What is a mortgage broker?
A mortgage broker represents individuals or companies looking to broker mortgage loans. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.
Working with a mortgage broker in Lyminge will help you get the mortgage loan you require at a favourable deal, without any unnecessary stress. Even if you have a poor credit score or any other issues that could affect your mortgage application, working with a reputable mortgage broker will still boost your chances considerably.
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. 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?
Working with a mortgage broker for your mortgage application in Lyminge can be beneficial in various ways. Some of the most prominent benefits are:
In working with a mortgage broker, the most noticeable benefit would be the opportunity to save money. An experienced expert can take care of the hard work and see to it that your interests are protected. You’ll only need to provide a few details.
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. 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. Detailing the entire cost of the loan and letting you know how they get paid for their services is the duty of any reputable broker. A mortgage advisor company values ensuring a positive experience for their customers over padding the pocket of a broker.
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. For terms like interest rates, repayment value and loan products, you can get the best possible value from a broker, who has access to a wide array of mortgage products. 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 guide the client throughout the whole process and sort out any issues that might arise. If a borrower has credit issues for instance, the broker would know about lenders who have the best products available to meet their needs. The knowledge and capability of a broker to successfully source financing will be of great benefit to a borrower who realises the loan they need may be too large for a bank to approve.
Save Time & Hassle
It isn’t only about money. As much as it’s important to save some extra money, your time and sanity are important as well. Imagine how much time it would take to find out about the numerous types of loans available from multiple lenders. You’d only need to complete one application with a mortgage broker, instead of filling out forms for every individual lender. Your mortgage broker can make available a formal comparison of the loans recommended to advise on the information which completely illustrates cost differences, along with present rates, points and closing costs for every loan shown. To find the best deal in terms of lower rates and overall cost, your broker will make comparisons between popular and less popular lenders.
Reduce the workload for yourself and outsource it to someone who can provide professional advice. A mortgage broker can provide an array of support throughout the application and approval process. This can include assisting with paperwork, responding to questions and helping with government scheme applications, as well as explaining all the available options and loan features you may not have considered or been aware of. 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. In fact, if you don’t know so much about these concepts and the effects they could have, you can find clarification and get answers to any questions you may have during a phone call.
Access to exclusive non-advertised deals
Brokers have access to exclusive deals which the banks do not announce. The banks push these deals on to brokers, who are in charge of selling the products. Talking to a broker can release these extra perks, which you’d otherwise not enjoy by contacting 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
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. 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? Just like you’d acquire the services of a hairdresser to replenish damaged hair or a plumber for leaking pipes, a mortgage broker is an excellent option for any of 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 savings experts will make your task as easy and straightforward as possible. Why make things harder than necessary, after all? Let us simplify everything for you and ensure we get the best deal possible.
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. At Mortgage Saving Experts, we treat each mortgage and insurance application as if it were our own. This is what we do. No matter the circumstances – whether this is your first time buying, you’re a landlord, moving onto a new chapter or even re-mortgaging, Mortgage Saving Experts are here to help. We’re here to help! Approximately “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”
Our Team of Lyminge 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 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?
You’ll get an initial rate for the first few years after taking out a mortgage. The rate is raised to the lender’s variable rate after the initial rate ends. 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. 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.
- You don’t have to remember when your deal finishes, as we will do this for you.
- You can take a breather, while we do the bulk of the work.
- This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
- To arrange the best deal for you, we compare and dispense advice with regards thousands of mortgage deals.
- For the entire mortgage process, you will be expertly advised and supported.
Our Approach to Mortgage Advice
Your individual needs will be duly considered, as we provide fully personalised services. 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 differentiates our services from those of other mortgage brokers in Lyminge includes:
- Understand your needs and circumstances via fact-finding.
- Clarify the costs related to buying and selling.
- Request all documents related to the application.
- Make relevant suggestions and provide explanations about the prospective mortgage.
- Respond to any questions you might have.
- Collect an agreement in principle.
- Submit your full mortgage application.
- Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.
Mortgage Types We Provide Expert Advice On
We advise expertly on a vast selection of mortgage products. In collaboration with our team, you won’t have any trouble finding the best mortgage products to match your specific requirements. Some of the most frequently requested types of mortgage we assist with 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.
Mortgages can seem a daunting process, but they do not have to be. 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. The same applies to mortgages. You can cut down on cost, effort and time with mortgage brokers, so why not use one? The initial consultation is free of charge.
Buying a home
If you’re thinking of a home purchase any time soon – or even within a couple of years – you should familiarise yourself with everything involved with mortgages. Learn what to do when applying, within the application process and even how to use a mortgage after buying your home. If you’d prefer a different approach, then speak to an adviser who can guide you through it.
Your credit is important.
A mortgage is a major issue. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 2008. For mortgage eligibility, good credit helps, but isn’t vital. 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. Not only will we help you buy your dream home, we’ll also help you finance it with the lowest cost and most convenient mortgage deal available.
Re-mortgage your home
Simply put, all you’re doing with this is changing from one lender to another to get a better rate or cheaper deal. They don’t necessarily have to be paired together. I’ll explain this clearly. 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 realise that it’s less expensive to go on a slightly higher rate than paying any lender an arrangement fee. 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.
Focus on any small print. One advantage of re-mortgaging is that you won’t have to pay any valuation or solicitors fees. That said, not everyone is eligible for this exemption. Any reasoning depends solely on your circumstances 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 individual circumstances, like…
- Mortgage debt isn’t so big.
- The financial situation is no longer the same.
- Costly early repayment charge.
- A drop in the value of your home.
- You have credit issues.
- Already on a suitable current rate.
- 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 are not allowed to legally live in the property. The number of available lenders will be restricted if you’re a First Time Buyer, purchasing a buy to let property. Also, extra checks are made by the lender in cases like these.
- When purchasing a buy to let property, there are a few things you’ll need to know.
- The loan amount you can borrow is dependent on how much 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. Contact our advisers to find out whether you’re eligible.
How Much Do Mortgage Brokers Charge?
Most mortgage brokers get paid commission from lenders, which will be a percentage of the mortgage loan you receive. 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. Most independent brokers charge a flat fee, which is typically around £500. Be sure to find out from brokers how you pay them. The should be totally transparent, disclosing the amount to be charged, as well as their available fee structure.
The fee structure we adopt is based upon charging the client £695 and deducting from that figure any commission paid by the mortgage lender. 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 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. 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. For mortgage purposes, they will also perform a credit check to be sure you have an adequate 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. Make plans today for an appointment with one of our capable mortgage experts. Initially, we can at least give you an idea, without needing to conduct any credit checks.
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 make comparisons between thousands of recent mortgage deals to help you find the one you want.
Request a free quote from Mortgage Saving Experts, your Lyminge Expert Mortgage Broker
What Our clients say About us
Our list of happy clients in Lyminge is long and diverse. If you’re still not sure that we are the experts to get you the most suitable mortgage deal in Lyminge 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 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. 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.
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.
Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. 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 originally set out in the rules for Mortgage Conduct of Business (MCOB), but these were overhauled as a result of the FCA Mortgage Market Review (MMR) in 2014.
In terms of their financial conduct, organisations collecting deposits in the UK fall under the Prudential Regulation Authority, the FCA’s sister organisation.
They ensure firms have a sizeable enough capital to balance out 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 Get in touch with the Mortgage Saving Experts in Lyminge. You can reach them by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Lyminge 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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