What is a mortgage broker?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Mortgage brokers function to find banks or lenders that will willingly make the exact loan an individual requires.
Finding a good deal for a mortgage loan in Matfield will be easier if you work with a mortgage broker. If you work with a reputable mortgage broker and have a poor credit score or any other issues that could affect your mortgage application, your chances would be greatly improved.
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
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. Find out how your interest rate and total loan amount determines your mortgage repayments with this handy calculator. 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 Matfield. Some of the more obvious benefits include:
The most visible benefit of choosing to work with a mortgage broker is that you will likely save money. You don’t have to handle the hard work, as this can be managed by an expert with ample experience, who will make sure your best interests are addressed. All you’ll need to do is fill out some details.
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 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. 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 will usually inform you how they get paid for their services, as well as disclose the details of the entire cost of the loan. 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 will work towards protecting your interests, rather than those of the lending institution. In addition to being your agent, they should also be knowledgeable consultants and problem solvers. 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. You will be interviewed by the mortgage brokers to determine your needs and goals – both in the short and long term. 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 instance, a broker will have knowledge of the lenders who offer the best products to meet the needs of a client with a credit issue. 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
Money isn’t the only consideration. As much as it’s important to save some extra money, your time and sanity are important as well. 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. 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. 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. 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. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. Your general mortgage experience and overall expenses can be largely affected by these features. 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 not made public by the banks that brokers have access to. 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.
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
The job of a mortgage broker is to help people secure loans. They can access useful information and exclusive deals you likely couldn’t find 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. It is a huge plus to have the services of an experienced expert to show these things to you.
You can avoid spending valuable time to research numerous loans and lenders (while perhaps missing fundamental key subtleties) and instead give the work to someone with key industry experience. The same way you would contact a plumber to fix a leaking pipe or a hairdresser to work on damaged hair, contacting a mortgage broker is an ideal option for 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
Mortgages and insurance aren’t as difficult as they first appear. This is the reason you need to find a widely experienced, knowledgeable and honest adviser. Our Mortgage Saving Experts will make your journey as seamless and transparent as possible. Why complicate things more than necessary, after all? Let us make things easy for you and make sure we find you the most suitable deal.
Mortgage Saving Experts offer honest and transparent services to our customers, making them feel that mortgages and insurance are not as problematic as they first appear. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. This is what we’re all about. 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 are here to assist! Essentially “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Matfield 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 need to provide justification to our customers and regulators for recommending the mortgages we do, so you understand just why you have that particular mortgage.
“Down to Earth Mortgage”
We are a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.
Your current and future goals will be identified by our mortgage insurance experts after talking with you. To achieve these objectives, we will then work hand in hand with you.
Why chose Mortgage Saving Experts?
After taking out a mortgage, you’ll get an initial rate for the first couple of years. At the end of this initial rate, this returns 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. Some other reasons for which it’s beneficial to work with us include:
- You’ll save some money, as the deal you get is better than the bank variable rate.
- We can provide updates relating to the end of your deal, so you need not worry.
- We can take care of the hard work for you while you relax.
- We know our business, so you’ll only be advised by qualified mortgage experts.
- We undertake comparisons and then advise and arrange the best mortgage for you, choosing from thousands of 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:
The reasons our services are better than those of other mortgage services in Matfield include:
- Find out what your needs and circumstances are through fact-finding.
- Clarify the costs related to buying and selling.
- Ask for applicable documents necessary for the application.
- Make relevant suggestions and provide explanations about the prospective mortgage.
- Reply to any questions you have.
- Collect an agreement in principle.
- 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. By working with our team, you’ll have no trouble finding the perfect mortgage product to match your needs. 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.
Every lender has different rules and ideas about this. Normally, being a First Time Buyer is no issue. First Time Buyers must not have owned property anywhere in the world before to be eligible for stamp duty relief for stamp duty purposes.
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. After all, if your car broke down and you knew nothing about cars, you wouldn’t try to fix it yourself. Instead, you would take it to a mechanic. It isn’t any different with mortgages. With mortgage brokers, you can cut down on money, effort and time, so you should use one. The initial consultation is free of charge.
Buying a home
You should brush up your knowledge of mortgages if a home purchase is a viable option for you any time soon (or a few years down the line). 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 avoid any stress, speak to an adviser, who will guide you accordingly.
Your credit is of great importance.
A mortgage is serious issue. Banks risk a large amount of money and have been steadily more careful since the subprime mortgage crisis in 2008. Qualifying for a mortgage is boosted by good credit, but it isn’t compulsory. 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. We won’t just facilitate the purchase your dream home, we will also help you fund it with the lowest cost and most favourable mortgage deal on offer.
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 don’t automatically go hand in hand. Let me clarify this. 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. It may seem cheaper to be on a slightly higher rate than pay an arrangement fee to another lender. It’s always best to speak with someone before deciding which deal to go for, as you don’t want to be caught out by being tied to a more expensive deal overall, even if the rate is much lower.
Focus on any small print. 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.
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 unique circumstances, such as…
- Mortgage debt is fairly minor.
- The financial situation is no longer the same.
- Early repayment charge is on the high side.
- Decrease in home value.
- You have credit issues.
- 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 cannot 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.
- 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.
- A payment in respect of an extra 3% stamp duty will be required after 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’re purchasing a second property, ask your conveyancer/solicitor about the figure you’ll have to pay. To help determine the most suitable mortgage to meet your needs, an expert mortgage adviser will know the specific questions to which you will need to provide answers. 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. Depending on the type of mortgage you need – whether buy to let or residential mortgage for instance – and whether you’ve had any credit problems of late. The figure is often set at around 0.33%, although this varies widely. Most independent brokers charge a flat fee, which is typically around £500. Don’t forget to find out how brokers collect payment. They must be completely transparent, telling you how much is being charged and what fee structure they use.
We charge the client £695 as part of our fee structure; if the mortgage lender pays any commission, it is then deducted from that figure. Our client will be asked to pay the difference between the commission we are paid and £695, if the amount of commission is less than £695. If for example, we are paid a commission of £495, we would ask you to pay a fee of £200, payable on production of your mortgage offer. Please note, we only take payments on a results-based arrangement.
How Much Can I Borrow?
A lot of factors influence this, like the number of children you have, the deposit amount, your income and any debts you might have in the background. 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. 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 to meet with one of our experienced mortgage experts now. Initially, we can at least give you an idea, without needing to conduct any credit checks.
The Latest Best Mortgage Rates
We can help, whether you’re seeking to re-mortgage, purchase a buy to let, move home or find a mortgage for a first-time buyer. 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 Matfield Expert Mortgage Broker
What Our clients say About us
Our list of satisfied clients in Matfield is lengthy and diversified. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in Matfield at the cheapest cost, see what some of our customers have got to say about working 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. Below can be found recent news on mortgages to provide the insight you need to get started.
Mortgage Regulatory Information
The majority of mortgages in the UK are made available by banks, building societies and specialised mortgage lenders. 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 monitors the professional conduct 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. 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.
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 there is something bothering you about your mortgage provider, talking to them about it is the first step to take. If you feel it hasn’t been dealt with to your complete satisfaction, there is a complaints procedure which can be 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 Connect with the Mortgage Saving Experts in Matfield. You can do this by dialling 01273 738 072 for a friendly chat.
What to Ask Your Matfield 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 Marsh-Green, Kent
- Mortgage Brokers in Marshborough, Kent
- Mortgage Brokers in Marshside, Kent
- Mortgage Brokers in Martin-Mill, Kent
- Mortgage Brokers in Martin, Kent
- Mortgage Brokers in Maxton, Kent
- Mortgage Brokers in Medway, Kent
- Mortgage Brokers in Meopham, Kent
- Mortgage Brokers in Mereworth, Kent
- Mortgage Brokers in Mersham, Kent