Mortgage Brokers in Stanhope, Kent

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. Exclusive mortgages deals exist on the lower end that can be obtained by a number of mortgage brokers, possibly making the total cost of the loan that bit lower. 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. For a mortgage advisor company, a positive user experience is higher on the value chain than lining the pockets of an individual broker.

Save Time & Hassle

It’s never just 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. With a mortgage broker, you’ll only need one application, rather than completing forms for each individual lender. A formal comparison of the loans recommended can be provided by your mortgage broker to act as a guide for the information that accurately illustrates the differences in cost, showing present rates and points, as well as 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.

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 provide an array of support throughout the application and approval process. This can include assisting with paperwork, responding to questions and helping with government scheme applications, as well as explaining all the available options and loan features you may not have considered or been aware of. These features can include drawdown facilities, the option to make extra repayments and offset accounts to name a few. These types of features can make a significant difference to your mortgage cost and 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.

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 have the knowledge and experience required to give you the best shot at being approved at the first attempt.

Access to expert knowledge

A mortgage broker’s job is to help people obtain loans. They can access useful information and exclusive deals you likely couldn’t find 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. If you have an experienced professional who can show you these things, you’ll be at a distinct advantage.
Instead of taking time out of your day to research thousands of loans and multiple lenders – and still potentially missing key subtleties – why not hand the work to someone who’s experienced in this industry? 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.

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. Our mortgage savings experts will ease the process for you and make it as simple as possible. Why complicate things more than necessary, after all? Allow us to ease the entire process and obtain the best deals available for you.

You’ll be left thinking that mortgages and insurance are not as difficult as they appear, because of the reliable and transparent service Mortgage Saving Experts provide our customers. At Mortgage Saving Experts, we treat each mortgage and insurance application as if it were our own. This is what we’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 provide assistance! Basically “Search up to a thousand mortgage deals by talking to an adviser for roughly 15 minutes.”

Our Team of Stanhope 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.

Our Approach to Mortgage Advice

We offer a personalised service that takes into consideration your unique 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

First time buyers

First Time Buyers are classed by most mortgage lenders as people 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 usually not an issue. To be eligible for stamp duty relief, First Time Buyers are required to never have been owners of property before. This is applicable worldwide for stamp duty purposes.

Mortgages may appear to be a rather difficult process, but they really don’t 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 purpose of using one is straightforward enough. Besides, if your car breaks down and you have no knowledge of cars, you wouldn’t attempt to fix it yourself; you would use the services of a mechanic. With mortgages, it is exactly the same. With mortgage brokers, you can cut down on money, effort and time, so you should use one. The initial consultation comes at no cost at all.

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. To be eligible for a mortgage, good credit is useful but not absolutely essential. We can also offer guidance regarding how much you can afford to pay for your new home and how to set your limit, depending on your ongoing situation. We will help you with funding, the lowest cost and most suitable deal on offer, in addition to helping you buy your dream home.

Tread carefully. The potential absence of valuation or solicitors fees is one of the plus points of re-mortgaging, even though not everyone qualifies for this. The reason is that it is based on your disposition alone at the time of re-mortgaging. So, please check with your adviser.

A brilliant way to ensure you cut down on your mortgage bills is to re-mortgage on time. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.

Buy to Let

A property purchased in order to be rented to tenants is a ‘buy to let’. According to the law, you cannot live in the property. If you’re a First Time Buyer, the number of available lenders will be restricted if you’re purchasing a buy to let, while extra checks would be carried out by the lender in such cases.

• You may need to know certain things 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.
• A payment in respect of an extra 3% stamp duty will be required after 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: Ask your solicitor/conveyancer to work out how much you’ll have to pay if you’re buying a second property. 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 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. 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. For mortgage purposes, they will also perform a credit check to be sure you have an adequate credit rating.

Get a decision in principle before you finish your mortgage application; this way, you can form a clearer idea with regards the amount you can borrow. 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.

Mortgage Regulatory Information

The majority of mortgages in the UK are made available by banks, building societies and specialised mortgage lenders. In total, there are roughly 200 financial institutions that provide mortgages in Britain, even though the biggest share of the market is owned by Lloyds Banking Group and Nationwide Building Society.

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 professional conduct of mortgage providers is regulated by the FCA. 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 formerly presented in the rules for Mortgage Conduct of Business (MCOB), although they were changed due to the FCA Mortgage Conduct of Business (MMR) of 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 adequate capital levels 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. You utilise a complaint procedure via the FCA if you don’t think it has been suitably dealt with. In turn, this can be referred to the Financial Ombudsman Service if deemed necessary. 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 Stanhope. You can do so by calling us on 01273 738 072 for a friendly conversation.

What to Ask Your Stanhope Mortgage Broker?