What is a mortgage broker?
A mortgage broker represents individuals or companies looking to broker mortgage loans. Mortgage brokers strive to find a bank or direct lender that will agree to meet the particular loan an individual requires.
With a mortgage broker in Woolage-Green, you’ll have an easier time procuring the mortgage loan you need at the best possible terms. The right broker will also improve your chances of getting a mortgage, even if you have a poor credit score or are subject to any other circumstances that could complicate your mortgage application.
Because professional mortgage brokers are regulated to assure compliance with banking and financial laws in the jurisdiction of the consumer, you can be assured you’re in good hands.
Handy Tools and Calculators
With an estimate in mind – in terms of how much you can borrow and cost of the loan – you’ll be able to plan your future more easily. Use this handy calculator to see just how much your mortgage repayments are going to be, based on your total loan amount and interest rate. Simply fill in the values plus your term and press ‘Click to calculate’ to immediately discover the amount you must repay monthly.
Why Use A Mortgage Broker?
Working on your mortgage application with a mortgage broker in Woolage-Green comes with many different benefits. Of these advantages, some of the more prominent include:
Save Money
Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. You don’t have to handle the hard work, as this can be managed by an expert with ample experience, who will make sure your best interests are addressed. All you’ll need to do is fill out some details.
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.
The broker could actually be at a disadvantage if they cannot prove to you, their regulators, the Financial Conduct Authority or the Prudent Regulation Authority why they made the recommendations in respect of the mortgage in question. Many mortgage brokers can obtain exclusive mortgage deals not found on the high street, potentially making the total loan cost lower for the client. Reputable mortgage brokers communicate how they expect to be paid for their services, as well as outline the details of the entire 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
A mortgage broker represents your interests, rather than those of a lending institution. Not only should the role of being your agent be their focus, they also need to be knowledgeable consultants and problem solvers. With access to a wide range of mortgage products, a broker can offer you the greatest value in terms of interest rates, repayment amounts, and loan products. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. Sophisticated solutions and innovative mortgages are distinct advantages of working with experienced broker, because simple 15 or 30-year mortgages aren’t enough in some situations. These include mortgages to raise capital for debt repayment, money for your children, important home renovations or even the purchase of other properties like buy to lets.
Has Flexibility Expertise to Meet Your Needs
A mortgage broker will work with the client in any situation, as well as manage the process and take care of any bumps in the road that may occur. 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. If a borrower requires a large loan – considerably more than what the bank will approve – the knowledge and expertise of a broker in securing financing would be a distinct advantage.
Save Time & Hassle
It’s not all about money. Your time and sanity are just as important as saving a bit of extra cash. Imagine how much time it would take to find out about the numerous types of loans available from multiple lenders. Unlike working with different lenders – which would require you to complete different forms every time – you’d only need one form with a mortgage broker. The loans recommended can be formally compared for you buy your mortgage broker. This will serve as a guide to the information which correctly shows cost differences, with present rates, points and closing costs for each loan illustrated. 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.
You don’t have to burden yourself with all the work, as outsourcing is a viable option to take in order to gain expert advice. To be of assistance throughout the entire application and approval process, mortgage brokers do the bulk of the work. This includes handling all the paperwork, helping with applications for government ski schemes, answering questions and providing insight on other options and loan features you may not have given thought to. These features can include drawdown facilities, the option to make extra repayments and offset accounts to name a few. A noticeable difference can be made to your overall experience and the cost of your mortgage. 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
Brokers have access to exclusive deals that aren’t advertised by the banks. These deals are passed by the banks to the brokers, who then have the responsibility of 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.
While banks can only provide their own deals (and not the deals offered by other banks), brokers can scour the entire market to discover the most suitable deal.
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. You’ll need the necessary knowledge and experience a broker has to secure approval on your first attempt.
Access to expert knowledge
The job of a mortgage broker is to help people secure loans. They have access to information and select deals you wouldn’t discover by yourself. Loans are attached to subtleties you could easily overlook if you aren’t searching for them. It’s these subtleties that can make a difference to your mortgage in the long haul. It’s beneficial to have an experienced professional to point out these things for you.
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? A mortgage broker is a great choice for your home loan requirements, just as a plumber is for fixing a leaking pipe and a hairdresser for dealing with damaged hair.
Contact the Mortgage Saving Experts in Horsell. You can reach us by dialling 01273 738 072 today for a friendly chat.
About Mortgage Saving Experts
Mortgages and insurance 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. After all, why make everything more stressful than it ought to be? Let us simplify everything for you and ensure we get the best deal possible.
With the honest and transparent services customers receive at Mortgage Saving Experts, they will come to realise that mortgages and insurance are not as challenging as they seem. At Mortgage Saving Experts, we handle every single mortgage and insurance application like they belong to us. This is what we’re all about. 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. We are here to assist! Fundamentally “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Woolage-Green 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.
“Down to Earth Mortgage”
We are an honest, passionate, enthusiastic and very experienced team of mortgage and insurance experts.
Our mortgage and insurance experts are particularly good at listening to your current and future goals. We will then work together with you to reach these goals.
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 rate is raised to the lender’s variable rate after the initial rate ends. Three months before you’re due to renew, our team will reach out to secure a new deal before your monthly payments and rate increase. Included below are the plus points of working with us:
- You’ll save some money, as the deal you get is better than the bank variable rate.
- You don’t have to keep track of the timeline, as we will look after this for you.
- You can sit back and relax, while we do all the hard work for you.
- We know our business, so you’ll only be advised by qualified mortgage experts.
- Comparing, advising and setting up the best possible mortgage deal from amongst the many available is what we do.
- 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 makes our services superior to those of other mortgage brokers in Woolage-Green includes:
- Get to determine your situation and requirements by fact-finding.
- Explain what costs buying and selling involve.
- Request relevant documents to assist with the application.
- Recommend and explain the prospective mortgage.
- Reply to any questions you have.
- Obtain 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 provide professional advice on a broad range of mortgage products. You won’t have any difficulty finding the right mortgage products to suit your needs when working with us. The most popular mortgage types we’re requested to handle include:
First time buyers
Many mortgage brokers consider First Time Buyers people who have either:
- Never owned a property or
- People who have owned a property in the past, but not owned one for six months or more.
Every lender has different rules and ideas about this. There usually are no issues in being a First Time Buyer. 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.
While mortgages may look like a tedious process, they don’t 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. It is abundantly clear why you should use one. 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 is free of charge.
Buying a home
If you’re considering buying a home in the near future or further down the line, you should get to know mortgages a lot better in the meantime. Learn what to do when applying, within the application process and even how to use a mortgage after buying your home. If you’d prefer a different approach, then speak to an adviser who can guide you through it.
Your credit is crucial.
A mortgage is not to be taken lightly. 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. For mortgage eligibility, good credit helps, but isn’t vital. 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. We will help you with funding, the lowest cost and most suitable deal on offer, in addition to helping you buy your dream home.
Re-mortgage your home
Basically, what you’re doing here is changing lenders to get a more suitable rate or cheaper deal. 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. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any lender. 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.
Take extra caution. A notable benefit of re-mortgaging is the absence of solicitors or valuation fees, even though some people are not eligible for this. Any reasoning depends solely on your circumstances at the time of re-mortgaging. So please check or ask your adviser.
A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.
- Depending on your unique needs, like…
- Mortgage debt is relatively small.
- The financial disposition is now different.
- Expensive early repayment charge.
- A drop in the value of your home.
- You’re dealing with credit problems.
- Present rate is very agreeable.
- We will dispense advice on the merits of pursuing a 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. 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.
- When purchasing a buy to let property, there are a few things you’ll need to know.
- The amount of rental income you receive more or less affects how the loan amount you’re able to borrow.
- You’ll have to pay an extra 3% stamp duty on top of your normal stamp duty.
- Even if the value of the property isn’t enough to be liable for stamp duty, you are still required to pay an extra 3% of the purchase price.
TIP: If you want to buy a second property, find out the amount you’ll be require pay from your conveyancer/solicitor. To find the best mortgage to match your requirements, a good adviser will know which questions you need to answer. Get in touch with our advisers to find out if you qualify.
How Much Do Mortgage Brokers Charge?
The majority of mortgage brokers receive commission from lenders, which is a percentage of the mortgage loan you secure. While the figure varies widely, it is generally set at around 0.33%, depending on the type of mortgage you require. For example, this could be a residential mortgage or buy to let and would take into account whether you’ve had any credit troubles recently. Most independent brokers charge a flat fee, which is typically around £500. Be sure to find out from brokers how you pay them. They need to be totally clear, informing you of the fee structure they use and just how much you are due to be charged.
We charge the client £695 as part of our fee structure; if the mortgage lender pays any commission, it is then deducted from that figure. Our client will be asked to pay the difference between the commission we are paid and £695, if the amount of commission is less than £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. A credit check will be undertaken for mortgage purposes to confirm you have sufficient 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. Arrange an appointment with one of our qualified mortgage experts today. We can provide an initial estimate, without the need for any credit checks to begin with.
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 compare thousands of the latest mortgage deals, so you can find the one you’re after.
Request a free quote from Mortgage Saving Experts, your Woolage-Green Expert Mortgage Broker
What Our clients say About us
We have a list of clients in Woolage-Green that is both lengthy and diverse. If you aren’t convinced that we are the professionals to make the best possible mortgage deal in Woolage-Green at the lowest price, take a look at what some of our customers have said about their experience with us. Reach out to us today for a personal experience of how effective our services are.
Latest Mortgage News
The more information available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. 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. 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.
Although banks and building societies have always been closely regulated in the UK, the former Financial Services Authority (now the FCA) implemented a regulatory scheme specifically for mortgages as a result of the Financial Services Act of 2000.
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. The original regulations represented in the rules for Mortgage Conduct of Business (MCOB) were reconstructed due to the 2014 FCA Mortgage Market Review (MMR).
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. If there is something bothering you about your mortgage provider, talking to them about it is the first step to take. 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 Get in touch with the Mortgage Saving Experts in Woolage-Green. You can reach us by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Woolage-Green 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 Wingmore, Kent
- Mortgage Brokers in Wittersham, Kent
- Mortgage Brokers in Womenswold, Kent
- Mortgage Brokers in Woodchurch, Kent
- Mortgage Brokers in Woodnesborough, Kent
- Mortgage Brokers in Woolage-Village, Kent
- Mortgage Brokers in Wootton, Kent
- Mortgage Brokers in Wormshill, Kent
- Mortgage Brokers in Worth, Kent
- Mortgage Brokers in Wouldham, Kent
