Mortgage Brokers in Elmers End

What is a mortgage broker

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. 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 Elmers-End, 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.

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.

What Is A Mortgage?

A mortgage is simply a loan. A mortgage is specifically linked to a piece of property so that it acts as security against the loan, which makes it different from personal loans. Mortgage providers can rightfully take back (repossess) the property if you default on your payments.

While shorter or longer terms are available, mortgages are usually set for a 25-year period. A repayment plan is arranged as soon as you borrow the money. Even though the available mortgage plans vary, those that involve repayment plans on a monthly capital basis are very popular.

Aside from repaying the money you borrowed initially, you will be charged interest on the amount you’ve been loaned (the ‘capital’). A mortgage – secured by the collateral of the property involved – is a debt instrument that the borrower must repay against the agreed pre-set payment instalments. Mortgages allow individuals and businesses to purchase sizable properties, without paying the entire cost at once. The loan and interest attached needs to be paid back over some years before the borrower can own the property without a mortgage. If the borrower stops paying the mortgage, the lender can repossess the property against which the mortgage is secured.

Should there be a default on mortgage payments, the lender can take back the property, as the bank will have a charge on it. The home’s tenants may be evicted by the bank, the property sold, and the equity used to clear the mortgage debt if there’s a repossession.

Mortgages come in many forms. Borrowers must still pay the same interest rates on fixed rate mortgages as they would for the initial terms of two, three or five years, even though fixed-rate mortgages are available in longer terms. For fixed rate terms, the monthly payments remain the same throughout. The borrower would continue with the same payments if they have a fixed rate, even if the market interest rates go up. Changes in market interest rates have no effect on the borrower’s mortgage repayment if they have a fixed rate.

Reach out to the Mortgage Saving Experts in Elmers-End. For a brief and informal chat, call us now on 01273 738 072.

As soon as the fixed rate ends, your mortgage will be returned to a ‘standard variable rate’ set by the bank, lender or building society that lends you the money. This rate can go up or down whenever the lender sees fit, so if you have a diligent broker or good diary system in place, remember to re-mortgage or call your existing lender and change the rate by looking around three months before that rate increases to the variable rate. This will save you paying much higher monthly payments.

In fact, the initial interest rate is usually a low rate, which can make a mortgage appear less expensive than it is. An increase in interest rates later on could mean that the borrower would not be able to continue with payments. Monthly payments after the initial term are usually unpredictable, since the variable rates could be changed at any time.

Other types of mortgages exist that are not so common. However, they may be available to you, so talk to an independent broker about such options, which include offset mortgages, interest-only mortgages, buy to lets, secured loans, tracker rates and bridging loans. To match any needs and requirements you might have, our mortgage brokers in Elmers-End can help to find the best possible mortgage deal for you.

Handy Tools and Calculators

Being aware of what you can borrow and the amount the loan will cost will make it simpler to plan your future. With this handy calculator, get a better understanding of how much your mortgage repayments will be, based on your full loan and interest rate. Just enter those values together with your term and press ‘Click to calculate’ to instantly see how much you’ll need to repay each month.

Mortgage Calculator
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Why Use A Mortgage Broker?

Working with a mortgage broker for your mortgage application in Elmers-End can be beneficial in various ways. Of these benefits, some of the most evident include:

Save Money

The possibility of saving money is the most obvious advantage of working with a mortgage broker. 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.

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? As understandable as such thoughts are, it’s important to understand that mortgage brokers have nothing to gain by not working in your best interests.

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. There are various inexpensive, exclusive mortgage deals that a number of mortgage brokers can find for their clients that could possibly reduce the total loan cost. 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

For a mortgage broker, your interests – rather than those of the lending institution – are paramount. They shouldn’t just play the role of your agent, but also those of problem solver and knowledgeable consultant. 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. Mortgage brokers will interview you to identify your needs, as well as short and long term goals. 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

Any problems that may arise can be dealt with by a mortgage broker, who will oversee the whole process, guiding the client through any situation 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. If a borrower requires a loan too large for the bank to approve, a broker can be of benefit by providing the knowledge and ability to successfully source financing.

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. You’d be required to fill out just one application with a mortgage broker, unlike completing one for every different lender. 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. To find the best deal in terms of lower rates and overall cost, your broker will make comparisons between popular and less popular lenders.

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 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 banks pass these deals on to the brokers, who are responsible for selling the products. Talking to a broker can release these extra perks, which you’d otherwise not enjoy by contacting the bank yourself.

A bank can provide access to their own deals (not those offered by other banks), but brokers can gain access to the entire market to find the best deals.

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 assist people with obtaining loans as part of their job. Helpful information and exclusive deals you won’t find yourself are accessible to them. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. The difference to your mortgage could ultimately be made by these subtleties. An experienced professional to point you in the right direction is extremely beneficial.

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? 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 Elmers-End. You can reach them 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. This is the reason you need to find a widely experienced, knowledgeable and honest adviser. Our mortgage savings experts will make your task as easy and straightforward as possible. Why make things harder than necessary, after all? Let us make everything easy for you and ensure you get the best possible deal.

Mortgage Saving Experts provide an honest and transparent service that will leave our customers thinking that mortgages and insurance aren’t as daunting as they may seem. At Mortgage Saving Experts, we handle every single mortgage and insurance application like they belong to us. We’re all about this. 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’re here to help! In essence “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”

Our Team of Brighton 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 must justify to you and our regulators why we recommend the mortgages we do, so you know exactly why you have the mortgage you have.

Down to Earth Mortgage

We are an honest, enthusiastic and passionate team of mortgage insurance experts, with years of industry experience.

Our mortgage and insurance experts pride themselves on listening to what your current and future objectives are. We then work closely with you to achieve those goals.

Why chose Mortgage Saving Experts?

After taking out a mortgage, you’ll get an initial rate for the first couple of 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 remember when your deal finishes, as we will do this for you.
  • You can sit back and relax, while we do all the hard work for you.
  • We are good at what we do, so you’ll always be advised by professional mortgage experts.
  • Comparing, advising and setting up the best possible mortgage deal from amongst the many available is what we do.
  • You’ll receive expert advice and support throughout the entire mortgage process.

Our Approach to Mortgage Advice

We provide personalised services and pay attention to all your specific needs. 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:

What makes our services superior to those of other mortgage brokers in Elmers-End includes:

  • Use fact-finding to properly understand your individual needs.
  • Explain the costs involved with buying and selling.
  • Ask for related documents to help with the application.
  • Provide explanations and recommendations for the prospective mortgage.
  • Reply to any questions you have.
  • An agreement in principle should be obtained.
  • Submit your full mortgage application.
  • Answer any questions and work together with your mortgage lender, solicitor and estate agent until the final stages.

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. By working with our team, you’ll have no trouble finding the perfect mortgage product to match your needs. The most popular mortgage types we’re requested to handle include:

First time buyers

Most mortgage lenders put people in the First Time Buyers category if they 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.

Every lender has different rules and ideas about this. There usually are no issues in being a First Time Buyer. In order to qualify for stamp duty relief, it’s necessary for First time Buyers to have never been property owners before; this applies anywhere in the world.

Mortgage processes may look tough to negotiate, but they really don’t need 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. With mortgages, it is exactly the same. With mortgage brokers, you can cut down on money, effort and time, so you should use one. There are no charges for the initial consultation.

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. 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’d prefer a different approach, then speak to an adviser who can guide you through it.

Your credit is a necessity.

A mortgage is not to be taken lightly. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 2008. Good credit helps to qualify for a mortgage, but it isn’t a necessity. Depending on your present circumstances, we can be your guide on how much you can afford to pay for your new home and help set your cost limit. We won’t just facilitate the purchase your dream home, we will also help you fund it with the lowest cost and most favourable mortgage deal on offer.

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 necessarily have to be paired together. Let me explain. 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 might find it cheaper by going on a slightly higher rate and paying no arrangement fee to the lender at all. Even with a lower rate, you could end up having a costlier deal in total, which is why it’s always prudent to talk to someone before you make any decisions. 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. The reason is that it is based on your disposition alone at the time of re-mortgaging. So, please make enquiries with your adviser.

A smart way to significantly minimise the cost of your mortgage bills is to undertake a 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.

Reasons for remortgaging your property

  • Based on your specific needs, such as…
  • Mortgage debt is considerably small.
  • There has been a change in financial circumstances.
  • Significant early repayment charge.
  • A reduction in home value.
  • Existing credit problems.
  • Present rate is very agreeable.
  • We will advise you whether to re-mortgage or not.

Buy to Let

A property bought with the purpose of renting to tenants is known as ‘buy to let’. You are not allowed to legally 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 some things you might want to know when purchasing a buy to let property.
  • The rental income you receive is a primary factor when determining the size of the loan you can borrow.
  • A payment in respect of an extra 3% stamp duty will be required after your normal stamp duty.
  • An extra 3% of the purchase price will still be required of you, even if the value of the property isn’t high enough for the stamp duty to be liable.
  • 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.
  • Contact our advisers to find out whether you’re eligible.

How Much Do Mortgage Brokers Charge?

A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. 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. Many independent brokers charge flat fees, usually around £500. Be sure to ask brokers how you can 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.

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 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?

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. How much a lender is willing to lend is based upon a full affordability assessment, whereby they will look to understand your income, as well as any loan or credit card commitments and regular essential household expenditure. For mortgage purposes, they will also perform a credit check to be sure you have an adequate credit rating.

For a more accurate idea of how much you can borrow, get a decision in principle before you apply for a mortgage in full. Arrange to see one of our qualified mortgage experts today. Without the need for credit checks, we can at least provide an initial estimate.

The Latest Best Mortgage Rates

Whether you want a re-mortgage, move home, find a mortgage for a first-time buyer or purchase a buy to let, we can help. We make comparisons between thousands of recent mortgage deals to help you find the one you want.

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’re not yet persuaded that we are the experts who can get you the best mortgage deal in Elmers-End at the cheapest cost, see what some of our customers have got to say about working with us. For a first-hand experience of just how amazing our services are, give us a call today.

The team are very welcoming and the new office is great. Stuart has recently placed a mortgage for a client of ours and the offer was out in no time at all. Highly recomended.
After searching the market for a new mortgage, I was referred to Barry and his team. Nothing was too much trouble finding me a fantastic rate saving me thousands over the course of my mortgage.Barry was always on hand no matter what time of day it was. Communication was second to none!Thanks for everything! I'll be back in 2 years for the remortgage!All the best for the future!
Andrew Trett
14:28 10 Apr 19
I was referred to Barry Webb for a first time buyer mortgage. Barry was really easy to speak to and explained everything well. The AIP was in place really quickly ready for putting an offer in. I wanted to make some changes to the mortgage further down the line and was all sorted quickly. Took the hassle and stress out of the part of the house buying process. Would definitely recommend!
Hayley Knight
11:27 08 Feb 19
Barry has always been a fantastic help with my mortgage needs and he's always got a great sense of humour, definitely not your average mortgage advisor! Top class.
Luca Sage
10:38 20 Nov 18
Barry and his team at Mortgage Savings Experts applied their experience and knowledge to find us exactly the deal we needed. Barry was able to provided us with all of the necessary details, walked us through the process and provided an excellent level of service. He was proactive in contacting us with the latest mortgage developments and keeping us right up-to-date, worthy of a five star rating. Many thanks.
Robert Ainge
10:42 15 Nov 18
We have been utilising Barry Webb as our mortgage advisor for over 10 years now and have found his services to be very professional and knowledgeable. Barry has always made timely contact with us, particularly when our existing lender agreement is about to expire and presenting us with new favourable rates and terms keeping us on track as we move forward. Easy and fun to deal with and happy to explain everything in layman's terms; we would highly recommend his services and will continue to avail upon his assistance in the future.Paul & Jo
Paul Barlow
14:40 06 Oct 18
I have used Barry several times over the years. He is very supportive in giving the lastedt information about the market and the best way remortgage. There have been times when remortgaging seemed impossible, with out Barry I wouldn't of been where I am today. I recommend using Barry as the mortgage is tailored to you rather than a bank or estate agent having a few options to offer.
Jon Roach
08:08 09 Aug 18
Friendly, fast and thorough. Barry made the process of buying our house so much less stressful. Always happy to go the extra mile, he worked with us every step of the way to ensure things went as smoothly as possible. Highly recommended.
Dan Garrett
17:56 01 Aug 18
Barry was a great help to us when arranging our life assurance. He was knowledgeable and extremely helpful. My working hours often Meant he had to contact us in the evening which he was happy to do. Highly recommended!
Sarah Ledwidge
13:18 31 Jul 18
I have been using Barry’s mortgage services for quite a few years, he has probably arranged around 5 + Mortgage’s for me.I don’t know how he does it but he always manages to find the best deal on the market which suits my needs.He is professional, very quick and just gets the job done with no messing around or trying to upsell other products.I have recommended him to many friends and colleagues and they are extremely happy with his services.I would highly recommend Barry to help you finding your perfect mortgage.CharlieBrighton
Charlie Kenyon
13:28 25 Jul 18
Excellent service from initial consultation to completion. Barry was able to find mortgage products that suited our needs and always took the time to provide clear explanations to our queries. I wouldn't hesitate to recommend his services.
Paul Drewitt
12:29 25 Jul 18
Professional and friendly service. I got an exhaustive answer to all the questions and everything was explained to me in a simple and clearly way. The whole procedure of all matters related to the mortgage was carried out in a quick and easy way, which I am very pleased with. Barry is a professional in his profession with a good sense of humor. Highly recommend 👍🏻
Monika Mroz
11:02 25 Jul 18
I have used Barry twice and both times the service has been first class. He explained things clearly and simply and did not use complicated jargon. Always did what’s best for me and a genuine nice bloke. Would 100 percent recommend and use again.
Buck CFC
09:02 15 Jul 18
Barry is a brilliant mortgage advisor. Very concercious of the needs of his clients. We have had the pleasure of using Barry's services for our mortgage, and have never been disappointed with the service he has provided. Always works hard to ensure we have a positive outcome and thoroughly investigates options to suit our financial requirements.Very professional and knowledgeable in his field, with a good sense of humour and down to earth nature. Barry is trustworthy and gives advice clearly, without the 'jargon'! Flexible in dealing with your questions and will contact you regularly to keep you informed and updated with important information.We have been very happy with the mortgage service we have received, and will hopefully continue to use Barry in the future. Jacqui and Danny
Jacqueline Gooden
10:56 14 Jul 18
I've used Barry's services twice now and will not forget how brilliant and amazing he is. I really thought I’d struggle to get a mortgage after my previous debt problems but he gave me peace of mind and ensured I got the best deal ever. He took all the stress and worry away from me. He is a mortgage God!! Not only is he factual, professional and efficient, he gives the best advice and I have complete trust in the information given. We've built a wonderful rapport over the last few years and I would not hesitate to recommend him to any of my friends or family. I wouldn't go anywhere else in the future. Barry is the answer to your best mortgage deal! Well worth the minimal fee he charges. He's utterly brilliant!
Just Ham
10:49 14 Jul 18
I've been using Barry at Mortgage Saving Experts to find me the best deal for my past two mortgages. His services have also helped me to save money on related insurances. Barry is very personable and professional in his manner and I would highly recommend.
Tatiana Bowskill
11:47 13 Jul 18
5 stars for 5 star service.I have used Barry for many years now and highly recommended him. He has been a constant help and willing to go that little bit further, that makes all the difference
Mark Macey
10:03 13 Jul 18
First class efficient service. Very helpful, informative and nothing is too much trouble!
Carol Harris
12:15 11 Jul 18
I very rarely write reviews, actually this is the first one ever I’ve done. However I can not recommend Mortgage Saving Experts highly enough... straight forward, easy to understand advice. Keep up the good work!!
Nick Daley
12:12 11 Jul 18
Barry provides an amazing service, goes really above and beyond to help you get the right mortgage. He understands the pressures of family life, it really feels like he cares about your future. He worked with us to get our first mortgage and has helped us renew and move house since. Have recommended him to many friends and will continue to do so.
Anna Allan
08:12 11 Jul 18
For many years and even more mortgages, MSE have provided a very prompt and efficient service of completing mortgages for me. As a property invester, I am always in the market for competitive mortgage products of various type with a quick turnaround, MSE's knowledge of the mortgage market place is second to none.
Gary Ottewell
07:03 11 Jul 18
Barry is trustworthy reliable and efficient in securing the best outcome for your mortgage needs. His experience make the process seamless transparent and easy to understand.
Karen Ainge
14:08 18 Jun 18

Latest Mortgage News

The more information you have available when looking for the most suitable mortgage deal, the more beneficial this is for you. To help you begin on the right path, find recent insightful mortgage news below.

Mortgage Regulatory Information

In the UK, most mortgages are provided by building societies, specialised mortgage lenders and banks. All in all, there are 200 different financial institutions offering mortgages in Britain, although Lloyds Banking Group and Nationwide Building Society have the largest share of the market.

In the UK, despite there being tight regulations that guide banks and building societies, a regulatory scheme was implemented by the FCA (formerly the Financial Services Authority) in response to the Financial Services Act 2000.

The FCA monitors the professional conduct of mortgage providers. There are stern rules that serve as a guide with regards using unfair, deceitful promotions and adverts, as well as checks for financial service contracts for consumers. The original regulations represented in the rules for Mortgage Conduct of Business (MCOB) were reconstructed due to the 2014 FCA Mortgage Market Review (MMR).

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 high enough level of capital to offset their lending risks.

For lodging complaints about your mortgage provider, the first step is to take it up with them. If you think it hasn’t been sorted out satisfactorily, you can take the complaint to the Financial Ombudsman Service if 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

What To Ask Your Brighton Mortgage Broker?

This is a logical follow-up question. Again, insist on a specific reply.

And once you’ve received answers to these questions, ask if the broker would be willing to put both claims in writing. That will indicate how seriously those claims should be taken.

If a problem arises during the loan application process, you’ll want your broker to respond quickly – hence this question.

Again, demand a specific answer – “Within three hours”, say, rather than “Quickly”.

The reason for this question is so you can discover whether the broker will closely guide you through what is a complicated and stressful process – or expect you to figure it out for yourself.

Organising finance and purchasing property can be complicated and stressful, so you want to know you’re in safe hands. That’s why, before you settle on a particular broker, you should challenge the broker with this question.

Don’t let the broker get away with vague statements like “Because I’m the best” or “Because I provide great service”. Use follow-up questions to demand detail. “What specific things make you better than other brokers? What, specifically, do you do to deliver great service?”

Another important question to ask. That’s because while most brokers focus on ‘plain vanilla’ clients, others might focus on, say, sophisticated investors or borrowers with credit problems.

Hypothetically; Broker A might have done 450 vanilla loans and 50 bad-credit loans, while Broker B might have done 50 vanilla loans and 250 bad-credit loans. So if you were a borrower with credit problems, you might be better off with Broker B.

Next, probe them about their customer service standards

A great way to utilise the knowledge and experience of a broker is to get them to work out the true cost of your home loan. Based on whether you’re paying Repayment or interest only, how much of a deposit you have, the length of your loan term and the rates payable your broker will be able to obtain a mortgage illustration which will have the true cost on it. This is normally depicted by the Annual Percentage Rate (APR)

By maximising your deposit amount and minimising your loan term, you stand to significantly reduce the overall cost of your loan. However, there is much more to answering what the true cost of your home loan will be. Upfront fees such as valuation fees, conveyancing and legal fees need to be added to the total cost. Ongoing fees such as those you can incur for using a drawdown facility.

While it’s impossible to forecast the entire cost of your mortgage to the penny – and let’s not forget how life circumstances and changes can affect your ability to pay your loan too – a broker can can help clarify the big picture details. Mortgage Saving Experts can recommend any protection or insurances to protect you and your family to cover life unfortunate eventualities and our team of advisers can use this information to help you decide which loan is best for your circumstances.

The big question plaguing home buyers tends to be, ‘how much can I borrow?’ Each lender is massively different in this area so as a maximum depending on many factors. In the majority of cases, you can borrow up to around 5 times your gross annual salary but in some instances, you may borrow up to 5.5 times your gross annual income

Once you speak to us, however, we’ll be able to give you a much more accurate indication of your borrowing capacity. Brokers act as the go-between for you and the lender. Lenders will need to know your living expenses, debts, credit score and whether you have dependents. A broker can factor all these things into the right loan.

A broker can also explain home loan terms you’ll need to know, such as LTV, which is the initialism for Loan-to-Value and refers to the percentage of the total loan amount you seek to borrow as a percentage of the property purchase price or value. They can also explain things like the differences in interest rates and repayment types such as Interest Only and Repayment (Capital & Interest)

This is a good follow-up question to ask, as it will give you a better understanding of the mortgage broker’s experience.

For example, imagine two brokers joined the industry in 2013, but that Broker A had written 500 loans during that time and Broker B had written 300. In that case, even though both parties would be able to claim five years of industry experience, there would be a clear difference in hands-on experience.

This is a good place to start, because a more experienced broker will generally be more knowledgeable than a less experienced broker.

Press the broker to give you a specific answer, such as “Eighteen years” or “I’ve been a broker since 2007 and in the mortgage industry since 2001”, rather than something vague like “I’ve got a lot of experience”.

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Get in contact with the Mortgage Saving Experts in Elmers-End. You can do this by dialling 01273 738 072 for a friendly chat.