Mortgage Brokers in Westminster

What is a mortgage broker

A mortgage broker is sometimes considered a middle man who brokers loans in favour of people or businesses. Mortgage brokers exist to find a bank or direct lender that will be willing to make the specific loan an individual requires. Finding a good deal for a mortgage loan in Westminster will be easier 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.

What Is A Mortgage?

A mortgage is in effect 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. Mortgage providers can rightfully take back (repossess) the property if you default on your payments.

Typically, mortgages are laid out for a set period – usually 25 years, although shorter or longer terms are also possible. A repayment plan is arranged as soon as you borrow the money. While there are various mortgage options, the most popular one requires a monthly capital repayment plan.

You won’t only have to repay the capital (the money you borrowed), but also the interest on it. A mortgage is a debt instrument that is acquired using the collateral of a particular property that the loanee must repay in predetermined amounts. 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 loan and interest attached needs to be paid back over some years before the borrower can own the property without a mortgage. The property the mortgage is secured on can be taken back by the lender if the borrower discontinues 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 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.

Mortgages come in many forms. Borrowers must still pay the same interest rates on fixed rate mortgages as they would for the initial terms of two, three or five years, even though fixed-rate mortgages are available in longer terms. During the fixed rate term, monthly payments remain the same. An increase in interest rates in the market won’t change the payments of the borrower if they have a fixed rate. Changes in market interest rates have no effect on the borrower’s mortgage repayment if they have a fixed rate.

Reach out to the Mortgage Saving Experts in Westminster. You can do so by calling us on 01273 738 072 for a friendly conversation.

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. The rate can increase or decrease as the lender decides, so with a good broker or diary system in place, do not forget to re-mortgage or call your existing lender, so you can adjust the rate sometime around three months before it’s increased to the variable rate. This will help you avoid paying higher monthly payments.

A mortgage can seem less costly than it really is, with the initial interest rate often being a low rate. An increase in interest rates later on could mean that the borrower would not be able to continue with payments. Variable rates after the initial term can be changed at any time, causing monthly payments to be rather unpredictable.

Interest-only mortgages, tracker rates, offset mortgages, secured loans, buy to lets, and bridging loans are less-common types of mortgages that could be available, so contact an independent broker to discover your options. Our mortgage brokers in Westminster can help you find the most suitable mortgage deal to match your unique needs and circumstances.

Handy Tools and Calculators

You can easily plan your future once you have an idea of the maximum you can borrow and how much the loan will cost. 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. Just fill in those values, along with your term and press ‘Click to calculate’ to immediately see the amount you will have to repay per month.

Mortgage Calculator
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Why Use A Mortgage Broker?

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

Save Money

In working with a mortgage broker, the most noticeable benefit would be the opportunity 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 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 mortgages deals exist on the lower end that can be obtained by a number of mortgage brokers, possibly making the total cost of the loan that bit lower. A reputable mortgage broker will disclose how they are paid for their services, as well as detail the total cost of the 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

Your interests – and not those of the lending institution – will be represented by the mortgage broker. 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. You’ll be required to meet with the mortgage broker to document your needs, as well as your short and long term goals. Sophisticated solutions and innovative mortgages are distinct advantages of working with experienced broker, because simple 15 or 30-year mortgages aren’t enough in some situations. These include mortgages to raise capital for debt repayment, money for your children, important home renovations or even the purchase of other properties like 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. 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 is not just about money. Your time and sanity are just as important as saving some extra money. 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. 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. Comparisons will be made by your broker between popular and less popular lenders to get you the most suitable deal, with lower rates and total cost.

Outsourcing the work to someone who can provide an expert opinion is a great way to relieve yourself of the burden involved. To be of assistance throughout the entire application and approval process, mortgage brokers do the bulk of the work. This includes handling all the paperwork, helping with applications for government ski schemes, answering questions and providing insight on other options and loan features you may not have given thought to. 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. Better still, if you’re not well versed with these concepts and how they could affect you, your broker can clarify answer questions you may have over the phone.

Access to exclusive non-advertised deals

Brokers have access to exclusive deals that aren’t advertised by the banks. The banks push these deals on to brokers, who are in charge 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.

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

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

A mortgage broker’s job is to help people obtain loans. There’s much information and numerous exclusive deals available to them that you won’t find by yourself. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. At the end of the day, these subtleties tend to improve your mortgage chances. Having the services of an experienced professional who can point these out for you is a huge benefit.

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. For home loan requirements, a mortgage broker is the best ways to go, just as a hairdresser is for replenishing damaged hair and a plumber for fixing leaking pipes.

Reach out to the Mortgage Saving Experts in Westminster. You can reach them by dialling 01273 738 072 today for a friendly chat.

About Mortgage Saving Experts

Mortgages and insurance are not as complex as they seem at first. This is 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. Besides, why complicate things more than necessary? Let us make things easy for you and make sure we find you the most suitable deal.

Mortgage Saving Experts provide an honest and transparent service that will leave our customers thinking that mortgages and insurance aren’t as daunting as they may seem. All mortgage and insurance applications are handled like they’re our own at Mortgage Savings Experts. This is what we’re all about. Mortgage Saving Experts are available whether you’re a first-time buyer, a landlord, moving on to a new phase or just re-mortgaging. Providing help is why we’re here! Essentially “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”

Our Team of Brighton Mortgage Experts

Due to regulations by the Financial Conduct Authority (FCA), we must do all we can to get you the most suitable deal on the market. We need to provide justification to our customers and regulators for recommending the mortgages we do, so you understand just why you have that particular mortgage.

Down to Earth Mortgage

Our team of mortgage insurance experts is made up of honest, passionate, enthusiastic and widely experienced individuals.

Our mortgage and insurance experts are particularly good at listening to your current and future goals. We will then work together with you to reach these goals.

Why chose Mortgage Saving Experts?

When you take out a mortgage, you’ll be subject to an initial rate for the first few years. At the end of this initial rate, this returns to the lender’s variable rate. Three months before this rate is up for renewal, our team will contact you again to put a new deal in place before your rate and monthly payments increase. Other benefits of working with us include:

  • 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.
  • While we deal with the stress on your behalf, you can sit back and ease your mind.
  • We know our onions, so you’ll only ever be advised by a qualified mortgage expert.
  • 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

We make available personalised services and put into consideration all your unique needs. We take three basic steps in our approach to mortgage advice:

  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:

Our services are more remarkable than those of other mortgage brokers in Westminster because:

  • Use fact-finding to properly understand your individual needs.
  • Clarify the costs related to buying and selling.
  • Ask for related documents to help with the application.
  • Make relevant suggestions and provide explanations about the prospective mortgage.
  • Reply to any questions you have.
  • Collect an agreement in principle.
  • Have your entire mortgage application sent in.
  • Communicate with your solicitor, mortgage lender and estate agent to respond to any questions 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 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. Amongst the mortgage types we’re commonly asked to handle are:

First time buyers

Many mortgage brokers consider First Time Buyers 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.

The rules and ideas on this are different across various lenders. Being a First Time Buyer is not generally considered to be a problem. In order to qualify for stamp duty relief, it’s necessary for First time Buyers to have never been property owners before; this applies anywhere in the world.

Mortgage processes may look tough to negotiate, but they really don’t need to be. The purchase of your first home can be filled with excitement, so if you discover a well-respected broker to manage the process for a reasonable price, then use one. The purpose of using one is straightforward enough. After all, if you don’t know a thing about cars and yours breaks down, you would rather call a mechanic than fix it yourself. With mortgages, it is exactly the same. You can save on time, effort and even money with mortgage brokers, so you should use one. There are no charges for the initial consultation.

Buying a home

If you’re considering buying a home in the near future or further down the line, you should get to know mortgages a lot better in the meantime. Learn what to do before applying for a mortgage; what to watch for during the process; and how to use a mortgage after you’ve bought your home. If you can’t deal with all of that, talk to an adviser who will provide guidance accordingly.

Your credit is of great importance.

A mortgage is serious issue. A lot of money has been risked by banks over the years; notably, they have been more and more cautious since the subprime mortgage crisis of 2008. Good credit helps to qualify for a mortgage, but it isn’t a necessity. We can also guide you with regards how much you can afford to pay for your new home and what should be your price ceiling, based on your current situation. We will help you with funding, the lowest cost and most suitable deal on offer, in addition to helping you buy your dream home.

Re-mortgage your home

Simply put, all you’re doing with this is changing from one lender to another to get a better 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. It may seem cheaper to be on a slightly higher rate than pay an arrangement fee to another lender. It’s always best to speak with someone before deciding which deal to go for, as you don’t want to be caught out by being tied to a more expensive deal overall, even if the rate is much lower. Tread carefully.

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 due to the fact that it is based solely on your disposition at the time of re-mortgaging. So, do find out from your adviser.

A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. 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

  • Based on your unique circumstances, such as…
  • Mortgage debt is fairly minor.
  • There have been significant changes in financial disposition.
  • Early repayment charge is on the high side.
  • Home value dropped.
  • You have credit issues.
  • Present rate is very agreeable.
  • 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 are not allowed to legally live in the property. 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.

  • There are a few things you may need to be aware of when purchasing a buy to let property.
  • The rental income you receive is a primary factor when determining the size of the loan you can borrow.
  • Other than your regular stamp duty, you will have to pay an extra 3% stamp duty on top.
  • 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.
  • To see if you’re eligible, reach out now to our advisers.

How Much Do Mortgage Brokers Charge?

A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. 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. The majority of independent brokers typically charge a flat fee of around £500. Be sure to enquire about how to make payments to brokers. They must be completely clear, letting you know the exact figure and fee structure in place.

We charge the client £695 as part of our fee structure; if the mortgage lender pays any commission, it is then deducted from that figure. 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. 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?

A lot of factors influence this, like the number of children you have, the deposit amount, your income and any debts you might 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. In addition, they also perform a credit check to make sure your credit rating is suitable for mortgage purposes.

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. Make plans to meet with one of our experienced mortgage experts now. We can at least give you an idea, without having to do any credit checks at the initial stage.

The Latest Best Mortgage Rates

Our services are available whether you want to re-mortgage, move home, purchase a buy to let or procure a first-time buyer mortgage. We compare recent mortgage deals in large quantities to help you find just what you want.

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

What Our clients say About us

Our list of happy clients in Westminster is long and diverse. If you still have doubts about our ability to professionally provide the best deal in Westminster at the cheapest price, see for yourself what some of our customers have said about their experience with us. For a personal experience to discover how effective our services are, contact 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 you have to hand in your search for the ideal mortgage arrangement, the greater advantage you’ll have. To provide insight and help you get started, find recent news on mortgages 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.

Even with regulations in the UK that closely guide banks and building societies, a regulatory scheme was set up just for mortgages (as a result of the Financial Services Act 2000) by the FCA (the former Financial Services Authority).

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 initially documented in the rules for Mortgage Conduct of Business (MCOB), but were overhauled because of the 2014 FCA Mortgage Market Review (MMR).

Regarding their financial conduct, organisations that take deposits in the UK fall under the FCA’s sister organisation’s jurisdiction, the Prudential Regulation Authority. They ensure firms have a sizeable enough capital 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

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”.

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