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.
You’ll have a stress-free time getting a great deal on the mortgage you need in Knightsbridge if you work with a mortgage broker. The right broker will also improve your chances of getting a mortgage, even if you have a poor credit score or are subject to any other circumstances that could complicate your mortgage application.
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.
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. Take advantage of this handy calculator to determine exactly how much your mortgage repayments will be, based on your total loan figure and interest rate. To immediately determine how much you’ll have to repay each month, simply enter the values and your term before pressing ‘Click to calculate’.
Why Use A Mortgage Broker?
There are a wide range of benefits to be enjoyed from working with a mortgage broker in Knightsbridge with regards your mortgage application. Some of the more obvious benefits include:
The possibility of saving money is the most obvious advantage of working with a mortgage broker. An experienced expert can take care of the hard work and see to it that your interests are protected. You’ll only need to provide a few details.
Some people are sceptical about this – especially with the concept of a mortgage broker not yet universally understood. There must be a catch somewhere, surely? 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 short, a broker is required to give proof of their reasons for recommending the mortgage they have (to you, their regulators, the Prudent Regulation Authority or Financial Conduct Authority) or they could be penalised. Many mortgage brokers can obtain exclusive mortgage deals not found on the high street, potentially making the total loan cost lower 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.
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 has access to many different mortgage products and can therefore offer you great value in terms of relation interest rates, loan products and repayment amounts. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. 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
A mortgage broker will guide the client throughout the whole process and sort out any issues that might arise. For example, borrowers with bad credit issues can find great products that will suit their needs through brokers who know lenders that offer such products. A broker will be beneficial in providing the necessary knowledge to source financing if a borrower requires a loan that’s larger than the bank would normally approve.
Save Time & Hassle
It isn’t only about money. While it’s a good thing to save some extra money, your sanity and time matter just as much. Take into consideration the time you would need to research different kinds of loans 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 bulk of the work by helping you during the application and approval process in ways such as taking care of all paperwork; answering questions; handling applications for government schemes; and providing information about the various options and loan features you aren’t aware of. These features could include things such as drawdown facilities and options for making extra repayments and offset accounts. Features like these can make a huge difference to your mortgage costs and overall experience. Better still, your broker can answer any questions you might have over the phone or provide clarity if you don’t know much about these concepts and the impact they could have on you.
Access to exclusive non-advertised deals
Exclusive deals not advertised by banks can accessed by mortgage brokers. The banks pass these deals on to the brokers, who are responsible for selling the products. If you contact the bank yourself, you wouldn’t have access to the extra benefits you would otherwise get by speaking to a broker.
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. Brokers have the knowledge and experience required to give you the best shot at being approved at the first attempt.
Access to expert knowledge
The job of a mortgage broker is to help people secure loans. 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. 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.
Instead of removing a chunk of your day to conduct voluminous research of loans and multiple lenders as well as possibly missing important subtleties, why not give the work to a person who has ample industry experience? The same way you would contact a plumber to fix a leaking pipe or a hairdresser to work on damaged hair, contacting a mortgage broker is an ideal option for your home loan needs.
Contact the Mortgage Saving Experts in Horsell. You can reach us by dialling 01273 738 072 today for a friendly chat.
About Mortgage Saving Experts
Mortgages and insurance might seem really complicated at first, but they’re not. For this reason, it’s necessary to find an honest and knowledgeable adviser, with ample experience. 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 everything easy for you and ensure you get the best possible deal.
Mortgage Saving Experts offer honest and transparent services to our customers, making them feel that mortgages and insurance are not as problematic as they first appear. At Mortgage Saving Experts, we treat each mortgage and insurance application as if it were our own. This is what we do. 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 are here to provide assistance! Essentially “Search up to a thousand mortgage deals by talking to an adviser for roughly 15 minutes.”
Our Team of Knightsbridge 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). You’ll get to understand why you received the mortgage you did, because we have to justify the recommendations we make to both you and our regulators.
“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. These goals will be achieved when we work with you intently.
Why chose Mortgage Saving Experts?
When you take out a mortgage, you’ll be subject to an initial rate for the first few years. After this initial rate finishes, the rate increases to the lender’s variable rate. You will be contacted by our team approximately three months prior to the renewal time to agree a new deal, before the monthly payment and rate are increased. Other advantages of working with us are:
- The deal you’ll get is better than the bank variable rate, which in turn saves you money.
- You don’t have to remember when your deal finishes, as we will do this for you.
- While we deal with the stress on your behalf, you can sit back and ease your mind.
- We know our business, so you’ll only be advised by qualified mortgage experts.
- We compare thousands of deals, so can advise you accordingly and arrange the very best.
- Expert advice and support will be available to you through the entire mortgage process.
Our Approach to Mortgage Advice
Your individual needs will be duly considered, as we provide fully personalised services. We take three basic steps in our approach to mortgage advice:
- Let’s have an Initial Chat, so we can get to know You and What Your Requirements Are
- We Search the Entire Market to Find the Best Deal for You
- We’ll Present you with the Cheapest and best Deals Available for Both Mortgages and Insurance Cover
How Mortgage Saving Expert Brokers Can Help you:
The things that make our services the best amongst mortgage brokers in Knightsbridge include:
- Find out what your needs and circumstances are through fact-finding.
- Clarify the costs related to buying and selling.
- Request applicable documents to aid the application.
- Recommend and explain all about the prospective mortgage.
- Provide answers to your questions.
- Obtain an agreement in principle.
- Submit your full mortgage application.
- Answer any questions and work together with your mortgage lender, solicitor and estate agent until the final stages.
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. The most popular mortgage types we’re requested to handle include:
First time buyers
First Time Buyers are classified by the majority of mortgage lenders as those who have either:
- Never owned a property or
- People who have owned a property in the past, but not owned one for six months or more.
The ideas and rules differ from lender to lender. Being a First Time Buyer is usually not an issue. To qualify for stamp duty relief as First Time Buyers, you must have never owned a property before, anywhere in the world.
While mortgages may look like a tedious process, they don’t have to be. Buying your first home is one of the most exciting things ever, so if you find a reasonably priced, reputable broker to manage the process for you, do hire their services. Why you should use one is pretty obvious. If you have no knowledge about cars and yours develops a fault, you would call a mechanic rather than attempt to fix it yourself. The same applies to mortgages. With mortgage brokers, you can cut down on money, effort and time, so you should use one. You won’t have to pay for the initial consultation.
Buying a home
If you’re thinking of a home purchase any time soon – or even within a couple of years – you should familiarise yourself with everything involved with mortgages. Learn what to do when applying, within the application process and even how to use a mortgage after buying your home. If you prefer otherwise, then instead speak to an adviser who will guide you through it.
Your credit is crucial.
A mortgage is a serious affair. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 2008. For mortgage eligibility, good credit helps, but isn’t vital. If your credit score is low or there are other circumstances that might complicate your mortgage application, we have the expertise to provide all the necessary guidance to help you qualify for the best mortgage deal for your dream home. 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. The two don’t automatically go hand in hand. I’ll explain this clearly. If your mortgage is a small one, you might find that it isn’t profitable paying an arrangement fee to a lender to secure a lower rate. You may find it’s more practical to go on a slightly higher rate, without paying arrangement fees to any lender. Even if the rate is lower, you could find that you chose a more expensive deal when you add it all up, hence the need to speak to someone before deciding.
Take extra caution. One advantage of re-mortgaging is that you won’t have to pay any valuation or solicitors fees. That said, not everyone is eligible for this exemption. This is because only your circumstances are considered at the time of re-mortgaging. So please check or ask your adviser.
A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. Even though a re-mortgage deal is accompanied by various benefits, it might not the best choice for you, depending on your unique circumstances.
- Depending on your individual circumstances, such as…
- Mortgage debt isn’t so big.
- There have been significant changes in financial disposition.
- Early repayment charge is on the high side.
- Home value reduced.
- You are having trouble with credit.
- Already on a great rate.
- We will advise you whether to re-mortgage or not.
Buy to Let
A ‘buy to let’ property is one bought with a view to renting to others. You are not allowed to legally live in the property. If you’re purchasing a buy to let as a First Time Buyer, the number of lenders available will be restricted and there will be extra checks carried out by the lender in such cases.
- When purchasing a buy to let property, you’d be required to know quite a few things.
- The loan amount you can borrow is mostly based on the total rental income you receive.
- You’ll have to pay an extra 3% stamp duty on top of 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: Ask your solicitor/conveyancer to work out how much you’ll have to pay if you’re buying a second property. A good adviser will know the exact questions to pose and will find a mortgage that fits your exact requirements. To find out if you qualify, contact our advisers today.
How Much Do Mortgage Brokers Charge?
Most mortgage brokers get paid commission from lenders, which will be a percentage of the mortgage loan you receive. Depending on the type of mortgage you need – whether buy to let or residential mortgage for instance – and whether you’ve had any credit problems of late. The figure is often set at around 0.33%, although this varies widely. Most independent brokers charge a flat fee, which is typically around £500. Remember to ask brokers how they want to be paid. They must be completely transparent, telling you how much is being charged and what fee structure they use.
We have a fee structure based on charging our clients £695. From that figure, we then deduct any commission received from the mortgage lender Our client will be asked to pay the difference between the commission we are paid and £695, if the amount of commission is less than £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. The amount a lender will agree to lend is determined by a total affordability assessment, which will provide insight regarding your income, regular household expenditures and any credit card or loan commitments you might have. A credit check will be undertaken for mortgage purposes to confirm you have sufficient credit rating.
Prior to applying for a mortgage in full, obtain a decision in principle to form a clear picture with regards the amount you can borrow. Arrange an appointment with one of our qualified mortgage experts today. We can provide an initial estimate, without the need for any credit checks to begin with.
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 compare thousands of the latest mortgage deals to help you find exactly what you need.
Request a free quote from Mortgage Saving Experts, your Knightsbridge Expert Mortgage Broker
What Our clients say About us
In Knightsbridge, we have long and diverse list of satisfied clients. If you’re still not sure that we are the experts to get you the most suitable mortgage deal in Knightsbridge at the most affordable price, check out some of the things our clients have said about working with us. Contact us today to get a first-hand experience of the excellent services we provide.
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
Most mortgages in the UK are provided by building societies, banks and specialised mortgage lenders. 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.
Due to the Financial Services Act 2000, a regulatory scheme specifically for mortgages was implemented by the former Financial Services Authority (now the FCA), even though close regulations have always been in place to guide banks and building societies in the UK.
Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. There are strict rules regarding the use of unfair, misleading adverts and promotions, as well as checks to make sure the terms of any contract 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 make sure firms have capital large enough to cancel out their lending risks. If you have a complaint about your mortgage provider, the first step is to take up the matter with them. If you feel it hasn’t been dealt with to your complete satisfaction, there is a complaints procedure which can be referred to the Financial Ombudsman Service. Some mortgages are not regulated by the Financial Conduct Authority such as moist Buy to Let mortgages and if you make a complaint about these you are unable to take these to the Financial Ombudsman Service Connect with the Mortgage Saving Experts in Knightsbridge. You can reach them by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Knightsbridge Mortgage Broker?
- “Why exactly are you the best?”
- “In what way do you deliver great service?”