To qualify for stamp duty relief as First Time Buyers, you must have never owned a property before, anywhere in the world.
The mortgaging process might appear to be challenging, but this isn’t necessarily so. 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. 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. 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
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. Learn what to do when applying, within the application process and even how to use a mortgage after buying your home. If you would rather not take this approach, then instead contact an adviser, who will be able to walk you through the process.
Your credit is crucial.
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. For mortgage eligibility, good credit helps, but isn’t vital. We can also provide guidance about the amount you can afford to pay for your new home and what should be your maximum offer, based on your current circumstances. We will help you with funding, the lowest cost and most suitable deal on offer, in addition to helping you buy your dream home.
Re-mortgage your home
In essence, the only thing you’re doing here is swapping one lender for another to get a cheaper deal or better rate. The two of them don’t have to go hand in hand. Let me clarify this. 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. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any lender. Asking for advice before making up your mind about the deal is important, so that you don’t end up with a more expensive deal on the whole, even at a lower rate.
Be careful. A notable benefit of re-mortgaging is the absence of solicitors or valuation fees, even though some people are not eligible for this. This is due to the fact that it is based solely on your disposition at the time of re-mortgaging. So, please make enquiries with your adviser.
A smart way to significantly minimise the cost of your mortgage bills is to undertake a re-mortgage on time. While a re-mortgage deal can be beneficial for some, it’s not the best move for everyone, as it all depends on your unique circumstances.
- Depending on your individual circumstances, such as…
- Mortgage debt is fairly minor.
- The financial situation is no longer the same.
- Costly early repayment charge.
- A reduction in home value.
- You have credit problems.
- Present rate is just fine.
- We will advise you whether to re-mortgage or not.
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.
- When purchasing a buy to let property, there are a few things you’ll need to know.
- 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.
- 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. A reputable adviser will know just what questions to ask in order to figure out the best mortgage for your specific needs. To see if you’re eligible, reach out now to our advisers.
How Much Do Mortgage Brokers Charge?
A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. While the figure varies widely, it is generally set at around 0.33%, depending on the type of mortgage you require. For example, this could be a residential mortgage or buy to let and would take into account whether you’ve had any credit troubles recently. A flat fee of roughly £500 is usually charged by the majority of independent brokers. Be sure to ask brokers how you can pay them. They must be completely transparent, telling you how much is being charged and what fee structure they use.
Our fee structure is based upon charging the client £695; any commission which is received from the mortgage lender is deducted from that figure If the commission paid to us falls short of £695, our client will then be asked to make up the difference between the commission we receive and the figure of £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?
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. In addition, they also perform a credit check to make sure your credit rating is suitable for mortgage purposes.
Get a decision in principle before you finish your mortgage application; this way, you can form a clearer idea with regards the amount you can borrow. Arrange an appointment with 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
Our services are available whether you want to re-mortgage, move home, purchase a buy to let or procure a first-time buyer mortgage. We compare thousands of the latest mortgage deals, so you can find the one you’re after.
Request a free quote from Mortgage Saving Experts, your Adisham Expert Mortgage Broker
What Our clients say About us
We have a list of clients in Adisham that is both lengthy and diverse. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Adisham 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 available when looking for the most suitable mortgage deal, the more beneficial this is for you. To provide insight and help you get started, find recent news on mortgages 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.
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.
The FCA regulates the professional behaviour of mortgage providers. Tough rules are in place concerning checks that ensure customers are fairly treated in terms of contracts for financial services, as well as misleading and unfair adverts and promotions. 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 ensure firms have a sizeable enough capital to balance out their lending risks. For lodging complaints about your mortgage provider, the first step is to take it up with 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 touch with the Mortgage Saving Experts in Adisham. You can do this by dialling 01273 738 072 for a friendly chat.
What to Ask Your Adisham 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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