What is a mortgage broker?
To broker a mortgage loan, a mortgage broker will act as a link on behalf of an individual or business. 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 Bishopsgate 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
Knowing how much you can borrow – as well as the cost of the loan – will help make planning your future easier. 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. To immediately determine how much you’ll have to repay each month, simply enter the values and your term before pressing ‘Click to calculate’.
Why Use A Mortgage Broker?
In Bishopsgate, working with a mortgage broker on your mortgage application is beneficial in a number of ways. Some of the most obvious of these benefits are:
The most visible benefit of choosing to work with a mortgage broker is that you will likely save money. An experienced expert can take care of the hard work and see to it that your interests are protected. You’ll only need to provide a few details.
Some people worry about how true this is, considering the entire idea of mortgage brokers is still misunderstood somewhat around the globe. So, where is the catch? Although such reservations are not entirely invalid, you should be aware that there is no benefit for mortgage brokers who do not work in your best interests.
In short, a broker is required to give proof of their reasons for recommending the mortgage they have (to you, their regulators, the Prudent Regulation Authority or Financial Conduct Authority) or they could be penalised. Exclusive mortgage deals not found on the high street can be unearthed by many mortgage brokers, which could potentially cut the cost of the entire loan for the client. 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. A mortgage advisor company values ensuring a positive experience for their customers over padding the pocket of a broker.
Finds The Most Advantageous Deal
For a mortgage broker, your interests – rather than those of the lending institution – are paramount. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. A broker has access to many different mortgage products and can therefore offer you great value in terms of relation interest rates, loan products and repayment amounts. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. Amongst the benefits of working with experienced mortgage brokers are innovative mortgages and sophisticated solutions, because regular 15 or 30-year mortgages aren’t usually sufficient. These include money for children or carrying out much needed renovations, mortgages to raise capital for repaying debts or even money to buy 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 isn’t only 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. Your mortgage broker can provide a formal comparison of any loans recommended, as well as advise on the information which accurately portrays cost differences, reflecting current rates, points, and closing costs for each loan. Comparisons will be made by your broker between popular and less popular lenders to get you the most suitable deal, with lower rates and total cost.
Reduce the workload for yourself and outsource it to someone who can provide professional advice. A mortgage broker can do a lot of the work by providing you with support throughout the application and approval process. This might involve completing all paperwork, helping you with applications to government schemes, answering questions and explaining the options and loan features, about which you may not have been aware. Drawdown facilities, offset accounts and extra repayments (to name a few) are just some of the features involved. Features like these can make a huge difference to your mortgage costs and overall 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 brokers are charged with selling the products, as the deals are pushed on to them by the banks. Going to the bank directly could cause you to miss out on added benefits such as these, which you can procure 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
If you’re knocked back after requesting an Agreement in principle/Decision in principle of a loan, this will leave a mark against your credit rating. With the required knowledge and experience brokers possess, you’ll have a better chance at approval the first time around.
Access to expert knowledge
A mortgage broker’s job is to help people obtain loans. They have access to information and select deals you wouldn’t discover by yourself. If you’re not on the lookout for them, you might not notice the subtleties that accompany loans. At the end of the day, these subtleties tend to improve your mortgage chances. It’s beneficial to have an experienced professional to point out these things for 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? The same way you would contact a plumber to fix a leaking pipe or a hairdresser to work on damaged hair, contacting a mortgage broker is an ideal option for your home loan needs.
Contact the Mortgage Saving Experts in Horsell. You can reach us by dialling 01273 738 072 today for a friendly chat.
About Mortgage Saving Experts
Contrary to how they might seem initially, mortgages and insurance are not so difficult. That’s why finding honest advisers with invaluable experience and knowledge is so important. Our mortgage savings experts will ease the process for you and make it as simple as possible. After all, why make things more difficult than they need 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. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. This is what we do. Mortgage Saving Experts are available whether you’re a first-time buyer, a landlord, moving on to a new phase or just re-mortgaging. We are here to assist! Basically “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of Bishopsgate 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, passionate, enthusiastic and very experienced team of mortgage and insurance experts.
Your current and future goals will be identified by our mortgage insurance experts after talking with you. These goals will be achieved when we work with you intently.
Why chose Mortgage Saving Experts?
After taking out a mortgage, you’ll get an initial rate for the first couple of years. The lender’s variable rate is implemented after the initial rate is complete. Our team will contact you three months prior to the date of renewal to strike a new deal, before both your rate and monthly payment are raised. Other benefits of working with us include:
- The deal you’ll get is better than the bank variable rate, which in turn saves you money.
- We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
- You can take time to relax, while we handle the stress for you.
- We are good at what we do, so you’ll always be advised by professional mortgage experts.
- We undertake comparisons and then advise and arrange the best mortgage for you, choosing from thousands of deals.
- You’ll be provided expert advice and support right through the mortgage process.
Our Approach to Mortgage Advice
We offer a personalised service that takes into consideration 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:
The things that make our services the best amongst mortgage brokers in Bishopsgate include:
- Find out what your needs and circumstances are through fact-finding.
- Clarify the costs related to buying and selling.
- Ask for applicable documents necessary for the application.
- Recommend and explain the prospective mortgage.
- Respond to any questions you might have.
- Obtain an agreement in principle.
- Submit your full mortgage application.
- We will collaborate with your estate agent, solicitor and mortgage lender and reply to any questions through to completion.
Mortgage Types We Provide Expert Advice On
We dispense expert advice on a wide range 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 classed by most mortgage lenders as 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.
Different lenders have different ideas and rules regarding this. Normally, being a First Time Buyer is no issue. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.
The mortgaging process might appear to be challenging, but this isn’t necessarily so. 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 quite apparent. It stands to reason that you would contact a mechanic if your car became faulty – especially if you knew little or nothing about cars. 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.
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 when applying, within the application process and even how to use a mortgage after buying your home. If you can’t deal with all of that, talk to an adviser who will provide guidance accordingly.
Your credit is a necessity.
A mortgage is a major issue. A lot of money has been risked by banks over the years; notably, they have been more and more cautious since the subprime mortgage crisis of 2008. To be eligible for a mortgage, good credit is useful but not absolutely essential. We can also provide guidance about the amount you can afford to pay for your new home and what should be your maximum offer, based on your current circumstances. 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
Simply put, all you’re doing with this is changing from one lender to another to get a better rate or cheaper deal. The two of them don’t have to go hand in hand. Let me make it clearer. 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 find it’s more practical to go on a slightly higher rate, without paying arrangement fees to any lender. It’s best to always talk to someone before agreeing any deal, because you don’t want one that’s more expensive overall, even though the rate might be significantly lower.
Focus on any small print. 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, do find out from your adviser.
A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. Even though a re-mortgage deal is accompanied by various benefits, it might not the best choice for you, depending on your unique circumstances.
- Based on your individual circumstances, like…
- Mortgage debt isn’t considerable.
- Financial circumstances have changed.
- Significant early repayment charge.
- Home value dropped.
- You’re dealing with credit problems.
- Already on a great rate.
- We will advise you whether or not to pursue a re-mortgage.
Buy to Let
A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. According to the law, you cannot live in the property. The number of available lenders will be restricted if you’re a First Time Buyer, purchasing a buy to let property. Also, extra checks are made by the lender in cases like these.
- There are 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’ll be required to pay a 3% stamp duty after your normal stamp duty.
- If the property is below the value at which stamp duty becomes liable, you will still have to pay the extra 3% of the purchase price.
TIP: You should ask your solicitor/conveyancer to figure out how much you must pay when considering buying a second property. 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. To see if you’re eligible, reach out now to our advisers.
How Much Do Mortgage Brokers Charge?
Many mortgage brokers are paid commission from lenders, which represents a percentage of your mortgage loan. This is usually around 0.33%, although this does vary massively, depending on what mortgage you require. For example, this would take into account buy to let or residential mortgages and whether you’ve had any credit problems in the recent past. The majority of independent brokers typically charge a flat fee of around £500. Remember to ask brokers how they want to be paid. They must be completely transparent, telling you how much is being charged and what fee structure they use.
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 are paid a commission less than £695, the client is then asked to pay the necessary difference to top it up to £695. If for example, we are paid a commission of £495, we would ask you to pay a fee of £200, payable on production of your mortgage offer. Please note, we only take payments on a results-based arrangement.
How Much Can I Borrow?
This takes into account many factors, such as how much you deposit, the amount you earn, the number of children you have and what debts (if any) you 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. Other than this, they will also carry out a credit check to ensure you have an agreeable credit rating for mortgage purposes.
To get an idea of the amount you can loan, get a decision in principle before applying for a mortgage in full. Make plans to meet with one of our experienced mortgage experts now. We can at least give you an idea, without having to do any credit checks at the initial stage.
The Latest Best Mortgage Rates
Our services are available whether you want to re-mortgage, move home, purchase a buy to let or procure a first-time buyer mortgage. 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 Bishopsgate Expert Mortgage Broker
What Our clients say About us
Our list of satisfied clients in Bishopsgate is lengthy and diversified. If you still have doubts about our ability to professionally provide the best deal in Bishopsgate at the cheapest price, see for yourself what some of our customers have said about their experience with us. For a personal experience to discover how effective our services are, contact us today.
Latest Mortgage News
Having more information at your disposal when looking for the most ideal mortgage deal places you in a more advantageous position. To help you begin on the right path, find recent insightful mortgage news below.
Mortgage Regulatory Information
Banks, building societies and specialised mortgage lenders account for the bulk of mortgage providers in the UK. Although a big portion of the market share is owned by Lloyds Banking Group and Nationwide Building Society, all together there are 200 different financial institutions providing mortgages in Britain.
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 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.
Deposit-taking organisations in the UK are under the jurisdiction of the Prudential Regulation Authority (a sister organisation to the FCA) for their financial conduct.
They ensure firms have a sizeable enough capital to balance out their lending risks. If there is something bothering you about your mortgage provider, talking to them about it is the first step to take. If you 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 Bishopsgate. You can reach us by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Bishopsgate 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 Becontree, London
- Mortgage Brokers in Beddington, London
- Mortgage Brokers in Benhilton, London
- Mortgage Brokers in Bethnal-Green, London
- Mortgage Brokers in Bexley, London
- Mortgage Brokers in Blackfen, London
- Mortgage Brokers in Blackfriars, London
- Mortgage Brokers in Blackheath, London
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