What is a mortgage broker?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Mortgage brokers exist to find a bank or direct lender that will be willing to make the specific loan an individual requires.
Finding a good deal for a mortgage loan in Vigo will be easier if you work with a mortgage broker. If you have a poor credit score or any other problems that could have an impact on your mortgage application, the right mortgage broker can increase your chances immeasurably.
Also, you can rest easy knowing that professional mortgage brokers must work within regulations that require their compliance to banking and finance laws in the jurisdiction of the consumer.
Handy Tools and Calculators
With an estimate in mind – in terms of how much you can borrow and cost of the loan – you’ll be able to plan your future more easily. 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. Find out how much you’ll have to repay every month instantly by simply entering those values with your term and pressing ‘Click to calculate’.
Why Use A Mortgage Broker?
There are a variety of advantages that come with working on your mortgage application with a mortgage broker in Vigo. Of these advantages, some of the more prominent include:
Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. 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. A mortgage broker wouldn’t stand to gain anything by not working in your favour. You’ll need to bear this in mind, even though any concerns you might have are understandable.
In truth, brokers have to provide viable reasons to you, their regulatory body, the Prudent Regulation Authority or the Financial Conduct Authority for recommending the mortgage they have. To not do so could lead to them facing significant problems. Exclusive 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. Reputable mortgage brokers will usually inform you how they get paid for their services, as well as disclose the details of the entire cost of the loan. For a mortgage advisor company, a positive user experience is higher on the value chain than lining the pockets of an individual broker.
Finds The Most Advantageous Deal
Your interests – and not those of the lending institution – will be represented by the mortgage broker. In addition to being your agent, they should also be knowledgeable consultants and problem solvers. For terms like interest rates, repayment value and loan products, you can get the best possible value from a broker, who has access to a wide array of mortgage products. You will be interviewed by the mortgage brokers to determine your needs and goals – both in the short and long term. Simple 30 or 15-year mortgages are not sufficient in many cases, which is why innovative mortgages and sophisticated solutions are distinct benefits of working with experienced brokers. These include mortgages to raise capital for repaying debts, money for marital needs or children, home renovations or the purchase of other properties such as buy to lets.
Has Flexibility Expertise to Meet Your Needs
A mortgage broker will guide the client throughout the whole process and sort out any issues that might arise. 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. Your time and sanity are just as important as saving a bit of extra cash. Give a thought to the amount of time you’d have to invest when enquiring about various loan types from numerous 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 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. Your broker compares loans from major and less popular lenders to find you the best deal with the lowest rates and overall cost.
Take some of the work off your shoulders and outsource it to someone who can offer expert 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. Some of these features can include drawdown facilities, offset accounts and options for extra repayments to name but a few. Your general mortgage experience and overall expenses can be largely affected by these features. Better still, your broker can answer any questions you might have over the phone or provide clarity if you don’t know much about these concepts and the impact they could have on you.
Access to exclusive non-advertised deals
Exclusive deals not advertised by banks can accessed by mortgage brokers. The banks pass these deals on to the brokers, who are responsible for selling the products. If you contact the bank yourself, you wouldn’t have access to the extra benefits you would otherwise get by speaking to a broker.
A bank can only sell their own deals – not those of the other banks as well – whereas a broker can search the whole market for the best deal.
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. With the required knowledge and experience brokers possess, you’ll have a better chance at approval the first time around.
Access to expert knowledge
Helping people secure loans is what mortgage brokers do for a living. There’s much information and numerous exclusive deals available to them that you won’t find by yourself. Loans come with certain subtleties you could miss if you’re not looking out for them. In fact, it is these small details that can make a difference to your mortgage in the long run. It is a huge plus to have the services of an experienced expert to show these things to you.
Instead of removing a chunk of your day to conduct voluminous research of loans and multiple lenders as well as possibly missing important subtleties, why not give the work to a person who has ample industry experience? 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.
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. For this reason, it’s necessary to find an honest and knowledgeable adviser, with ample experience. Our Mortgage Saving Experts will make your journey as seamless and transparent 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.
Mortgage Saving Experts offer honest and transparent services to our customers, making them feel that mortgages and insurance are not as problematic as they first appear. At Mortgage Saving Experts, we handle every single mortgage and insurance application like they belong to us. These are the things we’re about. Mortgage Saving Experts are available whether you’re a first-time buyer, a landlord, moving on to a new phase or just re-mortgaging. Providing help is why we’re here! Fundamentally “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Vigo Mortgage Experts
We make sure we help you get the best available deal the market can offer, as we are regulated by the Financial Conduct Authority (FCA). We are required to justify our reasons for making the mortgage recommendations we do to both you and our regulators, so you can understand 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.
Your current and future goals will be identified by our mortgage insurance experts after talking with you. We will then work together with you to reach these goals.
Why chose Mortgage Saving Experts?
You’ll get an initial rate for the first few years after taking out a mortgage. The rate is raised to the lender’s variable rate after the initial rate ends. 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. Here are some of the other advantages you’ll enjoy if you work with us:
- With a deal better than the bank variable rate, you’ll subsequently save money.
- We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
- We can take care of the hard work for you while you relax.
- We know our business, so you’ll only be advised by qualified mortgage experts.
- To arrange the best deal for you, we compare and dispense advice with regards thousands of mortgage deals.
- You’ll be supported and expertly advised throughout the whole mortgage process.
Our Approach to Mortgage Advice
The services we offer are personalised and take into account your unique needs. We approach mortgage advice using three basic 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:
What differentiates our services from those of other mortgage brokers in Vigo includes:
- Use fact-finding to properly understand your individual needs.
- Point out the costs that come with buying and selling.
- Request all documents related to the application.
- Propose and explain the likely mortgage.
- Reply to any questions you have.
- Get an agreement in principle.
- Submit your full mortgage application.
- Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.
Mortgage Types We Provide Expert Advice On
We advise expertly on a vast selection of mortgage products. In collaboration with our team, you won’t have any trouble finding the best mortgage products to match your specific requirements. Some of the most commonly requested mortgage types we help with include:
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 not generally considered to be a problem. 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 can seem a daunting process, but they do not have to be. Buying your first home is one of the most exciting things ever, so if you find a reasonably priced, reputable broker to manage the process for you, do hire their services. Why you should use one is pretty 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’s the same with mortgages. You can save on time, effort and even money with mortgage brokers, so you should use one. The initial consultation will cost you nothing.
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 prefer otherwise, then instead speak to an adviser who will guide you through it.
Your credit is important.
A mortgage is serious issue. Banks put up a lot of money at their own risk. So much so, they’ve been very careful since the subprime mortgage crisis of 2008. Good credit helps to qualify for a mortgage, but it isn’t a necessity. Based on your present situation, we can also be your guide when it comes to how much you can afford to pay for your new home and what your price ceiling should be. 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
In essence, the only thing you’re doing here is swapping one lender for another to get a cheaper deal or better rate. They don’t always sit well together. Let me clarify this. It may seem unwise to pay an arrangement fee to another lender to get on a lower rate if you have a small mortgage. You may realise that it’s less expensive to go on a slightly higher rate than paying any lender an arrangement fee. It’s always best to speak with someone before deciding which deal to go for, as you don’t want to be caught out by being tied to a more expensive deal overall, even if the rate is much lower.
Be careful. The potential absence of valuation or solicitors fees is one of the plus points of re-mortgaging, even though 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 ask your adviser about it.
A brilliant way to ensure you cut down on your mortgage bills is to re-mortgage on time. 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 relatively small.
- There have been significant changes in financial disposition.
- Expensive early repayment charge.
- A reduction in home value.
- You have credit problems.
- Already on a suitable current rate.
- We will provide guidance to help you choose whether to re-mortgage.
Buy to Let
A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. Legally, you cannot live in the property. You can purchase a buy to let property as a First Time Buyer, but you’ll be restricted to the number of available lenders, while extra checks will be made by the lender in such situations.
- There are a few things you may need to be aware of when purchasing a buy to let property.
- 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.
- If the value of the property isn’t valued at the amount for which stamp duty becomes liable, you are still required to pay the extra 3% of purchase cost.
TIP: If you’re looking to buy a second property, you should ask your solicitor/conveyancer to work out the amount you have to pay. A reputable adviser will know just what questions to ask in order to figure out the best mortgage for your specific needs. To see if you’re eligible, reach out now to our advisers.
How Much Do Mortgage Brokers Charge?
A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. Depending on the type of mortgage you need – whether buy to let or residential mortgage for instance – and whether you’ve had any credit problems of late. The figure is often set at around 0.33%, although this varies widely. The majority of independent brokers typically charge a flat fee of around £500. Don’t forget to find out how brokers collect payment. They must be completely clear, letting you know the exact figure and fee structure in place.
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 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. 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. 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. A credit check will be undertaken for mortgage purposes to confirm you have sufficient credit rating.
To be sure of how much you can borrow, obtain a decision in principle, prior to completing a full application. Make plans today for an appointment with one of our capable mortgage experts. We can provide an initial estimate, without the need for any credit checks to begin with.
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 Vigo Expert Mortgage Broker
What Our clients say About us
In Vigo, we have long and diverse list of satisfied clients. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in Vigo at the cheapest cost, see what some of our customers have got to say about working 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 at your disposal when seeking the best mortgage deal, the better the position you’ll be in. Below is the latest insightful mortgage news to help you get started on the right path.
Mortgage Regulatory Information
The majority of mortgages in the UK are made available by banks, building societies and specialised mortgage lenders. In Britain, there are around 200 different financial institutions that make mortgages available, even though Lloyds Banking Group and Nationwide Building Society has the biggest portion of the market share.
Due to the Financial Services Act 2000, a regulatory scheme specifically for mortgages was implemented by the former Financial Services Authority (now the FCA), even though close regulations have always been in place to guide banks and building societies in the UK.
The professional services of mortgage providers are monitored 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.
The Prudential Regulation Authority (a sister organisation to the FCA) presides over deposit-taking organisations in the UK, with regards their financial conduct.
They make sure firms have capital large enough to cancel out 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 Reach out to the Mortgage Saving Experts in Vigo. For a brief and informal chat, call us now on 01273 738 072.
What to Ask Your Vigo 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 Upchurch, Kent
- Mortgage Brokers in Uplees, Kent
- Mortgage Brokers in Upnor, Kent
- Mortgage Brokers in Upper-Harbledown, Kent
- Mortgage Brokers in Upper-Hardres, Kent
- Mortgage Brokers in Wainscott, Kent
- Mortgage Brokers in Waldershare, Kent
- Mortgage Brokers in Walderslade, Kent
- Mortgage Brokers in Walmer, Kent
- Mortgage Brokers in Waltham, Kent