What is a mortgage broker?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.
With a mortgage broker in Seal-Chart, you’ll have an easier time procuring the mortgage loan you need at the best possible terms. 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.
With regulations in place to make sure professional mortgage brokers follow banking and finance laws in the relevant customer jurisdiction, you won’t have to worry about being in the wrong 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. 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. To immediately determine how much you’ll have to repay each month, simply enter the values and your term before 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 Seal-Chart. Of these advantages, some of the more prominent include:
The possibility of saving money is the most obvious advantage of working with a mortgage broker. 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.
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. Although such reservations are not entirely invalid, you should be aware that there is no benefit for mortgage brokers who do not work in your best interests.
In short, a broker is required to give proof of their reasons for recommending the mortgage they have (to you, their regulators, the Prudent Regulation Authority or Financial Conduct Authority) or they could be penalised. 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. A reputable mortgage broker will disclose how they are paid for their services, as well as detail the total cost of the loan. Filing the pockets of a broker is of little value to a mortgage advisor company when compared to making sure customers have a positive experience.
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. 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. 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
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, 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 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
It’s not all about money. Your time and sanity are just as important as saving a bit of extra cash. 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 provide a formal comparison of any loans recommended, as well as advise on the information which accurately portrays cost differences, reflecting current rates, points, and 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.
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. These features can make a massive difference to your mortgage experience and overall costs. 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
There are exclusive deals not made public by the banks that brokers have access to. The deals are pushed by the banks on to the brokers, who are then charged with overseeing the sale of products. Talking to a broker can release these extra perks, which you’d otherwise not enjoy by contacting 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
If your request for an Agreement in principle/Decision in principle of a loan is turned down, a mark is left on your credit rating. 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
Mortgage brokers assist people with obtaining loans as part of their job. They can access useful information and exclusive deals you likely couldn’t find yourself. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. In fact, it is these small details that can make a difference to your mortgage in the long run. 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. 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
Mortgages and insurance are not as complex as they seem at first. That’s why finding honest advisers with invaluable experience and knowledge is so important. Our Mortgage Saving Experts will make your journey as seamless and transparent as possible. Besides, why complicate things more than necessary? Let us simplify everything for you and ensure we get the best deal possible.
Mortgage Saving Experts provide an honest and transparent service that will leave our customers thinking that mortgages and insurance aren’t as daunting as they may seem. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. We’re all about this. 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! Basically “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Seal-Chart 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 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.
Our mortgage and insurance experts will pay attention to you and understand all your current and future objectives. 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 this initial rate finishes, the rate increases 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. 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 keep track of the timeline, as we will look after this for you.
- You can take time to relax, while we handle the stress for you.
- This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
- Comparing, advising and setting up the best possible mortgage deal from amongst the many available is what we do.
- For the entire mortgage process, you will be expertly advised and supported.
Our Approach to Mortgage Advice
We make available personalised services and put into consideration all your unique needs. Our approach to mortgage advice involves three simple steps:
- 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 Seal-Chart because:
- Understand your needs and circumstances via fact-finding.
- Explain what costs buying and selling involve.
- Ask for related documents to help with the application.
- Propose and explain the likely mortgage.
- Reply to any questions you have.
- Obtain an agreement in principle.
- 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 offer expert advice on a wide variety of mortgage products. In collaboration with our team, you won’t have any trouble finding the best mortgage products to match your specific requirements. Amongst the mortgage types we’re commonly asked to handle are:
First time buyers
Most mortgage lenders put people in the First Time Buyers category if they 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. Being a First Time Buyer is usually not an issue. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.
Mortgages may appear to be a rather difficult process, but they really don’t have to be. Buying your first home can be exciting, so if you come across a suitable broker who can handle the process for you at a fair price, do take advantage of their expertise. The reason you should use one is fairly obvious. After all, if you don’t know a thing about cars and yours breaks down, you would rather call a mechanic than fix it yourself. It isn’t any different with mortgages. Mortgage brokers can save you time, effort and money, so why not use one? The initial consultation will cost you nothing.
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 before applying for a mortgage; what to watch for during the process; and how to use a mortgage after you’ve bought your home. If you can’t deal with all of that, talk to an adviser who will provide guidance accordingly.
Your credit is crucial.
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 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. Helping you buy your dream home is not all we do; we will also help you finance it with the lowest cost and most beneficial 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. 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. Even if the rate is lower, you could find that you chose a more expensive deal when you add it all up, hence the need to speak to someone before deciding.
Tread carefully. A notable benefit of re-mortgaging is the absence of solicitors or valuation fees, even though some people are not eligible for this. This is due to the fact that it is based solely on your disposition at the time of re-mortgaging. So, please check with your adviser.
A mortgage deal conducted at the right time is an effective way to cut the cost of your mortgage bills significantly. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.
- Based on your individual circumstances, like…
- Mortgage debt is considerably small.
- The financial disposition is now different.
- Costly early repayment charge.
- Home value dropped.
- Existing credit problems.
- Already on a great rate.
- We will guide you when deciding to re-mortgage or not.
Buy to Let
‘Buy to let’ properties are those you wish to purchase and then rent to tenants. Legally, you aren’t allowed to 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.
- 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.
- You’ll still have to pay the extra 3% of the purchase price, even if the property isn’t valued as it should be for the stamp duty to be liable.
TIP: If you’re looking to buy a second property, you should ask your solicitor/conveyancer to work out the amount you have to pay. 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 usually around 0.33%, although this does vary massively, depending on what mortgage you require. For example, this would take into account buy to let or residential mortgages and whether you’ve had any credit problems in the recent past. 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 transparent, telling you how much is being charged and what fee structure they use.
We have a fee structure based on charging our clients £695. From that figure, we then deduct any commission received from 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. For example, if we received a commission of £495, we would then ask you for a fee of £200 which is payable on production of your mortgage offer, so we are only paid on results.
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. The amount a lender will agree to lend is determined by a total affordability assessment, which will provide insight regarding your income, regular household expenditures and any credit card or loan commitments you might have. Other than this, they will also carry out a credit check to ensure you have an agreeable credit rating for mortgage purposes.
To be sure of how much you can borrow, obtain a decision in principle, prior to completing a full application. Arrange for an appointment with one of our certified mortgage experts today. We can at least give you an idea, without having to do any credit checks at the initial stage.
The Latest Best Mortgage Rates
We can provide help in many different situations; for instance, re-mortgaging, first time purchase, moving home or buy to lets. We compare recent mortgage deals in large quantities to help you find just what you want.
Request a free quote from Mortgage Saving Experts, your Seal-Chart Expert Mortgage Broker
What Our clients say About us
We have a list of clients in Seal-Chart that is both lengthy and diverse. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Seal-Chart at the lowest price, check out what some of our customers have to say about their experience 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. The latest mortgage news below will provide the insight you need to properly get started.
Mortgage Regulatory Information
In the UK, most mortgages are provided by building societies, specialised mortgage lenders and banks. 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.
Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. Strict rules are in place against using false or unfair adverts and promotions, in addition to checks to ensure the terms of contracts 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. If there is something bothering you about your mortgage provider, talking to them about it is the first step to take. 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 Seal-Chart. You can reach them by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Seal-Chart 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 Sandhurst, Kent
- Mortgage Brokers in Sandling, Kent
- Mortgage Brokers in Sandway, Kent
- Mortgage Brokers in Sandwich, Kent
- Mortgage Brokers in Sarre, Kent
- Mortgage Brokers in Seal, Kent
- Mortgage Brokers in Sellindge, Kent
- Mortgage Brokers in Selling, Kent
- Mortgage Brokers in Sevenoaks-Weald, Kent
- Mortgage Brokers in Sevenoaks, Kent