What is a mortgage broker?
A mortgage broker is sometimes considered a middle man who brokers loans in favour of people or businesses. 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 Park-(Tunbridge-Wells) will help you get the mortgage loan you require at a favourable deal, without any unnecessary stress. Even with complicated circumstances or a poor credit score, the ideal mortgage broker will boost your chances of getting a mortgage.
Professional mortgage brokers are bound under strict regulations and required to comply with banking and finance laws in the customer’s jurisdiction, so, you don’t have to worry about being in the wrong 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. 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. Simply fill in the values plus your term and press ‘Click to calculate’ to immediately discover the amount you must repay monthly.
Why Use A Mortgage Broker?
There are a wide range of benefits to be enjoyed from working with a mortgage broker in Park-(Tunbridge-Wells) with regards your mortgage application. Some of the more obvious benefits include:
Save Money
The most obvious benefit of choosing a mortgage broker is the potential to 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.
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? Even though this line of thought is understandable, you can rest easy, because not working in your best interests is in no way profitable to a mortgage broker.
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. 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. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. The simple use of a 30 or 15-year mortgage is inadequate for many situations, which is why sophisticated solutions and innovative strategies are the benefits of working with an experienced mortgage broker. This includes mortgage to raise capital for repayments, money for necessary home improvements or children, or even to buy 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 example, borrowers with bad credit issues can find great products that will suit their needs through brokers who know lenders that offer such products. Borrowers who find they need larger loans than their bank will approve can also benefit from a broker’s knowledge and ability to successfully obtain financing.
Save Time & Hassle
It’s not all about money. 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 would only have to fill out one application form, instead of one for every lender you have to work with. 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. To find the best deal in terms of lower rates and overall cost, your broker will make comparisons between popular and less popular lenders.
By outsourcing, you can reduce the workload and get someone else’s professional advice. Mortgage brokers do the bulk of the work by helping you during the application and approval process in ways such as taking care of all paperwork; answering questions; handling applications for government schemes; and providing information about the various options and loan features you aren’t aware of. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. Features like these can make a huge difference to your mortgage costs and overall experience. If you’re unfamiliar with these concepts and how they might affect you, your broker can clarify and answer any questions via a phone call.
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.
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 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. Brokers have the knowledge and experience required to give you the best shot at being approved at the first attempt.
Access to expert knowledge
Mortgage brokers help people secure loans for a living. Helpful information and exclusive deals you won’t find yourself are accessible to them. Loans are attached to subtleties you could easily overlook if you aren’t searching for them. The difference to your mortgage could ultimately be made by these subtleties. It’s beneficial to have an experienced professional to point out these things for 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. 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. Your entire journey can be made stress-free and simple by our mortgage savings experts. After all, why make things more difficult than they need to be? 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. All the mortgage and insurance applications we take care of at Mortgage Saving Experts are treated as if we own them. 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’re here to help! Fundamentally “Take 15 minutes to talk to 1 adviser and find out about 1000s of mortgage deals.”
Our Team of Park-(Tunbridge-Wells) 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 you and our regulators why we recommend the mortgages we do, so you know exactly 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 will pay attention to you and understand all your current and future objectives. These goals will be achieved when we work with you intently.
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 lender’s variable rate is implemented after the initial rate is complete. 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. Other advantages of working with us are:
- The deal you’ll get is better than the bank variable rate, which in turn saves you money.
- You don’t have to keep track of the timeline, as we will look after this for you.
- We can take care of the hard work for you while you relax.
- We know our stuff; you’ll always receive pertinent 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
The services we offer are personalised and take into account 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:
Our services are more remarkable than those of other mortgage brokers in Park-(Tunbridge-Wells) because:
- Understand your needs and circumstances via fact-finding.
- Explain what costs buying and selling involve.
- Ask for applicable documents necessary for the application.
- Provide explanations and recommendations for the prospective mortgage.
- Respond to any questions you might have.
- Obtain an agreement in principle.
- Have your full mortgage application submitted.
- Communicate with your solicitor, mortgage lender and estate agent to respond to any questions through to completion.
Mortgage Types We Provide Expert Advice On
We provide professional advice on a broad range of mortgage products. You won’t have any difficulty finding the right mortgage products to suit your needs when working with us. Some of the most frequently requested types of mortgage we assist with include:
First time buyers
First Time Buyers are classed by most mortgage lenders 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.
Different lenders have different ideas and rules regarding this. 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. 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. The reason you should use one is quite apparent. 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. With mortgages, the same principle applies. Mortgage brokers can help you save money, time and effort, so why don’t you use one? You won’t have to pay for the initial consultation.
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 prefer otherwise, then instead speak to an adviser who will guide you through it.
Your credit is crucial.
A mortgage is serious issue. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 2008. To qualify for a mortgage, good credit is helpful, but not essential. We can also provide guidance about the amount you can afford to pay for your new home and what should be your maximum offer, based on your current circumstances. 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
Effectively, all you’d be doing with this is changing to a different lender to find a better or more affordable deal. The two don’t automatically go hand in hand. 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. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee 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.
Tread carefully. 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. The reason is that it is based on your disposition alone at the time of re-mortgaging. So please check or ask 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.
- There has been a change in financial circumstances.
- Expensive early repayment charge.
- A drop in the value of your home.
- You are having trouble with credit.
- Present rate is very agreeable.
- We will advise you whether to re-mortgage or not.
Buy to Let
A property bought with the purpose of renting to tenants is known as ‘buy to let’. You are not allowed to legally live in the property. If you’re a First Time Buyer, you can purchase a buy to let property, but the number of lenders available is restricted. There are also extra checks made by the lender in these circumstances.
- When purchasing a buy to let property, you’d be required to know quite a few things.
- The amount of rental income you receive more or less affects how the loan amount you’re able to borrow.
- A payment in respect of an extra 3% stamp duty will be required after your normal stamp duty.
- 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: If you’re purchasing a second property, ask your conveyancer/solicitor about the figure you’ll have to pay. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. Get in touch with our advisers to see if you’re eligible.
How Much Do Mortgage Brokers Charge?
Commission is usually paid to mortgage brokers by lenders; this will be a percentage of the mortgage loan you secure. 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. Many independent brokers usually charge about £500 as a flat fee. 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.
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 the commission we receive is less than £695, we then ask the client to make up the difference between what we have been paid in commission 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?
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. For mortgage purposes, they will also perform a credit check to be sure you have an adequate credit rating.
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 to see one of our qualified mortgage experts today. Without the need for credit checks, we can at least provide an initial estimate.
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 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 Park-(Tunbridge-Wells) Expert Mortgage Broker
What Our clients say About us
Our list of satisfied clients in Park-(Tunbridge-Wells) is lengthy and diversified. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in Park-(Tunbridge-Wells) 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 available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. 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.
Even with regulations in the UK that closely guide banks and building societies, a regulatory scheme was set up just for mortgages (as a result of the Financial Services Act 2000) by the FCA (the former Financial Services Authority).
The professional services of mortgage providers are monitored by the FCA. 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).
The Prudential Regulation Authority (a sister organisation to the FCA) presides over deposit-taking organisations in the UK, with regards their financial conduct.
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 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 Get in contact with the Mortgage Saving Experts in Park-(Tunbridge-Wells). You can reach them by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Park-(Tunbridge-Wells) 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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- Mortgage Brokers in Park-Wood, Kent
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