What is a mortgage broker?
A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Mortgage brokers function to find banks or lenders that will willingly make the exact loan an individual requires.
With a mortgage broker in Rainham, you’ll have an easier time procuring the mortgage loan you need at the best possible terms. 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.
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. 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’.
Why Use A Mortgage Broker?
Working with a mortgage broker for your mortgage application in Rainham can be beneficial in various ways. Some of the more obvious benefits include:
The possibility of saving money is the most obvious advantage of working with a mortgage broker. You’ll just need to fill out some details and an experienced professional with your best interests in mind will deal with the hard work.
Some people are not fully convinced about this, what with the concept of a mortgage broker still vaguely understood universally. So, there has to be a catch somewhere, surely? Even though this line of thought is understandable, you can rest easy, because not working in your best interests is in no way profitable to a mortgage broker.
In fact, a broker could be in serious trouble if they are unable to prove to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority why they’ve recommended the particular mortgage that they have. 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. A mortgage advisor company values ensuring a positive experience for their customers over padding the pocket of a broker.
Finds The Most Advantageous Deal
For a mortgage broker, your interests – rather than those of the lending institution – are paramount. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. 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. You’ll be required to meet with the mortgage broker to document your needs, as well as your short and long term goals. The simple use of a 30 or 15-year mortgage is inadequate for many situations, which is why sophisticated solutions and innovative strategies are the benefits of working with an experienced mortgage broker. This includes mortgage to raise capital for repayments, money for necessary home improvements or children, or even to buy other properties such as buy to lets.
Has Flexibility Expertise to Meet Your Needs
Any problems that may arise can be dealt with by a mortgage broker, who will oversee the whole process, guiding the client through any situation along the way. For example, borrowers with bad credit issues can find great products that will suit their needs through brokers who know lenders that offer such products. 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 is not just about money. While it’s a good thing to save some extra money, your sanity and time matter just as much. Consider how much time it would take you to research multiple loan types from multiple lenders. You’d be required to fill out just one application with a mortgage broker, unlike completing one for every different lender. A formal comparison of the loans recommended can be provided by your mortgage broker to act as a guide for the information that accurately illustrates the differences in cost, showing present rates and points, as well as closing costs for each loan. To find the best deal in terms of lower rates and overall cost, your broker will make comparisons between popular and less popular lenders.
You don’t have to burden yourself with all the work, as outsourcing is a viable option to take in order to gain 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. These features can include drawdown facilities, the option to make extra repayments and offset accounts to name a few. These features can make a massive difference to your mortgage experience and overall costs. 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 not made public by the banks that brokers have access to. These deals are passed by the banks to the brokers, who then have the responsibility of selling the products. Going to the bank directly could cause you to miss out on added benefits such as these, which you can procure by speaking to a broker.
A bank can provide access to their own deals (not those offered by other banks), but brokers can gain access to the entire market to find the best deals.
Better chance of pre-approval success
A mark is left on your credit rating if your request for an Agreement in principle/Decision in principle of a loan is turned down. You’ll need the necessary knowledge and experience a broker has to secure approval on your first attempt.
Access to expert knowledge
Helping people secure loans is what mortgage brokers do for a living. There’s much information and numerous exclusive deals available to them that you won’t find by yourself. Loans come with certain subtleties you could miss if you’re not looking out for them. In fact, it is these small details that can make a difference to your mortgage in the long run. It’s beneficial to have an experienced professional to point out these things for you.
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? 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.
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 are not as complicated as they might first seem. Finding an adviser who is reliable, knowledgeable and has significant experience is very important for this reason. Our Mortgage Saving Experts will make your journey as seamless and transparent as possible. After all, why make things more difficult than they need to be? Let us simplify everything for you and ensure we get the best deal possible.
Mortgage Saving Experts provide our clients with honest and transparent services that leave you feeling mortgages and insurance are less complicated than they first appear. All mortgage and insurance applications are handled like they’re our own at Mortgage Savings Experts. This is what we do. 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’re here to help! Fundamentally “Take 15 minutes to talk to 1 adviser and find out about 1000s of mortgage deals.”
Our Team of Rainham Mortgage Experts
We make it our duty to get you the best deal the market has to offer, as we are regulated by the Financial Conduct Authority. We are required to justify our reasons for making the mortgage recommendations we do to both you and our regulators, so you can understand why you have the mortgage you have.
“Down to Earth Mortgage”
We are an honest, enthusiastic and passionate team of mortgage insurance experts, with years of industry experience.
Your current and future goals will be identified by our mortgage insurance experts after talking with you. We then work closely with you to achieve those goals.
Why chose Mortgage Saving Experts?
You’ll get an initial rate for the first few years after taking out a mortgage. 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. Other benefits of working with us include:
- You’ll get a better deal than the bank variable rate and subsequently save money.
- We can provide updates relating to the end of your deal, so you need not worry.
- You can take time to relax, while we handle the stress for you.
- We are good at what we do, so you’ll always be advised by professional mortgage experts.
- We compare, advise and arrange the best mortgage for you from thousands of available deals.
- You’ll be supported and expertly advised throughout the whole mortgage process.
Our Approach to Mortgage Advice
Your individual needs will be duly considered, as we provide fully personalised services. Three simple steps are taken 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:
Our services are more remarkable than those of other mortgage brokers in Rainham because:
- Get to determine your situation and requirements by fact-finding.
- Point out the costs that come with buying and selling.
- Request applicable documents to aid the application.
- Provide explanations and recommendations for the prospective mortgage.
- Respond to any questions you might have.
- Obtain an agreement in principle.
- Submit your full mortgage application.
- Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.
Mortgage Types We Provide Expert Advice On
We offer expert advice on a wide variety of mortgage products. In collaboration with our team, you won’t have any trouble finding the best mortgage products to match your specific requirements. Mortgage types that we’re frequently asked to handle include:
First time buyers
Most mortgage lenders put people in the First Time Buyers category if they 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.
For each lender, the rules and ideas about this differ. Being a First Time Buyer is usually not an issue. 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.
While mortgages may look like a tedious process, they don’t have to be. It’s rather exciting to be buying your first home, so if you find a reputable broker to get the job done for you at a fair price, then do 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. It’s the same with mortgages. Mortgage brokers can save you time, effort and money, so why not use one? There are no charges for the initial consultation.
Buying a home
You should brush up your knowledge of mortgages if a home purchase is a viable option for you any time soon (or a few years down the line). 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 crucial.
A mortgage is serious issue. Since the subprime mortgage crisis in 2008, banks have trodden more carefully in terms of risking money up front. 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. 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
Basically, what you’re doing here is changing lenders to get a more suitable rate or cheaper deal. They don’t necessarily have to be paired together. I’ll explain this clearly. 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. You might find it cheaper by going on a slightly higher rate and paying no arrangement fee to the lender at all. It’s best to always talk to someone before agreeing any deal, because you don’t want one that’s more expensive overall, even though the rate might be significantly lower.
Take extra caution. One benefit of re-mortgaging is that you’ll not normally pay for any valuation or solicitors fees, although not everyone qualifies for this. This is because it is dependent on your circumstances alone at the time of re-mortgaging. So, do find out from your adviser.
A smart way to significantly minimise the cost of your mortgage bills is to undertake a re-mortgage on time. Depending on your circumstances, it might not be the ideal move for you – even though a re-mortgage arrangement certainly has its benefits.
- Based on your specific needs, such as…
- Mortgage debt is relatively small.
- There has been a change in financial circumstances.
- Early repayment charge is on the high side.
- A reduction in home value.
- You have credit issues.
- Present rate is very agreeable.
- We will provide guidance to help you choose whether to re-mortgage.
Buy to Let
A property purchased in order to be rented to tenants is a ‘buy to let’. Legally, you cannot 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, there are a few things you’ll need to know.
- The loan amount you can borrow is largely dependent on the rental income you receive.
- You will have to pay 3% stamp in addition to your normal stamp duty.
- You’ll still have to pay the extra 3% of the purchase price, even if the property isn’t valued as it should be for the stamp duty to be liable.
TIP: If you’re looking to buy a second property, you should ask your solicitor/conveyancer to work out the amount you have to pay. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. Get in touch with our advisers to see if you’re eligible.
How Much Do Mortgage Brokers Charge?
Commission is usually paid to mortgage brokers by lenders; this will be a percentage of the mortgage loan you secure. While the figure varies widely, it is generally set at around 0.33%, depending on the type of mortgage you require. For example, this could be a residential mortgage or buy to let and would take into account whether you’ve had any credit troubles recently. Most independent brokers charge a flat fee, which is typically around £500. Remember to ask brokers how they want to be paid. The should be totally transparent, disclosing the amount to be charged, as well as their available fee structure.
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 we are paid a commission less than £695, the client is then asked to pay the necessary difference to top it 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?
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. The amount a lender would be willing to lend is dependent on a comprehensive affordability assessment that helps them understand your income, as well as any loan or credit card commitments you might have and everyday household expenses. In addition, they also perform a credit check to make sure your credit rating is suitable for mortgage purposes.
For a more accurate idea of how much you can borrow, get a decision in principle before you apply for a mortgage in full. Arrange for an appointment with one of our certified mortgage experts today. We can provide an initial estimate, without the need for any credit checks to begin with.
The Latest Best Mortgage Rates
Whether you want a re-mortgage, move home, find a mortgage for a first-time buyer or purchase a buy to let, we can help. We make comparisons between thousands of recent mortgage deals to help you find the one you want.
Request a free quote from Mortgage Saving Experts, your Rainham Expert Mortgage Broker
What Our clients say About us
We have a list of clients in Rainham that is both lengthy and diverse. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Rainham at the lowest price, check out what some of our customers have to say about their experience with us. For a personal experience to discover how effective our services are, contact us today.
Latest Mortgage News
Having more information at your disposal when looking for the most ideal mortgage deal places you in a more advantageous position. To help you begin on the right path, find recent insightful mortgage news below.
Mortgage Regulatory Information
The majority of mortgages in the UK are made available by banks, building societies 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.
Although banks and building societies have always been closely regulated in the UK, the former Financial Services Authority (now the FCA) implemented a regulatory scheme specifically for mortgages as a result of the Financial Services Act of 2000.
The professional services of mortgage providers are monitored by the FCA. Strict rules exist that monitor the use of dishonest and misleading adverts and promotions, checking to ensure the terms of any contract for financial services are fair to the customer. 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.
In terms of their financial conduct, organisations collecting deposits in the UK fall under the Prudential Regulation Authority, the FCA’s sister organisation.
They ensure firms have adequate capital levels to balance out their lending risks. If there is something bothering you about your mortgage provider, talking to them about it is the first step to take. 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 Get in contact with the Mortgage Saving Experts in Rainham. For a brief and informal chat, call us now on 01273 738 072.
What to Ask Your Rainham Mortgage Broker?
- “Why exactly are you the best?”
- “In what way do you deliver great service?”