Mortgage Brokers in Snodland

What is a mortgage broker

Mortgage loans are brokered on behalf of companies and individuals by mortgage brokers, who effectively act as intermediaries. Mortgage brokers exist to find a bank or direct lender that will be willing to make the specific loan an individual requires. You’ll have a stress-free time getting a great deal on the mortgage you need in Snodland if you work with a mortgage broker. Even with complicated circumstances or a poor credit score, the ideal mortgage broker will boost your chances of getting a mortgage.

There are regulations in place to guide professional mortgage brokers and make sure they adhere to banking and finance laws in the jurisdiction of customers, so you can be sure you’re in good hands.

What Is A Mortgage?

A mortgage is in effect a loan. A mortgage is not like a personal loan, as it is specifically attached to a piece of property used as collateral against the loan. The property can be rightfully taken from you (repossession) by your mortgage provider if you do not make payments on time.

In essence, mortgages have a set duration – mostly 25 years – although there are shorter or longer terms available. A plan for you to make repayments is drawn up once you’ve borrowed the money. Although there are different types of mortgages, the most common is one whereby you are bound to a monthly capital repayment plan.

In addition to repaying the original loan (the ‘capital’), you’ll also have to pay interest on top. Secured using the collateral of a particular property, a mortgage is a debt instrument the borrower must repay via a predetermined structure of payment. Individuals and businesses use mortgages to buy property, without having to pay the total value up front. The borrower will repay the loan and interest over an extended period of time, until they completely own the property, without any mortgage. If the borrower stops paying the mortgage, the lender can repossess the property against which the mortgage is secured.

The bank will have a charge on the property, so the lender may repossess it if the home buyer does not make the mortgage payments. In the case of a repossession, the bank may evict the home’s tenants and sell the house, using the income from the sale to clear the mortgage debt.

Mortgages come in various guises. While there are longer fixed rate terms provided, the borrower will pay the same interest for the initial term; that is, two, three or five years, with a fixed rate mortgage. Monthly payments do not change during the fixed rate term. If market interest rates rise, the borrower’s payment does not change on a fixed rate. Changes in market interest rates have no effect on the borrower’s mortgage repayment if they have a fixed rate.

Connect with the Mortgage Saving Experts in Snodland. You can reach them by dialling 01273 738 072 today for a friendly chat.

Your mortgage will usually revert to a ‘standard variable rate’ laid down by the bank, building society or lender that lends you the money, once the fixed rate ends. You must remember to re-mortgage if you have a good broker or diary system in place. Alternatively, call your current lender to adjust the rates around three months prior to it being raised to the variable rate. This way, you can avoid paying too much on monthly payments, because lenders can adjust the rates as they deem fit.

In short, the initial interest rate is often a low rate, which can make a mortgage seem more affordable than it really is. If interest rates rise later on, the monthly rates may become too high for the borrower to pay. Variable rates after the initial term can be changed at any time, causing monthly payments to be rather unpredictable.

Talk to an independent broker about other types of mortgages that could be options for you, such as buy to lets, interest-only mortgages, secured loans, bridging loans, offset mortgages and tracker rates, which are not so common. Our mortgage brokers in Snodland can help you find the most suitable mortgage deal to match your unique needs and circumstances.

Handy Tools and Calculators

Being aware of what you can borrow and the amount the loan will cost will make it simpler to plan your future. Find out just how much your mortgage repayments are going to be, dependent on your interest rate and full loan amount, using 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’.

Mortgage Calculator
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Why Use A Mortgage Broker?

There are a variety of advantages that come with working on your mortgage application with a mortgage broker in Snodland. Of these advantages, some of the more prominent include:

Save Money

The possibility of saving money is the most obvious advantage of working with a mortgage broker. You’ll be required to complete a few details, but the hard work is managed by an experienced professional, who has your best interests in mind.

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.

If the broker cannot provide genuine reasons for recommending the mortgage they have (to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority), then they could be in serious trouble. To potentially reduce the cost of the entire loan, there are some mortgage brokers who can secure exclusive mortgages deals not available on the high street. A reputable mortgage broker will disclose details of how they take payment for their services and convey the components which make up the entire mortgage cost. A positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.

Search 1000s of mortgage deals by taking 15 minutes, speaking to 1 adviser

Finds The Most Advantageous Deal

A mortgage broker represents your interests, rather than those of a lending institution. In addition to being your agent, they should also be knowledgeable consultants and problem solvers. A broker can offer the best value when it comes to repayment amounts, interest rates and loan products. This is because a large variety of mortgage products are accessible to them. You will be interviewed by the mortgage brokers to determine your needs and goals – both in the short and long term. 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

A mortgage broker will guide the client throughout the whole process and sort out any issues that might arise. For example, if borrowers face credit issues, the broker will know which lenders offer the best products to meet their particular needs. A broker will be beneficial in providing the necessary knowledge to source financing if a borrower requires a loan that’s larger than the bank would normally approve.

Save Time & Hassle

It isn’t only about money. Your time and sanity are just as important as saving some extra money. Imagine how much time it would take to find out about the numerous types of loans available from multiple lenders. You’d be required to fill out just one application with a mortgage broker, unlike completing one for every different 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. Your broker compares loans from major and less popular lenders to find you the best deal with the lowest rates and overall cost.

By outsourcing, you can reduce the workload and get someone else’s 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. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. These types of features can make a significant difference to your mortgage cost and experience. Better still, if you’re not well versed with these concepts and how they could affect you, your broker can clarify answer questions you may have over the phone.

Access to exclusive non-advertised deals

Brokers have access to exclusive deals which the banks do not announce. The deals are pushed by the banks on to the brokers, who are then charged with overseeing the sale of products. Contacting a broker will unlock these extra benefits you would miss out on if you were to approach the bank yourself.

Brokers can search the whole market for the finest deal, whereas individual banks can only offer their own deals and not those of other banks.

Better chance of pre-approval success

When you request an Agreement in principle/Decision in principle of a loan and are refused approval, this shows up 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

Helping people secure loans is what mortgage brokers do for a living. 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. 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.

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? For home loan requirements, a mortgage broker is the best ways to go, just as a hairdresser is for replenishing damaged hair and a plumber for fixing leaking pipes.

Connect with the Mortgage Saving Experts in Snodland. You can do this by dialling 01273 738 072 for a friendly chat.

About Mortgage Saving Experts

Mortgages and insurance are not as complex as they seem at first. For this reason, it’s necessary to find an honest and knowledgeable adviser, with ample experience. Your entire journey can be made stress-free and simple by our mortgage savings experts. After all, why make everything more stressful than it ought to be? Allow us to secure the best deal possible for you and make everything straightforward.

Mortgage Saving Experts provide our clients with honest and transparent services that leave you feeling mortgages and insurance are less complicated than they first appear. 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 do. It doesn’t matter what the situation is – whether you’re a first-time buyer, a landlord, re-mortgaging or moving on to a new phase altogether – Mortgage Saving Experts are here to help. Assisting you is the reason we’re here! Fundamentally “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”

Our Team of Brighton 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 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 an honest, enthusiastic and passionate team of mortgage insurance experts, with years of industry experience.

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?

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:

  • 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.
  • While we deal with the stress on your behalf, you can sit back and ease your mind.
  • This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
  • We compare thousands of deals, so can advise you accordingly and arrange the very best.
  • For the entire mortgage process, you will be expertly advised and supported.

Our Approach to Mortgage Advice

We provide personalised services and pay attention to all your specific needs. Three simple steps are taken in our approach to mortgage advice:

  1. Let’s have an Initial Chat, so we can get to know You and What Your Requirements Are
  2. We Search the Entire Market to Find the Best Deal for You
  3. 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 Snodland includes:

  • Understand your needs and circumstances via fact-finding.
  • Clarify the costs related to buying and selling.
  • Ask for applicable documents necessary for the application.
  • Provide explanations and recommendations for the prospective mortgage.
  • Respond to any questions you might have.
  • Get an agreement in principle.
  • Have your entire mortgage application sent in.
  • Communicate with your solicitor, mortgage lender and estate agent to respond to any questions through to completion.

For a first-hand experience of how amazing our services are, give us a call today

Mortgage Types We Provide Expert Advice On

We advise our clients expertly on a vast selection of mortgage products. By working with our team, you’ll have no trouble finding the perfect mortgage product to match your needs. Some of the most commonly requested mortgage types we help with include:

First time buyers

First Time Buyers are classified by the majority of mortgage lenders as those who have either:

  1. Never owned a property or
  2. People who have owned a property in the past, but not owned one for six months or more.

The ideas and rules differ from lender to lender. Being a First Time Buyer is not generally considered to be a problem. 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 fairly obvious. It stands to reason that you would contact a mechanic if your car became faulty – especially if you knew little or nothing about cars. It isn’t any different with mortgages. You can cut down on cost, effort and time with mortgage brokers, so why not use one? The initial consultation comes at no cost at all.

Buying a home

You should get to know more about mortgages if you’re thinking of buying a home in the near future or a few years to come. 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’d prefer a different approach, then speak to an adviser who can guide you through it.

Your credit is vital.

A mortgage is of major importance. Banks risk a large amount of money and have been steadily more careful since the subprime mortgage crisis in 2008. To qualify for a mortgage, good credit is helpful, but not 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. 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

Effectively, all you’d be doing with this is changing to a different lender to find a better or more affordable deal. The two do not necessarily go hand in hand. I’ll explain this clearly. If you’ve got a small mortgage, paying the arrangement fee to a new lender to go on a lower rate might not seem practical to you. 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.

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 due to the fact that it is based solely on your disposition at the time of re-mortgaging. So, please make enquiries with your adviser.

A mortgage deal conducted at the right time is an effective way to cut the cost of your mortgage bills significantly. Depending on your circumstances, it might not be the ideal move for you – even though a re-mortgage arrangement certainly has its benefits.

Reasons for remortgaging your property

  • Based on your specific needs, such as…
  • Mortgage debt is relatively small.
  • There have been significant changes in financial disposition.
  • Early repayment charge that’s costly.
  • A reduction in home value.
  • You have credit problems.
  • Current rate is ideal.
  • We will advise you whether or not to pursue a re-mortgage.

Buy to Let

‘Buy to let’ properties are those you wish to purchase and then rent to tenants. According to the law, 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, you’d be required to know quite a few things.
  • The loan amount you can borrow is dependent on how much rental income you receive.
  • You will have to pay 3% stamp in addition to your normal stamp duty.
  • An extra 3% of the purchase price will still be required of you, even if the value of the property isn’t high enough for the stamp duty to be liable.
  • 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.
  • 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. 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. A flat fee of roughly £500 is usually charged by the majority of independent brokers. Be sure to enquire about how to make payments to brokers. They should be honest and up front, telling you the amount owed and the fee structure they have 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 receive a commission below the value of £695, we ask the client to pay the difference between the received commission and £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 is based on a number of factors, such as the amount you deposit, your income, the number of children you have, and any current debts you might have. The amount a lender would be willing to lend is dependent on a comprehensive affordability assessment that helps them understand your income, as well as any loan or credit card commitments you might have and everyday household expenses. In addition, they also perform a credit check to make sure your credit rating is suitable for mortgage purposes.

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. We can at least give you an idea, without having to do any credit checks at the initial stage.

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 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 Snodland Expert Mortgage Broker

What Our clients say About us

Our list of satisfied clients in Snodland is lengthy and diversified. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in Snodland 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.

Barry Webb recently helped me and my new wife from the beginning of our house searching process all the way until we moved into our new home! He has been brilliant and make something you think would be stressful very easy and fun! Would fully recommend to anyone looking to move home.
Jamie Gaylor
14:10 09 Oct 19
Stuart from Mortgage Savings Experts has been extremely supportive and helpful when securing a mortgage for us under complex circumstances. Stuart was very patient and knowledgable and explained the process every step of the way. He stayed in touch regularly and was always there to help us, if we had a problem or question, no matter how small. I would have no hesitation in using Stuart and the team again or recommending to anyone.
Suzy Brown
20:11 02 Sep 19
Wow this guys are super they great to what they do and very helpful. Thanks alot Barry and the team
Dritan Olldashi
12:27 29 Aug 19
We could not of asked for a better mortgage experience. My boyfriend is self employed and came with some challenges, but not for Mortgage Saving Experts, they were highly experienced and found nothing but solutions and nothing was too much trouble. I would highly recommended them to anyone, they made the process as smooth sailing as it could be and truly felt cared about. Thankyou Barry so much for getting us into our home 🙂
Charlotte O'Rourke
13:30 22 Jul 19
The team are very welcoming and the new office is great. Stuart has recently placed a mortgage for a client of ours and the offer was out in no time at all. Highly recomended.
After searching the market for a new mortgage, I was referred to Barry and his team. Nothing was too much trouble finding me a fantastic rate saving me thousands over the course of my mortgage.Barry was always on hand no matter what time of day it was. Communication was second to none!Thanks for everything! I'll be back in 2 years for the remortgage!All the best for the future!
Andrew Trett
14:28 10 Apr 19
I was referred to Barry Webb for a first time buyer mortgage. Barry was really easy to speak to and explained everything well. The AIP was in place really quickly ready for putting an offer in. I wanted to make some changes to the mortgage further down the line and was all sorted quickly. Took the hassle and stress out of the part of the house buying process. Would definitely recommend!
Hayley Knight
11:27 08 Feb 19
Barry has always been a fantastic help with my mortgage needs and he's always got a great sense of humour, definitely not your average mortgage advisor! Top class.
Luca Sage
10:38 20 Nov 18
Barry and his team at Mortgage Savings Experts applied their experience and knowledge to find us exactly the deal we needed. Barry was able to provided us with all of the necessary details, walked us through the process and provided an excellent level of service. He was proactive in contacting us with the latest mortgage developments and keeping us right up-to-date, worthy of a five star rating. Many thanks.
Robert Ainge
10:42 15 Nov 18
We have been utilising Barry Webb as our mortgage advisor for over 10 years now and have found his services to be very professional and knowledgeable. Barry has always made timely contact with us, particularly when our existing lender agreement is about to expire and presenting us with new favourable rates and terms keeping us on track as we move forward. Easy and fun to deal with and happy to explain everything in layman's terms; we would highly recommend his services and will continue to avail upon his assistance in the future.Paul & Jo
Paul Barlow
14:40 06 Oct 18
I have used Barry several times over the years. He is very supportive in giving the lastedt information about the market and the best way remortgage. There have been times when remortgaging seemed impossible, with out Barry I wouldn't of been where I am today. I recommend using Barry as the mortgage is tailored to you rather than a bank or estate agent having a few options to offer.
Jon Roach
08:08 09 Aug 18
Friendly, fast and thorough. Barry made the process of buying our house so much less stressful. Always happy to go the extra mile, he worked with us every step of the way to ensure things went as smoothly as possible. Highly recommended.
Dan Garrett
17:56 01 Aug 18
Barry was a great help to us when arranging our life assurance. He was knowledgeable and extremely helpful. My working hours often Meant he had to contact us in the evening which he was happy to do. Highly recommended!
Sarah Ledwidge
13:18 31 Jul 18
I have been using Barry’s mortgage services for quite a few years, he has probably arranged around 5 + Mortgage’s for me.I don’t know how he does it but he always manages to find the best deal on the market which suits my needs.He is professional, very quick and just gets the job done with no messing around or trying to upsell other products.I have recommended him to many friends and colleagues and they are extremely happy with his services.I would highly recommend Barry to help you finding your perfect mortgage.CharlieBrighton
Charlie Kenyon
13:28 25 Jul 18
Excellent service from initial consultation to completion. Barry was able to find mortgage products that suited our needs and always took the time to provide clear explanations to our queries. I wouldn't hesitate to recommend his services.
Paul Drewitt
12:29 25 Jul 18
Professional and friendly service. I got an exhaustive answer to all the questions and everything was explained to me in a simple and clearly way. The whole procedure of all matters related to the mortgage was carried out in a quick and easy way, which I am very pleased with. Barry is a professional in his profession with a good sense of humor. Highly recommend 👍🏻
Monika Mroz
11:02 25 Jul 18
I have used Barry twice and both times the service has been first class. He explained things clearly and simply and did not use complicated jargon. Always did what’s best for me and a genuine nice bloke. Would 100 percent recommend and use again.
Buck CFC
09:02 15 Jul 18
Barry is a brilliant mortgage advisor. Very concercious of the needs of his clients. We have had the pleasure of using Barry's services for our mortgage, and have never been disappointed with the service he has provided. Always works hard to ensure we have a positive outcome and thoroughly investigates options to suit our financial requirements.Very professional and knowledgeable in his field, with a good sense of humour and down to earth nature. Barry is trustworthy and gives advice clearly, without the 'jargon'! Flexible in dealing with your questions and will contact you regularly to keep you informed and updated with important information.We have been very happy with the mortgage service we have received, and will hopefully continue to use Barry in the future. Jacqui and Danny
Jacqueline Gooden
10:56 14 Jul 18
I've used Barry's services twice now and will not forget how brilliant and amazing he is. I really thought I’d struggle to get a mortgage after my previous debt problems but he gave me peace of mind and ensured I got the best deal ever. He took all the stress and worry away from me. He is a mortgage God!! Not only is he factual, professional and efficient, he gives the best advice and I have complete trust in the information given. We've built a wonderful rapport over the last few years and I would not hesitate to recommend him to any of my friends or family. I wouldn't go anywhere else in the future. Barry is the answer to your best mortgage deal! Well worth the minimal fee he charges. He's utterly brilliant!
Just Ham
10:49 14 Jul 18
I've been using Barry at Mortgage Saving Experts to find me the best deal for my past two mortgages. His services have also helped me to save money on related insurances. Barry is very personable and professional in his manner and I would highly recommend.
Tatiana Bowskill
11:47 13 Jul 18
5 stars for 5 star service.I have used Barry for many years now and highly recommended him. He has been a constant help and willing to go that little bit further, that makes all the difference
Mark Macey
10:03 13 Jul 18
First class efficient service. Very helpful, informative and nothing is too much trouble!
Carol Harris
12:15 11 Jul 18
I very rarely write reviews, actually this is the first one ever I’ve done. However I can not recommend Mortgage Saving Experts highly enough... straight forward, easy to understand advice. Keep up the good work!!
Nick Daley
12:12 11 Jul 18
Barry provides an amazing service, goes really above and beyond to help you get the right mortgage. He understands the pressures of family life, it really feels like he cares about your future. He worked with us to get our first mortgage and has helped us renew and move house since. Have recommended him to many friends and will continue to do so.
Anna Allan
08:12 11 Jul 18
For many years and even more mortgages, MSE have provided a very prompt and efficient service of completing mortgages for me. As a property invester, I am always in the market for competitive mortgage products of various type with a quick turnaround, MSE's knowledge of the mortgage market place is second to none.
Gary Ottewell
07:03 11 Jul 18
Barry is trustworthy reliable and efficient in securing the best outcome for your mortgage needs. His experience make the process seamless transparent and easy to understand.
Karen Ainge
14:08 18 Jun 18

Latest Mortgage News

The more information available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. Below is the latest insightful mortgage news to help you get started on the right path.

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.

Even though UK banks and building societies have always been regulated closely, the FCA (formerly the Financial Services Authority) put a regulatory scheme in place for mortgages, because of the Financial Services Act 2000.

The FCA monitors the professional conduct of mortgage providers. 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. As a result of the FCA Mortgage Market review of 2014, the initial regulations set out in the rules for Mortgage Conduct of Business were revamped.

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 a substantial level of capital to offset their lending risks.

Taking up the matter with your mortgage provider is the first step to take if you have any complaints about them. If you feel it hasn’t been handled properly, there is a procedure that can have your complaint 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

What To Ask Your Brighton Mortgage Broker?

How quickly will you respond to my messages?
If a problem arises during the loan application process, you’ll want your broker to respond quickly – hence this question.

Again, demand a specific answer – “Within three hours”, say, rather than “Quickly”.

How much hand-holding will you do during the buying process?
The reason for this question is so you can discover whether the broker will closely guide you through what is a complicated and stressful process – or expect you to figure it out for yourself.
Why should I choose you rather than another broker?
Organising finance and purchasing property can be complicated and stressful, so you want to know you’re in safe hands. That’s why, before you settle on a particular broker, you should challenge the broker with this question.

Don’t let the broker get away with vague statements like “Because I’m the best” or “Because I provide great service”. Use follow-up questions to demand detail. “What specific things make you better than other brokers? What, specifically, do you do to deliver great service?”

What happens if you don’t respond to my messages within that timeframe?
This is a logical follow-up question. Again, insist on a specific reply.

And once you’ve received answers to these questions, ask if the broker would be willing to put both claims in writing. That will indicate how seriously those claims should be taken.

What sort of clients do you specialise in?
Another important question to ask. That’s because while most brokers focus on ‘plain vanilla’ clients, others might focus on, say, sophisticated investors or borrowers with credit problems.

Hypothetically; Broker A might have done 450 vanilla loans and 50 bad-credit loans, while Broker B might have done 50 vanilla loans and 250 bad-credit loans. So if you were a borrower with credit problems, you might be better off with Broker B.

Next, probe them about their customer service standards

What will the true cost of my home loan be?
A great way to utilise the knowledge and experience of a broker is to get them to work out the true cost of your home loan. Based on whether you’re paying Repayment or interest only, how much of a deposit you have, the length of your loan term and the rates payable your broker will be able to obtain a mortgage illustration which will have the true cost on it. This is normally depicted by the Annual Percentage Rate (APR)

By maximising your deposit amount and minimising your loan term, you stand to significantly reduce the overall cost of your loan. However, there is much more to answering what the true cost of your home loan will be. Upfront fees such as valuation fees, conveyancing and legal fees need to be added to the total cost. Ongoing fees such as those you can incur for using a drawdown facility.

While it’s impossible to forecast the entire cost of your mortgage to the penny – and let’s not forget how life circumstances and changes can affect your ability to pay your loan too – a broker can can help clarify the big picture details. Mortgage Saving Experts can recommend any protection or insurances to protect you and your family to cover life unfortunate eventualities and our team of advisers can use this information to help you decide which loan is best for your circumstances.

How much can I borrow?
The big question plaguing home buyers tends to be, ‘how much can I borrow?’ Each lender is massively different in this area so as a maximum depending on many factors. In the majority of cases, you can borrow up to around 5 times your gross annual salary but in some instances, you may borrow up to 5.5 times your gross annual income

Once you speak to us, however, we’ll be able to give you a much more accurate indication of your borrowing capacity. Brokers act as the go-between for you and the lender. Lenders will need to know your living expenses, debts, credit score and whether you have dependents. A broker can factor all these things into the right loan.

A broker can also explain home loan terms you’ll need to know, such as LTV, which is the initialism for Loan-to-Value and refers to the percentage of the total loan amount you seek to borrow as a percentage of the property purchase price or value. They can also explain things like the differences in interest rates and repayment types such as Interest Only and Repayment (Capital & Interest)

How many loans have you written during that time?
This is a good follow-up question to ask, as it will give you a better understanding of the mortgage broker’s experience.

For example, imagine two brokers joined the industry in 2013, but that Broker A had written 500 loans during that time and Broker B had written 300. In that case, even though both parties would be able to claim five years of industry experience, there would be a clear difference in hands-on experience.

How much experience do you have?
This is a good place to start, because a more experienced broker will generally be more knowledgeable than a less experienced broker.

Press the broker to give you a specific answer, such as “Eighteen years” or “I’ve been a broker since 2007 and in the mortgage industry since 2001”, rather than something vague like “I’ve got a lot of experience”.

Get in contact with the Mortgage Saving Experts in Snodland. You can do so by calling us on 01273 738 072 for a friendly conversation.