Mortgage Brokers in Elmers-End, London

What is a mortgage broker?

A mortgage broker is sometimes considered a middle man who brokers loans in favour of people or businesses. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.

Finding a good deal for a mortgage loan in Elmers-End will be easier if you work with a mortgage broker. 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.

Professional mortgage brokers are bound under strict regulations and required to comply with banking and finance laws in the customer’s jurisdiction, so, you don’t have to worry about being in the wrong 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. 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. Just fill in those values, along with your term and press ‘Click to calculate’ to immediately see the amount you will have to repay per month.

Mortgage Calculator
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Why Use A Mortgage Broker?

There are a wide range of benefits to be enjoyed from working with a mortgage broker in Elmers-End with regards your mortgage application. Some of the more obvious benefits 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.

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.

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. A reputable mortgage broker will disclose how they are paid for their services, as well as detail the total 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.

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

Finds The Most Advantageous Deal

Your interests – and not those of the lending institution – will be represented by the mortgage broker. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. You can get the best value as per interest rates, loan products and repayment amounts thanks to the wide range of mortgage products to which a broker has access. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. 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 navigates the client through any situation, handling the process and smoothing any bumps in the road along the way. 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. Saving some extra cash is great, but so is your time and sanity. Give a thought to the amount of time you’d have to invest when enquiring about various loan types from numerous 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. To find the best deal in terms of lower rates and overall cost, your broker will make comparisons between popular and less popular lenders.

Reduce the workload for yourself and outsource it to someone who can provide 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 features can make a massive difference to your mortgage experience and overall costs. If you don’t know much about these concepts and how they can work for you, reach out to your broker over the phone for clarification and answers.

Access to exclusive non-advertised deals

There are exclusive deals not made public by the banks that brokers have access to. The brokers are charged with selling the products, as the deals are pushed on to them by the banks. Contacting a broker will unlock these extra benefits you would miss out on if you were to approach the bank yourself.

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

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. You’ll need the necessary knowledge and experience a broker has to secure approval on your first attempt.

Access to expert knowledge

Mortgage brokers help people secure loans for a living. There’s much information and numerous exclusive deals available to them that you won’t find 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. If you have an experienced professional who can show you these things, you’ll be at a distinct advantage.
You can avoid spending valuable time to research numerous loans and lenders (while perhaps missing fundamental key subtleties) and instead give the work to someone with key 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

Mortgages and insurance might seem really complicated at first, but they’re not. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. 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.

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 handle every single mortgage and insurance application like they belong to us. This is what we’re all 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! Approximately “Take 15 minutes to talk to 1 adviser and find out about 1000s of mortgage deals.”

Our Team of Elmers-End 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, enthusiastic and passionate team of mortgage insurance experts, with years of industry experience.

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?

For the first couple of years, you’re allowed an initial rate after taking out a mortgage. After this initial rate finishes, the rate increases to the lender’s variable rate. 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:

  • 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 know our stuff; you’ll always receive pertinent advice from a qualified mortgage expert.
  • We undertake comparisons and then advise and arrange the best mortgage for you, choosing from thousands of deals.
  • You’ll be supported and expertly advised throughout the whole mortgage process.

Our Approach to Mortgage Advice

Your individual needs will be duly considered, as we provide fully personalised services. We approach mortgage advice using three basic steps:

  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:

The things that make our services the best amongst mortgage brokers in Elmers-End include:

  • Get to determine your situation and requirements by fact-finding.
  • Point out the costs that come with buying and selling.
  • Request all documents related to the application.
  • Recommend and explain all about the prospective mortgage.
  • Respond to any questions you might have.
  • An agreement in principle should be obtained.
  • Have your entire mortgage application sent in.
  • We will collaborate with your estate agent, solicitor and mortgage lender and reply 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 expertly on a vast selection of mortgage products. Working together with us, finding the most suitable mortgage product to suit your needs won’t be difficult at all. The most popular mortgage types we’re requested to handle include:

First time buyers

Most mortgage lenders Categorise First Time Buyers 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 rules and ideas on this are different across various lenders. 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.

Mortgages may appear to be a rather difficult process, but they really don’t have to be. The purchase of your first home can be filled with excitement, so if you discover a well-respected broker to manage the process for a reasonable price, then use one. It is abundantly clear why you should use one. If you have no knowledge about cars and yours develops a fault, you would call a mechanic rather than attempt to fix it yourself. It’s the same with mortgages. Mortgage brokers can help you save money, time and effort, so why don’t you use one? You won’t have to pay for the initial consultation.

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. Get to know what to do before your mortgage application, during the application process itself and the way in which to use it after buying the property. If you would rather avoid any stress, speak to an adviser, who will guide you accordingly.

Your credit is of great importance.

A mortgage is a major issue. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 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. In addition to assisting you with the purchase of your dream home, we will also help with financing at minimum cost and the most agreeable mortgage available.

Re-mortgage your home

In short, this means you’ll switch from one lender to another to get a more affordable rate or cheaper deal. The two of them don’t have to go hand in hand. Let me make it clearer. If you have a small mortgage, you’ll probably find it’s not worthwhile paying an arrangement fee to the lender just to go on a lower rate. You might find it cheaper by going on a slightly higher rate and paying no arrangement fee to the lender at all. 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.

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 because only your circumstances are considered at the time of re-mortgaging. So, please ask your adviser about it.

A mortgage deal conducted at the right time is an effective way to cut the cost of your mortgage bills significantly. Depending on your specific needs, a re-mortgage deal might not be the best option, even though it does have its advantages.

  • Depending on your individual circumstances, such as…
  • Mortgage debt is considerably small.
  • There has been a change in financial circumstances.
  • Early repayment charge is on the high side.
  • Home value reduced.
  • Existing 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. You are not allowed to legally live in the property. If you’re a First Time Buyer, you can purchase a buy to let property, but the number of lenders available is restricted. There are also extra checks made by the lender in these circumstances.

  • You may need to know certain things when purchasing a buy to let property.
  • The loan amount you can borrow is mostly based on the total rental income you receive.
  • A payment in respect of an extra 3% stamp duty will be required after 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: You should ask your solicitor/conveyancer to figure out how much you must pay when considering buying a second property. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. Get in touch with our advisers to see if you’re eligible.

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. 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 should be honest and up front, telling you the amount owed and the fee structure they have in place.

For our fee structure, we charge clients £695; any commission we receive from mortgage lenders is subtracted from that figure If the commission paid to us falls short of £695, our client will then be asked to make up the difference between the commission we receive and the figure of £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 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 be sure of how much you can borrow, obtain a decision in principle, prior to completing a full application. Arrange an appointment with one of our qualified mortgage experts today. 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 thousands of the latest mortgage deals, so you can find the one you’re after.

Request a free quote from Mortgage Saving Experts, your Elmers-End Expert Mortgage Broker

What Our clients say About us

We have a list of clients in Elmers-End that is both lengthy and diverse. If you aren’t convinced that we are the professionals to make the best possible mortgage deal in Elmers-End at the lowest price, take a look at 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

The more information you have available when looking for the most suitable mortgage deal, the more beneficial this is for you. The latest mortgage news below will provide the insight you need to properly get started.

Mortgage Regulatory Information

The majority of mortgages in the UK are made available by banks, building societies and specialised mortgage lenders. There is a total of 200 different financial institutions which offer mortgages in Britain, although Lloyds Banking Group and Nationwide Building Society owns the market’s largest share.

Even with regulations in the UK that closely guide banks and building societies, a regulatory scheme was set up just for mortgages (as a result of the Financial Services Act 2000) by the FCA (the former Financial Services Authority).

Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. Tough rules are in place concerning checks that ensure customers are fairly treated in terms of contracts for financial services, as well as misleading and unfair adverts and promotions. 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.

The Prudential Regulation Authority (a sister organisation to the FCA) presides over deposit-taking organisations in the UK, with regards their financial conduct.

They ensure firms have adequate capital levels to balance out their lending risks. If you have a complaint about your mortgage provider, the first step is to take up the matter with them. If you don’t like how the issue has been dealt with, you can take your complaint 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 Elmers-End. You can do so by calling us on 01273 738 072 for a friendly conversation.

What to Ask Your Elmers-End Mortgage Broker?

What happens if you don’t respond to my messages within that timeframe?
This is a valid follow-up question. Remember, insist on receiving a specific answer. As soon as your questions are answered, find out about the broker putting both claims down on paper. The seriousness of these claims will be all too evident.
How quickly will you respond to my messages?
You don’t want a broker who can’t respond sufficiently to any issues that could arise during the application process, hence the need for this question. Be forceful in asking for a specific answer: for example, say “within three hours” rather than “quickly”.
How much hand-holding is involved during the buying process?
This question is necessary to ascertain whether you will be closely guided by the broker (through this potentially complicated and stress-filled process) or be expected to figure things out on your own.
Why should I choose you rather than another broker?
Knowing you’re in safe hands is important, as it can be both complicated and stressful when purchasing property and organising finance. This makes it necessary to make sure brokers answer this question before you decide on who to work with. Don’t let the broker get away with vague statements like “Because I’m the best” or “Because I provide great service”. More details can be acquired by using follow-up questions.

  • “Why exactly are you the best?”
  • “In what way do you deliver great service?”
What sort of clients do you specialise in?
Another necessary question to ask. The reason is that while many borrowers work only with ‘plain vanilla’ clients, many others may prefer complex investors or borrowers with credit issues. Hypothetically speaking, Broker A may have worked on 450 regular loans and 50 bad-credit loans, while Broker B may have worked on 50 regular loans and 250 bad-credit loans. Therefore, if you were a borrower with credit problems, you might be better off with Broker B. Then, ask questions regarding their standard of customer service.
What will the true cost of my home loan be?
A good way to benefit from their experience and specialist knowledge is to ask them to figure out just how much your home loan will cost. A mortgage illustration with the actual cost attached can be sourced by your broker, depending on factors such as whether you’ll pay repayment or interest only; the length of your loan term; the size of the deposit you have in place; and the rates payable. This is usually reflected in the Annual Percentage Rate (APR). To significantly reduce the total cost of your loan, the loan term can be minimised and the deposit maximised. Determining exactly how much your home loan will cost requires much more work. Upfront fees need to be included in the entire cost; these include valuation fees, conveyancing and legal fees. For instance, using drawdown facilities can incur ongoing fees. Even though it’s not possible to foretell the exact cost of your mortgage in figures – and we can’t rule out the fact that things may change that can affect your ability to pay – a broker can put all the relevant details into perspective. Recommendations can be made by Mortgage Saving Experts for the protection and insurance of you and your family to provide for all of life’s unfortunate eventualities. Our team of advisers will utilise this information to help figure out the best possible loan for you.
How much can I borrow?
The big question plaguing home buyers tends to be “How much can I borrow?” Several factors affect the maximum amount, because lenders are all different in this area. In most cases, you can borrow up to roughly five times your gross annual salary, but in some instances, you may be able to borrow up to 5.5 times your gross annual income. We can get a much clearer indication of your borrowing capacity once you get in touch with us. Brokers act as middlemen between you and the lender. Lenders will require information concerning your debts, living expenses, credit score and any dependents you might have. All these details can be factored into the best loan by a broker. Home loan terms can also be explained to you by a broker, such as Loan-to-Value (LTV), which is in effect a percentage of the full loan amount you are seeking as a percentage of the property purchase value. They can also explain things like the differences in interest rates and repayment types, such as Interest Only and Repayment (Capital and Interest).
How many loans have you written during that time?
Asking this question as a follow-up is prudent, because it will give you a better understanding of the broker’s overall experience. For instance, consider that two imaginary brokers joined the industry in 2013, but while one has written 500 loans in that time, the other has written just 300. In that case, despite spending the same amount of time in the industry, the differences in their hand-on experience would be all too obvious.
How much experience do you have?
This is a good starting point, as a suitably experienced broker will certainly know more than a less experienced one. Press for specific responses like “10 years” or “I’ve been in the mortgage industry since 2005”, as opposed to vague answers, such as “I’m very experienced in that area”.

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

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Get in touch with of our mortgage saving experts today to find out how we can help.

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