Mortgage Brokers in Hendon

What is a mortgage broker

Mortgage loans are brokered on behalf of companies and individuals by mortgage brokers, who effectively act as intermediaries. The purpose of mortgage brokers is to look for banks or direct lenders that will willingly provide the specific loan an individual would need. Finding a good deal for a mortgage loan in Hendon will be easier if you work with a mortgage broker. If you work with a reputable mortgage broker and have a poor credit score or any other issues that could affect your mortgage application, your chances would be greatly improved.

Because professional mortgage brokers are regulated to assure compliance with banking and financial laws in the jurisdiction of the consumer, you can be assured you’re in good hands.

What Is A Mortgage?

Quite simply, a mortgage is a loan. Quite unlike personal loans however, a mortgage is used as guarantee against a loan, because it is linked to a piece of property. The property can be rightfully taken from you (repossession) by your mortgage provider if you do not make payments on time.

Mortgages are usually set for a set period of 25 years, but can sometimes be set for longer or shorter terms. A plan for you to make repayments is drawn up once you’ve borrowed the money. While there are various mortgage options, the most popular one requires a monthly capital repayment plan.

As well as paying back the money you initially borrowed (the ‘capital’), you’ll also be charged interest on that sum. 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. Large properties can be bought by individuals and businesses via a mortgage facility, whereby they don’t have to pay the entire cost immediately. The property can be owned by the borrower without a mortgage after the loan plus interest are repaid by them over a period of time. The lender can repossess the property against which the mortgage is secured if the borrower does not keep up with mortgage payments.

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 bank can evict the tenants, sell the property and use the income to pay off the mortgage debt if there is a repossession.

There are various types of mortgages. Even though there are longer fixed rate mortgage terms available, the borrower would have to pay the same interest rate for the initial terms of two, three or five years. For fixed rate terms, the monthly payments remain the same throughout. The borrower’s payments will not change on a fixed rate, even though the market interest rates increase. If market interest rates drop or increase, the borrower’s mortgage repayment remains the same if they are on a fixed rate.

Get in contact with the Mortgage Saving Experts in Hendon. You can do so by calling us on 01273 738 072 for a friendly conversation.

After the fixed rate ends, your mortgage normally reverts to a ‘standard variable rate’, which is a rate set by the lender, bank or building society that’s lending you 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 fact, the initial interest rate is usually a low rate, which can make a mortgage appear less expensive than it is. The borrower might not be able to keep up with higher monthly payments, should the rates be later increased. 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. Our mortgage brokers in Hendon can help you find the most suitable mortgage deal to match your unique needs and circumstances.

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. Simply fill in the values plus your term and press ‘Click to calculate’ to immediately discover the amount you must repay monthly.

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 Hendon with regards your mortgage application. Of these advantages, some of the more prominent include:

Save Money

Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. An experienced expert can take care of the hard work and see to it that your interests are protected. You’ll only need to provide a few details.

With limited understanding on the concept of mortgage brokers, some people don’t fully trust this, believing there must be a catch at some point. 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. Many mortgage brokers can obtain exclusive mortgage deals not found on the high street, potentially making the total loan cost lower for the client. Detailing the entire cost of the loan and letting you know how they get paid for their services is the duty of any reputable broker. A positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.

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

Finds The Most Advantageous Deal

A mortgage broker will work towards protecting your interests, rather than those of the lending institution. In addition to being your agent, they should also be knowledgeable consultants and problem solvers. A broker can offer the best value when it comes to repayment amounts, interest rates and loan products. This is because a large variety of mortgage products are accessible to them. To ascertain your goals and needs (both short and long term), you’ll be interviewed by the mortgage broker. 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 instance, brokers would know the lenders that can make available the best products for clients with credit issues. If a borrower requires a large loan – considerably more than what the bank will approve – the knowledge and expertise of a broker in securing financing would be a distinct advantage.

Save Time & Hassle

It’s never just about money. As much as it’s important to save some extra money, your time and sanity are important as well. 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. Your broker compares loans from major and less popular lenders to find you the best deal with the lowest rates and overall cost.

Take some of the work off your shoulders and outsource it to someone who can offer expert 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. A noticeable difference can be made to your overall experience and the cost of your mortgage. If you’re unfamiliar with these concepts and how they might affect you, your broker can clarify and answer any questions via a phone call.

Access to exclusive non-advertised deals

There are exclusive deals that aren’t advertised by banks to which brokers have access. These deals are passed by the banks to the brokers, who then have the responsibility of selling the products. Contacting a broker will unlock these extra benefits you would miss out on if you were to approach the bank yourself.

Unlike brokers who have access to the whole market to search for the best deals, banks can offer their own deals alone – and not the deals offered by other banks.

Better chance of pre-approval success

Whenever you request an Agreement in principle / Decision in principle of a loan, this leaves a mark on your credit rating if you’re refused. With the required knowledge and experience brokers possess, you’ll have a better chance at approval the first time around.

Access to expert knowledge

A mortgage broker’s job is to help people obtain loans. They can access useful information and exclusive deals you likely couldn’t find yourself. If you’re not on the lookout for them, you might not notice the subtleties that accompany loans. It’s these subtleties that can make a difference to your mortgage in the long haul. 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. Just as you would contact a plumber for a leaking pipe or a hairdresser to replenish damaged hair, a mortgage broker is an excellent choice for all your home loan needs.

Get in touch with the Mortgage Saving Experts in Hendon. For a brief and informal chat, call us now on 01273 738 072.

About Mortgage Saving Experts

Mortgages and insurance are not as complicated as they might first seem. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. Making the process as straightforward and seamless as it can be is something our mortgage experts will do for you. Why make things harder than necessary, after all? Let us make things easy for you and make sure we find you the most suitable deal.

With the honest and transparent services customers receive at Mortgage Saving Experts, they will come to realise that mortgages and insurance are not as challenging as they seem. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. These are the things we’re about. No matter the circumstances – whether this is your first time buying, you’re a landlord, moving onto a new chapter or even re-mortgaging, Mortgage Saving Experts are here to help. We are here to provide assistance! Fundamentally “Search up to a thousand mortgage deals by talking to an adviser for roughly 15 minutes.”

Our Team of Brighton Mortgage Experts

As we are bound by regulations of the Financial Conduct Authority (FCA), we must ensure we get you the best available deal on the market. 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 an honest team of mortgage insurance experts, who are enthusiastic, passionate and widely experienced.

Our mortgage and insurance experts pride themselves on listening to what your current and future objectives are. We will make these goals happen by working meticulously alongside you.

Why chose Mortgage Saving Experts?

You’ll get an initial rate for the first few years after taking out a mortgage. 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. Other advantages of working with us are:

  • You can save extra cash, because you’ll get a preferable deal to the bank variable rate.
  • 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 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.
  • 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. The approach we take to mortgage advice involves three simple 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 Hendon includes:

  • Learn about your situation and needs via fact-finding.
  • Clarify the costs related to buying and selling.
  • Ask for applicable documents necessary for the application.
  • Make relevant suggestions and provide explanations about the prospective mortgage.
  • Get answers to any questions you might have.
  • Collect an agreement in principle.
  • Send in your entire mortgage application.
  • Liaise with your estate agent, mortgage lender and solicitor to answer any question 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. In choosing to work with our team, finding the ideal mortgage product to meet your needs will be relatively easy. Some of the most frequently requested types of mortgage we assist with include:

First time buyers

First Time Buyers are classed by most mortgage lenders 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.

Every lender has different rules and ideas about this. Typically, there are no problems with being a First Time Buyer. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.

While mortgages may look like a tedious process, they 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. The reason you should use one is fairly obvious. After all, if your car broke down and you knew nothing about cars, you wouldn’t try to fix it yourself. Instead, you would take it to a mechanic. With mortgages, it is exactly the same. With mortgage brokers, you can cut down on money, effort and time, so you should use one. The initial consultation is free of charge.

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. Find out what to do before applying for a mortgage; during the application process; and how to use it accordingly after purchasing your home. If you would rather avoid any stress, speak to an adviser, who will guide you accordingly.

Your credit is a necessity.

A mortgage is a serious affair. 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. 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. 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 essence, the only thing you’re doing here is swapping one lender for another to get a cheaper deal or better rate. The two don’t automatically go hand in hand. I’ll explain this clearly. It may seem unwise to pay an arrangement fee to another lender to get on a lower rate if you have a small mortgage. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any lender. 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.

The potential absence of valuation or solicitors fees is one of the plus points of re-mortgaging, even though not everyone qualifies for this. The reason is that it is based on your disposition alone at the time of re-mortgaging. So, do find out from your adviser.

A brilliant way to ensure you cut down on your mortgage bills is to re-mortgage on time. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.

Reasons for remortgaging your property

  • Depending on your unique needs, like…
  • Mortgage debt isn’t so big.
  • There have been significant changes in financial disposition.
  • Expensive early repayment charge.
  • Home value reduced.
  • You have credit problems.
  • Current rate is ideal.
  • We will advise you whether to re-mortgage or not.

Buy to Let

A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. You aren’t allowed to live in the property by law. You can purchase a buy to let property as a First Time Buyer, but you’ll be restricted to the number of available lenders, while extra checks will be made by the lender in such situations.

  • When purchasing a buy to let property, you’d be required to know quite a few things.
  • The amount of rental income you receive more or less affects how the loan amount you’re able to borrow.
  • You will have to pay 3% stamp in addition to your normal stamp duty.
  • If the property is below the value at which stamp duty becomes liable, you will still have to pay the extra 3% of the purchase price.
  • TIP: You should ask your solicitor/conveyancer to figure out how much you must pay when considering buying a second property.
  • To find the best mortgage to match your requirements, a good adviser will know which questions you need to answer.
  • Get in touch with our advisers to find out if you qualify.

How Much Do Mortgage Brokers Charge?

Many mortgage brokers are paid commission from lenders, which represents a percentage of your mortgage loan. This is usually around 0.33%, although this does vary massively, depending on what mortgage you require. For example, this would take into account buy to let or residential mortgages and whether you’ve had any credit problems in the recent past. A flat fee of roughly £500 is usually charged by the majority of independent brokers. Be sure to find out from brokers how you pay them. They need to be totally clear, informing you of the fee structure they use and just how much you are due to be charged.

We have a fee structure based on charging our clients £695. From that figure, we then deduct any commission received from the mortgage lender 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. 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?

Many factors affect this, such as how much you earn, the amount you deposit, the number of children you have, as well as any debts you might 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. In addition, they also perform a credit check to make sure your credit rating is suitable for mortgage purposes.

Get a decision in principle before you finish your mortgage application; this way, you can form a clearer idea with regards the amount you can borrow. Make plans today for an appointment with one of our capable mortgage experts. Without the need for credit checks, we can at least provide an initial estimate.

The Latest Best Mortgage Rates

We can help, whether you’re seeking to re-mortgage, purchase a buy to let, move home or find a mortgage for a first-time buyer. We compare thousands of the latest mortgage deals to help you find exactly what you need.

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

What Our clients say About us

Our list of satisfied clients in Hendon is lengthy and diversified. If you aren’t convinced that we are the professionals to make the best possible mortgage deal in Hendon at the lowest price, take a look at what some of our customers have said about their experience 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 available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. 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. In Britain, there are around 200 different financial institutions that make mortgages available, even though Lloyds Banking Group and Nationwide Building Society has the biggest portion of the market share.

Even though UK banks and building societies have always been regulated closely, the FCA (formerly the Financial Services Authority) put a regulatory scheme in place for mortgages, because of the Financial Services Act 2000.

The FCA monitors the professional conduct of mortgage providers. 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. Regulations were originally set out in the rules for Mortgage Conduct of Business (MCOB), but these were overhauled as a result of the FCA Mortgage Market Review (MMR) in 2014.

Deposit-taking organisations in the UK are under the jurisdiction of the Prudential Regulation Authority (a sister organisation to the FCA) for their financial conduct. They make sure firms have capital large enough to cancel out their lending risks.

For lodging complaints about your mortgage provider, the first step is to take it up with them. You utilise a complaint procedure via the FCA if you don’t think it has been suitably dealt with. In turn, this can be referred to the Financial Ombudsman Service if deemed 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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Connect with the Mortgage Saving Experts in Hendon. You can reach us by dialling 01273 738 072 today for a friendly chat.