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. 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 East-Sutton, 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.
Because professional mortgage brokers are regulated to assure compliance with banking and financial laws in the jurisdiction of the consumer, you can be assured you’re in good hands.
Handy Tools and Calculators
With an estimate in mind – in terms of how much you can borrow and cost of the loan – you’ll be able to plan your future more easily. 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. 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?
Working with a mortgage broker for your mortgage application in East-Sutton can be beneficial in various ways. Some of the most obvious of these benefits are:
The most visible benefit of choosing to work with a mortgage broker is that you will likely save money. You’ll just need to fill out some details and an experienced professional with your best interests in mind will deal with the hard work.
With limited understanding on the concept of mortgage brokers, some people don’t fully trust this, believing there must be a catch at some point. 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. 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. Reputable mortgage brokers communicate how they expect to be paid for their services, as well as outline the details of the entire loan. Positive user experience is much more valuable to a mortgage advisor company than padding out an individual broker’s pocket.
Finds The Most Advantageous Deal
A mortgage broker will always be in favour of your own interests and not those of the lending institution. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. You can get the best value as per interest rates, loan products and repayment amounts thanks to the wide range of mortgage products to which a broker has access. Mortgage brokers will interview you to identify your needs, as well as short and long term goals. Many situations demand more than the simple use of a 30-year or 15-year mortgage. Therefore, innovative mortgage strategies and sophisticated solutions are distinct advantages of working with an experienced mortgage broker. These include mortgage to raise capital for repaying debts, money for the children or essential home improvements, or even to enable 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. 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. Your time and sanity are just as important as saving a bit of extra cash. Consider how much time it would take you to research multiple loan types 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 recommended loans can be made available by your broker to provide information that would clearly show the differences in cost, including current rates and the costs of closing each of the loans. 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.
Reduce the workload for yourself and outsource it to someone who can provide professional 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. Your general mortgage experience and overall expenses can be largely affected by these features. Better still, if you’re not well versed with these concepts and how they could affect you, your broker can clarify answer questions you may have over the phone.
Access to exclusive non-advertised deals
There are exclusive deals that aren’t advertised by banks to which brokers have access. 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.
A bank can provide access to their own deals (not those offered by other banks), but brokers can gain access to the entire market to find the best deals.
Better chance of pre-approval success
If you’re knocked back after requesting an Agreement in principle/Decision in principle of a loan, this will leave a mark against your credit rating. You’ll need the necessary knowledge and experience a broker has to secure approval on your first attempt.
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. Loans come with certain subtleties you could miss if you’re not looking out 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 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. Finding an adviser who is reliable, knowledgeable and has significant experience is very important for this reason. Our Mortgage Saving Experts will make your journey as seamless and transparent 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. 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 are here to assist! Approximately “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of East-Sutton 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”
We are an honest, passionate, enthusiastic and very experienced team of mortgage and insurance experts.
Your current and future goals will be identified by our mortgage insurance experts after talking with you. We will make these goals happen by working meticulously alongside you.
Why chose Mortgage Saving Experts?
After taking out a mortgage, you’ll get an initial rate for the first couple of years. After the initial rate period, the rate is then raised to the lender’s variable rate. 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. Some other reasons for which it’s beneficial to work with us include:
- You can save extra cash, because you’ll get a preferable deal to the bank variable rate.
- We can provide updates relating to the end of your deal, so you need not worry.
- You can take time to relax, while we handle the stress for you.
- We know our business, so you’ll only be advised by qualified mortgage experts.
- To arrange the best deal for you, we compare and dispense advice with regards thousands of mortgage deals.
- You’ll receive expert advice and support throughout the entire mortgage process.
Our Approach to Mortgage Advice
The services we offer are personalised and take into account your unique needs. Three simple steps are taken 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:
What makes our services superior to those of other mortgage brokers in East-Sutton includes:
- Learn about your situation and needs via fact-finding.
- Explain the costs involved with 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 will be put in place.
- Send in your entire mortgage application.
- Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.
Mortgage Types We Provide Expert Advice On
We offer expert advice on a wide variety of mortgage products. In choosing to work with our team, finding the ideal mortgage product to meet your needs will be relatively easy. Mortgage types that we’re frequently asked to handle include:
First time buyers
Many mortgage brokers consider First Time Buyers 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.
Every lender has different rules and ideas about this. Typically, there are no problems with being a First Time Buyer. First Time Buyers must not have owned property anywhere in the world before to be eligible for stamp duty relief for stamp duty purposes.
Mortgages can seem a daunting process, but they do not have to be. The prospect of buying your first home comes with a lot of excitement, so if you manage to find a competent broker who can oversee the process at a reasonable price, then go right ahead. The reason you should use one is fairly obvious. 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. You can cut down on cost, effort and time with mortgage brokers, so why not use one? The initial consultation will cost you nothing.
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 vital.
A mortgage is of major importance. Since the subprime mortgage crisis in 2008, banks have trodden more carefully in terms of risking money up front. To qualify for a mortgage, good credit is helpful, but not essential. 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. In addition to assisting you with the purchase of your dream home, we will also help with financing at minimum cost and the most agreeable mortgage 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 do not necessarily go hand in hand. I’ll explain this clearly. If you’ve got a small mortgage, paying the arrangement fee to a new lender to go on a lower rate might not seem practical to you. You may find it’s more practical to go on a slightly higher rate, without paying arrangement fees 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.
Pay close attention. 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 because it is dependent on your circumstances alone at the time of re-mortgaging. So, do find out from 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 specific needs, such as…
- Mortgage debt is considerably small.
- There has been a change in financial circumstances.
- Significant early repayment charge.
- A drop in the value of your home.
- You are having trouble with credit.
- Current rate is ideal.
- We will advise you whether or not to pursue a re-mortgage.
Buy to Let
A ‘buy to let’ property is one bought with a view to renting to others. Legally, you aren’t allowed to live in the property. 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 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.
- Other than your regular stamp duty, you will have to pay an extra 3% stamp duty on top.
- 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. Get in touch with our advisers to find out if you qualify.
How Much Do Mortgage Brokers Charge?
A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. This is often about 0.33%, even though it largely varies, based on your mortgage needs. For example, a residential mortgage or buy to let and if you’ve had any credit issues recently. A flat fee of roughly £500 is usually charged by the majority of independent brokers. Remember to ask brokers how they want to be paid. They must be completely clear, letting you know the exact figure and fee structure in place.
For our fee structure, we charge clients £695; any commission we receive from mortgage lenders is subtracted 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. If we receive a mortgage commission of £495 for example, we would ask our clients to pay us the difference of £200 after the mortgage offer is produced, so we are only paid on 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. What determines the amount a lender will agree to lend is a full affordability assessment. This will help them understand your loan or credit commitments, as well as income and everyday household expenses. Other than this, they will also carry out a credit check to ensure you have an agreeable credit rating for mortgage purposes.
To get an idea of the amount you can loan, get a decision in principle before applying for a mortgage in full. Make plans to meet with one of our experienced mortgage experts now. Without the need for credit checks, we can at least provide an initial estimate.
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 make comparisons on thousands of recent mortgage deals to help you find just what you’re looking for.
Request a free quote from Mortgage Saving Experts, your East-Sutton Expert Mortgage Broker
What Our clients say About us
Our list of happy clients in East-Sutton is long and diverse. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in East-Sutton at the cheapest cost, see what some of our customers have got to say about working with us. Reach out to us today for a personal experience of how effective our services are.
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 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. Although a big portion of the market share is owned by Lloyds Banking Group and Nationwide Building Society, all together there are 200 different financial institutions providing mortgages in Britain.
Although banks and building societies have always been closely regulated in the UK, the former Financial Services Authority (now the FCA) implemented a regulatory scheme specifically for mortgages as a result of the Financial Services Act of 2000.
The professional services of mortgage providers are monitored by the FCA. 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).
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. 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 contact with the Mortgage Saving Experts in East-Sutton. For a brief and informal chat, call us now on 01273 738 072.
What to Ask Your East-Sutton 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
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