What is a mortgage broker?
A mortgage broker represents individuals or companies looking to broker mortgage loans. Mortgage brokers strive to find a bank or direct lender that will agree to meet the particular loan an individual requires.
Working with a mortgage broker in Hextable will help you get the mortgage loan you require at a favourable deal, without any unnecessary stress. 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.
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
Knowing how much you can borrow – as well as the cost of the loan – will help make planning your future easier. With this handy calculator, get a better understanding of how much your mortgage repayments will be, based on your full loan 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.
Why Use A Mortgage Broker?
There are a wide range of benefits to be enjoyed from working with a mortgage broker in Hextable with regards your mortgage application. Of these benefits, some of the most evident include:
Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. You only need to provide a few details, before an experienced professional committed to protecting your interests handles the hard work.
For some people, there are doubts regarding this, mostly because mortgage brokers are not fully understood worldwide, so it’s generally thought there must be some sort of catch. 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 fact, a broker could be in serious trouble if they are unable to prove to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority why they’ve recommended the particular mortgage that they have. Exclusive mortgages deals exist on the lower end that can be obtained by a number of mortgage brokers, possibly making the total cost of the loan that bit lower. A reputable mortgage broker will disclose how they are paid for their services, as well as detail the total 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.
Finds The Most Advantageous Deal
A mortgage broker represents your interests, rather than those of a lending institution. They shouldn’t just play the role of your agent, but also those of problem solver and knowledgeable consultant. 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. 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
The client will be under the direction of a mortgage broker, who will manage the process and handle any issues that could arise along the way. For instance, brokers would know the lenders that can make available the best products for clients with credit issues. If a borrower requires a loan too large for the bank to approve, a broker can be of benefit by providing the knowledge and ability to successfully source financing.
Save Time & Hassle
Money isn’t the only consideration. Your time and sanity are just as important as saving some extra money. Consider how much time it would take you to research multiple loan types from multiple lenders. You’d only need to complete one application with a mortgage broker, instead of filling out forms for every individual lender. 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. 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.
By outsourcing, you can reduce the workload and get someone else’s professional advice. A mortgage broker can do a lot of the work by providing you with support throughout the application and approval process. This might involve completing all paperwork, helping you with applications to government schemes, answering questions and explaining the options and loan features, about which you may not have been aware. 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. If you don’t know much about these concepts and how they can work for you, reach out to your broker over the phone for clarification and answers.
Access to exclusive non-advertised deals
There are exclusive deals that aren’t advertised by banks to which brokers have access. The brokers are charged with selling the products, as the deals are pushed on to them by the banks. Contacting a broker will unlock these extra benefits you would miss out on if you were to approach the bank yourself.
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. The experience and knowledge required for your best chance of approval the first time you apply is something brokers have in abundance.
Access to expert knowledge
Helping people secure loans is what mortgage brokers do for a living. 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 the long run, subtleties like these are significant to your mortgage. It’s beneficial to have an experienced professional to point out these things for you.
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 might seem really complicated at first, but they’re not. 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. Besides, why complicate things more than necessary? Allow us to secure the best deal possible for you and make everything straightforward.
You’ll be left thinking that mortgages and insurance are not as difficult as they appear, because of the reliable and transparent service Mortgage Saving Experts provide our customers. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. This is what we’re all about. Mortgage Saving Experts are available whether you’re a first-time buyer, a landlord, moving on to a new phase or just re-mortgaging. Providing help is why we’re here! Fundamentally “Search up to a thousand mortgage deals by talking to an adviser for roughly 15 minutes.”
Our Team of Hextable 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 a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.
Our mortgage insurance experts take pride in listening to the current and future objectives our customers have. We will make these goals happen by working meticulously alongside you.
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. You will be contacted by our team approximately three months prior to the renewal time to agree a new deal, before the monthly payment and rate are increased. Other benefits of working with us include:
- With a deal better than the bank variable rate, you’ll subsequently save money.
- We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
- 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.
- We compare, advise and arrange the best mortgage for you from thousands of available deals.
- Expert advice and support will be available to you through the entire mortgage process.
Our Approach to Mortgage Advice
We make available personalised services and put into consideration all 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:
What makes our services superior to those of other mortgage brokers in Hextable includes:
- Get to determine your situation and requirements by fact-finding.
- Spell out the costs buying and selling involves.
- Request all documents related to the application.
- Make relevant suggestions and provide explanations about the prospective mortgage.
- Proffer replies to any questions you might have.
- An agreement in principle will be put in place.
- Send in your entire mortgage application.
- Liaise with your estate agent, mortgage lender and solicitor to answer any question through to completion.
Mortgage Types We Provide Expert Advice On
We dispense expert advice on a wide range of mortgage products. In choosing to work with our team, finding the ideal mortgage product to meet your needs will be relatively easy. The most popular mortgage types we’re requested to handle include:
First time buyers
Most mortgage lenders Categorise First Time Buyers 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.
For each lender, the rules and ideas about this differ. 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. 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. 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. With mortgage brokers, you can cut down on money, effort and time, so you should use one. The initial consultation comes at no cost at all.
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. 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 can’t deal with all of that, talk to an adviser who will provide guidance accordingly.
Your credit is vital.
A mortgage is a major issue. Banks risk a large amount of money and have been steadily more careful since the subprime mortgage crisis in 2008. To be eligible for a mortgage, good credit is useful but not absolutely essential. Depending on your present circumstances, we can be your guide on how much you can afford to pay for your new home and help set your cost limit. 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
Basically, what you’re doing here is changing lenders to get a more suitable rate or cheaper deal. The two don’t automatically go hand in hand. Let me simplify this for you. 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. 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.
Take extra caution. 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 only your circumstances are considered 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.
- Based on your specific needs, such as…
- Mortgage debt isn’t so big.
- There have been significant changes in financial disposition.
- Early repayment charge is on the high side.
- Home value reduced.
- You are having trouble with credit.
- Present rate is just fine.
- We will provide guidance to help you choose whether to re-mortgage.
Buy to Let
A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. Legally, you cannot 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 some things you might want to know when purchasing a buy to let property.
- The amount of rental income you receive more or less affects how the loan amount you’re able to borrow.
- You will have to pay 3% stamp in addition to your normal stamp duty.
- If the value of the property isn’t valued at the amount for which stamp duty becomes liable, you are still required to pay the extra 3% of purchase cost.
TIP: If you want to buy a second property, find out the amount you’ll be require pay from your conveyancer/solicitor. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. Contact our advisers to find out whether you’re eligible.
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. Many independent brokers charge flat fees, usually around £500. Be sure to ask brokers how you can pay them. They must be completely clear, letting you know the exact figure and fee structure 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 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?
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. 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. In addition, they will perform a credit check to ensure your credit rating is sufficient for the purpose of a mortgage.
Prior to applying for a mortgage in full, obtain a decision in principle to form a clear picture with regards the amount you can borrow. 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’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 Hextable Expert Mortgage Broker
What Our clients say About us
In Hextable, we have long and diverse list of satisfied clients. If you’re still not sure that we are the experts to get you the most suitable mortgage deal in Hextable at the most affordable price, check out some of the things our clients have said about working with us. Contact us today to get a first-hand experience of the excellent services we provide.
Latest Mortgage News
The more information you have to hand in your search for the ideal mortgage arrangement, the greater advantage you’ll have. Below can be found recent news on mortgages to provide the insight you need to get started.
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.
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 FCA monitors the professional conduct 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 initially documented in the rules for Mortgage Conduct of Business (MCOB), but were overhauled because of 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 make sure firms have capital large enough to cancel 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 Hextable. You can do this by dialling 01273 738 072 for a friendly chat.
What to Ask Your Hextable 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 Herne-Bay, Kent
- Mortgage Brokers in Herne, Kent
- Mortgage Brokers in Hernhill, Kent
- Mortgage Brokers in Hersden, Kent
- Mortgage Brokers in Hever, Kent
- Mortgage Brokers in High-Brooms, Kent
- Mortgage Brokers in High-Halden, Kent
- Mortgage Brokers in High-Halstow, Kent
- Mortgage Brokers in Higham, Kent
- Mortgage Brokers in Highsted, Kent