What is a mortgage broker?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. The purpose of mortgage brokers is to look for banks or direct lenders that will willingly provide the specific loan an individual would need.
With a mortgage broker in Colliers-Green, 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. 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. 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 Colliers-Green comes with many different benefits. Of these benefits, some of the most evident 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 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? While this train of thought is understandable, be assured that most mortgage brokers don’t have an incentive to work against 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. 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. A positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.
Finds The Most Advantageous Deal
A mortgage broker represents your interests, rather than those of a lending institution. They should act not only as your agent, but also as a knowledgeable consultant and problem solver. 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. You’ll be required to meet with the mortgage broker to document your needs, as well as your 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 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. If a borrower has credit issues for instance, the broker would know about lenders who have the best products available to meet their needs. 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 isn’t only about money. While it’s a good thing to save some extra money, your sanity and time matter just as much. Take into consideration the time you would need to research different kinds of loans from multiple lenders. You’d only need to complete one application with a mortgage broker, instead of filling out forms for every individual 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.
Reduce the workload for yourself and outsource it to someone who can provide professional 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. These features could include things such as drawdown facilities and options for making extra repayments and offset accounts. These types of features can make a significant difference to your mortgage cost and 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
There are exclusive deals that aren’t advertised by banks to which brokers have access. The banks pass these deals on to the brokers, who are responsible for 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.
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
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. 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 assist people with obtaining loans as part of their job. They have access to information and select deals you wouldn’t discover by yourself. 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. If you have an experienced professional who can show you these things, you’ll be at a distinct advantage.
Rather than putting time aside to research thousands of loans and several lenders – and still possibly miss important subtleties – why not let someone else who has 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 make your task as easy and straightforward as possible. After all, why make things more difficult than they need to be? Allow us to secure the best deal possible for you and make everything straightforward.
Mortgage Saving Experts provide an honest and transparent service that will leave our customers thinking that mortgages and insurance aren’t as daunting as they may seem. All mortgage and insurance applications are handled like they’re our own at Mortgage Savings Experts. This is what we’re all about. 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 are here to assist! In essence “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Colliers-Green Mortgage Experts
We make it our duty to get you the best deal the market has to offer, as we are regulated by the Financial Conduct Authority. We are required to justify our reasons for making the mortgage recommendations we do to both you and our regulators, so you can understand why you have the mortgage you have.
“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. We then work closely with you to achieve those goals.
Why chose Mortgage Saving Experts?
When you take out a mortgage, you’ll be subject to an initial rate for the first few years. The rate is raised to the lender’s variable rate after the initial rate ends. 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. Here are some of the other advantages you’ll enjoy if you work with us:
- You can save extra cash, because you’ll get a preferable deal to the bank variable rate.
- We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
- 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.
- You’ll receive expert advice and support throughout the entire mortgage process.
Our Approach to Mortgage Advice
We offer a personalised service that takes into consideration your unique needs. We approach mortgage advice using three basic 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:
What differentiates our services from those of other mortgage brokers in Colliers-Green includes:
- Understand your needs and circumstances via fact-finding.
- Clarify the costs related to buying and selling.
- Request applicable documents to aid the application.
- Provide explanations and recommendations for the prospective mortgage.
- Get answers to any questions you might have.
- Get an agreement in principle.
- Have your full mortgage application submitted.
- We will collaborate with your estate agent, solicitor and mortgage lender and reply to any questions through to completion.
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 commonly requested mortgage types we help with include:
First time buyers
Most mortgage lenders put people in the First Time Buyers category if they 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 ideas and rules differ from lender to lender. Typically, there are no problems with 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.
Mortgages may appear to be a rather difficult process, but they really don’t have to be. Buying your first home is one of the most exciting things ever, so if you find a reasonably priced, reputable broker to manage the process for you, do hire their services. The reason you should use one is quite apparent. 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 isn’t any different with mortgages. Mortgage brokers can help you save money, time and effort, so why don’t you use one? There are no charges 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. Find out what to do before applying for a mortgage; during the application process; and how to use it accordingly after purchasing 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 vital.
A mortgage is a major issue. A lot of money has been risked by banks over the years; notably, they have been more and more cautious since the subprime mortgage crisis of 2008. For mortgage eligibility, good credit helps, but isn’t vital. 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 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
Basically, what you’re doing here is changing lenders to get a more suitable rate or cheaper deal. They don’t always sit well together. Let me explain. 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.
Be careful. 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 because only your circumstances are considered at the time of re-mortgaging. So, please check with your adviser.
A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. 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 relatively small.
- The financial disposition is now different.
- Costly early repayment charge.
- Home value dropped.
- You’re dealing with credit problems.
- Already on a suitable current rate.
- We will guide you when deciding to re-mortgage or not.
Buy to Let
‘Buy to let’ properties are those you wish to purchase and then rent to tenants. You are not allowed to legally live in the property. If you’re purchasing a buy to let as a First Time Buyer, the number of lenders available will be restricted and there will be extra checks carried out by the lender in such cases.
- 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.
- You’ll still have to pay the extra 3% of the purchase price, even if the property isn’t valued as it should be 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?
A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. 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. 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 should be honest and up front, telling you the amount owed and the fee structure they have in place.
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. 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 is based on a number of factors, such as the amount you deposit, your income, the number of children you have, and any current debts you might have. 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. A credit check will be undertaken for mortgage purposes to confirm you have sufficient credit rating.
To be sure of how much you can borrow, obtain a decision in principle, prior to completing a full application. Arrange to see one of our qualified mortgage experts today. We can at least give you an idea, without having to do any credit checks at the initial stage.
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 recent mortgage deals in large quantities to help you find just what you want.
Request a free quote from Mortgage Saving Experts, your Colliers-Green Expert Mortgage Broker
What Our clients say About us
We have a list of clients in Colliers-Green that is both lengthy and diverse. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Colliers-Green at the lowest price, check out what some of our customers have to say about their experience 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. Below can be found recent news on mortgages to provide the insight you need to get started.
Mortgage Regulatory Information
Banks, building societies and specialised mortgage lenders account for the bulk of mortgage providers in the UK. There is a total of 200 different financial institutions which offer mortgages in Britain, although Lloyds Banking Group and Nationwide Building Society owns the market’s largest share.
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 regulates the professional behaviour of mortgage providers. 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. The original regulations represented in the rules for Mortgage Conduct of Business (MCOB) were reconstructed due to the 2014 FCA Mortgage Market Review (MMR).
With regards their financial conduct, deposit-taking firms in the UK come under the jurisdiction of FCA’s sister organisation, 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 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 Reach out to the Mortgage Saving Experts in Colliers-Green. For a brief and informal chat, call us now on 01273 738 072.
What to Ask Your Colliers-Green 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 Cliffsend, Kent
- Mortgage Brokers in Cliftonville, Kent
- Mortgage Brokers in Cobham, Kent
- Mortgage Brokers in Coldred, Kent
- Mortgage Brokers in Collier-Street, Kent
- Mortgage Brokers in Conyer, Kent
- Mortgage Brokers in Cooling, Kent
- Mortgage Brokers in Coombe, Kent
- Mortgage Brokers in Coursehorn, Kent
- Mortgage Brokers in Cowden, Kent