Mortgage Brokers in Harefield

What is a mortgage broker

Mortgage loans are brokered on behalf of companies and individuals by mortgage brokers, who effectively act as intermediaries. Mortgage brokers exist to find a bank or direct lender that will be willing to make the specific loan an individual requires. You’ll have a stress-free time getting a great deal on the mortgage you need in Harefield 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.

What Is A Mortgage?

Simply put, a mortgage is a loan. As opposed to personal loans, a mortgage is tied to a piece of property, acting as a security against the loan. If you fail to make payments when due, your mortgage provider would have the right to repossess (take back) the property.

Mortgages are nearly always set for a 25-year period, but long and short terms are also available. As soon as you borrow the money, a plan for repayment is implemented. Although there are different types of mortgages, the most common is one whereby you are bound to a monthly capital repayment plan.

You will be required to pay interest on the loan Secured using the collateral of a particular property, a mortgage is a debt instrument the borrower must repay via a predetermined structure of payment. Mortgages are a vehicle for individuals and businesses to make large property purchases, without paying the entire value of the purchase up front. 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 tenants can be evicted in a repossession case and the property sold by the bank. Subsequently, the equity from which would be used to cover the mortgage debt.

There are several types of mortgages. 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. The monthly payment never changes during the fixed rate term. An increase in interest rates in the market won’t change the payments of the borrower if they have a fixed rate. If market interest rates drop or increase, the borrower’s mortgage repayment remains the same if they are on a fixed rate.

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

When the fixed rate is over, your mortgage return to a ‘standard variable rate’, which is usually set by the bank or lender from whom you borrow the money. You must remember to re-mortgage if you have a good broker or diary system in place. Alternatively, call your current lender to adjust the rates around three months prior to it being raised to the variable rate. This way, you can avoid paying too much on monthly payments, because lenders can adjust the rates as they deem fit.

In short, the initial interest rate is often a low rate, which can make a mortgage seem more affordable than it really is. The borrower might not be able to keep up with higher monthly payments, should the rates be later increased. With the possibility of the variable rates being changed at any time after the initial term, monthly payments subsequently become unpredictable.

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. In Harefield, our mortgage brokers can assist you in finding the ideal mortgage deal to match your unique circumstances and specifications.

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. Find out how your interest rate and total loan amount determines your mortgage repayments with this handy calculator. Find out how much you’ll have to repay every month instantly by simply entering those values with your term and pressing ‘Click to calculate’.

Mortgage Calculator
£
 

Why Use A Mortgage Broker?

There are a variety of advantages that come with working on your mortgage application with a mortgage broker in Harefield. Of these benefits, some of the most evident include:

Save Money

The most obvious benefit of choosing a mortgage broker is the potential to save money. You only need to provide a few details, before an experienced professional committed to protecting your interests handles the hard work.

Some people are sceptical about this – especially with the concept of a mortgage broker not yet universally understood. There must be a catch somewhere, surely? While this train of thought is understandable, be assured that most mortgage brokers don’t have an incentive to work against your best interests.

If the broker cannot provide genuine reasons for recommending the mortgage they have (to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority), then they could be in serious trouble. 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 communicate how they expect to be paid for their services, as well as outline the details of the entire loan. Positive user experience is much more valuable to a mortgage advisor company than padding out an individual broker’s pocket.

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

Finds The Most Advantageous Deal

A mortgage broker represents your interests, rather than those of a lending institution. They should act not only as your agent, but also as a knowledgeable consultant and problem solver. For terms like interest rates, repayment value and loan products, you can get the best possible value from a broker, who has access to a wide array of mortgage products. 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 guide the client throughout the whole process and sort out any issues that might arise. If a borrower has credit issues for instance, the broker would know about lenders who have the best products available to meet their needs. 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. Consider how much time it would take you to research multiple loan types from multiple lenders. You would only have to fill out one application form, instead of one for every lender you have to work with. 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.

Reduce the workload for yourself and outsource it to someone who can provide professional advice. Mortgage brokers do the legwork for you by supporting you throughout the application and pre-approval process. This includes completing all paperwork, answering questions, helping you apply for government schemes and shedding light on options and loan features you may not have considered or even known about. 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. 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

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. 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. Brokers are knowledgeable and have the much-needed experience to give you a better shot at approval the first time you apply.

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. Loans are attached to subtleties you could easily overlook if you aren’t searching for them. At the end of the day, these subtleties tend to improve your mortgage chances. It is a huge plus to have the services of an experienced expert to show these things to 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? Just like you’d acquire the services of a hairdresser to replenish damaged hair or a plumber for leaking pipes, a mortgage broker is an excellent option for any of your home loan needs.

Get in touch with the Mortgage Saving Experts in Harefield. You can reach them 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 the reason you need to find a widely experienced, knowledgeable and honest adviser. Our Mortgage Saving Experts will make your journey as seamless and transparent as possible. After all, why make everything more stressful than it ought to be? Let us make everything easy for you and ensure you get the best possible deal.

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. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. This is what we’re all about. Mortgage Saving Experts are here, no matter what the circumstances, whether you’re a landlord, first time buyer, moving on to a new chapter or just re-mortgaging. We are here to provide assistance! Essentially “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”

Our Team of Brighton Mortgage Experts

We make sure we help you get the best available deal the market can offer, as we are regulated by the Financial Conduct Authority (FCA). We must justify to our customers and regulators why we make the mortgage recommendations we do, so you know just why you have that mortgage.

Down to Earth Mortgage

We are a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.

Your current and future goals will be identified by our mortgage insurance experts after talking with you. We will make these goals happen by working meticulously alongside you.

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 lender’s variable rate is implemented after the initial rate is complete. Before your monthly payment and rate are increased, our team will reach contact you to arrange a new deal roughly three months prior to the date of renewal. Included below are the plus points of working with us:

  • The deal you’ll get is better than the bank variable rate, which in turn saves you money.
  • You won’t have to remember when the deal is due to end, as we will do this for you.
  • You can take time to relax, while we handle the stress for you.
  • We know our onions, so you’ll only ever be advised by a qualified mortgage expert.
  • To arrange the best deal for you, we compare and dispense advice with regards thousands of mortgage deals.
  • Expert advice and support will be available to you through the entire mortgage process.

Our Approach to Mortgage Advice

We make available personalised services and put into consideration all your unique 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 Harefield includes:

  • Use fact-finding to properly understand your individual needs.
  • Point out the costs that come with buying and selling.
  • Ask for applicable documents necessary for the application.
  • Recommend and explain all about the prospective mortgage.
  • Proffer replies to any questions you might have.
  • Collect an agreement in principle.
  • Have your entire mortgage application sent in.
  • Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.

For a first-hand experience of how amazing our services are, give us a call today

Mortgage Types We Provide Expert Advice On

We dispense expert advice on a wide range of mortgage products. Working together with us, finding the most suitable mortgage product to suit your needs won’t be difficult at all. Some of the most frequently requested types of mortgage we assist with 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.

Different lenders have different ideas and rules regarding this. Typically, there are no problems with 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 prospect of buying your first home comes with a lot of excitement, so if you manage to find a competent broker who can oversee the process at a reasonable price, then go right ahead. Why you should use one is pretty obvious. Besides, if your car breaks down and you have no knowledge of cars, you wouldn’t attempt to fix it yourself; you would use the services of a mechanic. The same applies to mortgages. Mortgage brokers can save you time, effort and money, so why not use one? The initial consultation comes at no cost at all.

Buying a home

If you’re considering a home purchase in the near future (or even within a few years, you should certainly brush up on your mortgage knowledge. 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 prefer otherwise, then instead speak to an adviser who will guide you through it.

Your credit is vital.

A mortgage is of major importance. 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. We can also offer guidance regarding how much you can afford to pay for your new home and how to set your limit, depending on your ongoing situation. Helping you buy your dream home is not all we do; we will also help you finance it with the lowest cost and most beneficial mortgage deal 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 simplify this for you. If your mortgage isn’t so big, you might consider it not worthwhile to pay an arrangement fee to a new lender for a low rate. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any lender. Asking for advice before making up your mind about the deal is important, so that you don’t end up with a more expensive deal on the whole, even at a lower rate. Focus on any small print.

One upside to re-mortgaging is that your usually not required to pay for valuation or solicitors fees, although some people don’t qualify 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.

Performing a re-mortgage in time is a practical way to reduce your mortgage costs significantly. While a re-mortgage deal can be beneficial for some, it’s not the best move for everyone, as it all depends on your unique circumstances.

Reasons for remortgaging your property

  • Depending on your unique needs, like…
  • Mortgage debt isn’t considerable.
  • The financial disposition is now different.
  • Early repayment charge that’s costly.
  • Home value reduced.
  • You are having trouble with credit.
  • Already on a great rate.
  • We will guide you when deciding to re-mortgage or not.

Buy to Let

A property purchased in order to be rented to tenants is a ‘buy to let’. You aren’t allowed to live in the property by law. 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.

  • You may need to know certain things when purchasing a buy to let property.
  • The loan amount you can borrow is largely dependent on the 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: If you want to buy a second property, find out the amount you’ll be require pay from your conveyancer/solicitor.
  • 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.
  • 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. Even though the figure isn’t set in stone, it is usually about 0.33%, based on the type of mortgage you require – for instance, a residential mortgage or buy to let. Also, any recent credit issues you may have had would be taken into consideration. The majority of independent brokers typically charge a flat fee of around £500. Be sure to find out from brokers how you pay them. They must be completely transparent, telling you how much is being charged and what fee structure they use.

For our fee structure, we charge clients £695; any commission we receive from mortgage lenders is subtracted from that figure If we receive a commission below the value of £695, we ask the client to pay the difference between the received commission and £695. If we receive a mortgage commission of £495 for example, we would ask our clients to pay us the difference of £200 after the mortgage offer is produced, so we are only paid on results.

How Much Can I Borrow?

This is based on a number of factors, such as the amount you deposit, your income, the number of children you have, and any current debts you might have. A total affordability assessment is required to determine how much a lender will agree to lend; this takes into account your income, any loan or credit card commitments you have, as well as regular household expenses. A credit check will be undertaken for mortgage purposes to confirm you have sufficient credit rating.

To be sure of how much you can borrow, obtain a decision in principle, prior to completing a full application. Arrange an appointment with 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

We can provide help in many different situations; for instance, re-mortgaging, first time purchase, moving home or buy to lets. We make comparisons on thousands of recent mortgage deals to help you find just what you’re looking for.

Request a free quote from Mortgage Saving Experts, your Harefield Expert Mortgage Broker

What Our clients say About us

Our list of happy clients in Harefield is long and diverse. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in Harefield at the cheapest cost, see what some of our customers have got to say about working with us. To get a first-hand experience of the great services we provide, call us today.

Barry Webb recently helped me and my new wife from the beginning of our house searching process all the way until we moved into our new home! He has been brilliant and make something you think would be stressful very easy and fun! Would fully recommend to anyone looking to move home.
Jamie Gaylor
14:10 09 Oct 19
Stuart from Mortgage Savings Experts has been extremely supportive and helpful when securing a mortgage for us under complex circumstances. Stuart was very patient and knowledgable and explained the process every step of the way. He stayed in touch regularly and was always there to help us, if we had a problem or question, no matter how small. I would have no hesitation in using Stuart and the team again or recommending to anyone.
Suzy Brown
20:11 02 Sep 19
Wow this guys are super they great to what they do and very helpful. Thanks alot Barry and the team
Dritan Olldashi
12:27 29 Aug 19
We could not of asked for a better mortgage experience. My boyfriend is self employed and came with some challenges, but not for Mortgage Saving Experts, they were highly experienced and found nothing but solutions and nothing was too much trouble. I would highly recommended them to anyone, they made the process as smooth sailing as it could be and truly felt cared about. Thankyou Barry so much for getting us into our home 🙂
Charlotte O'Rourke
13:30 22 Jul 19
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 available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. Below can be found recent news on mortgages to provide the insight you need to get started.

Mortgage Regulatory Information

Most mortgages in the UK are provided by building societies, banks and specialised mortgage lenders. In total, there are roughly 200 financial institutions that provide mortgages in Britain, even though the biggest share of the market is owned by Lloyds Banking Group and Nationwide Building Society.

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 professional services of mortgage providers are monitored by the FCA. Strict rules are in place against using false or unfair adverts and promotions, in addition to checks to ensure the terms of contracts for financial services are fair for the consumer. 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 a high enough level of capital to offset their lending risks.

The first step in tackling any issue you have with regards your mortgage provider is to take it up 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

What To Ask Your Brighton Mortgage Broker?

How quickly will you respond to my messages?
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”.

How much hand-holding will you do during the buying process?
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.
Why should I choose you rather than another broker?
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?”

What happens if you don’t respond to my messages within that timeframe?
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.

What sort of clients do you specialise in?
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

What will the true cost of my home loan be?
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.

How much can I borrow?
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)

How many loans have you written during that time?
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.

How much experience do you have?
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”.

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