What is a mortgage broker?
A mortgage broker represents individuals or companies looking to broker mortgage loans. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.
If you work with a mortgage broker in Clayworth, it won’t be so difficult to get a great deal on the mortgage loan you require. Even with complicated circumstances or a poor credit score, the ideal mortgage broker will boost your chances of getting a mortgage.
There are regulations in place to guide professional mortgage brokers and make sure they adhere to banking and finance laws in the jurisdiction of customers, so you can be sure you’re in good hands.
Handy Tools and Calculators
With an estimate in mind – in terms of how much you can borrow and cost of the loan – you’ll be able to plan your future more easily. Use this handy calculator to see just how much your mortgage repayments are going to be, based on your total loan amount and interest rate. Just enter those values together with your term and press ‘Click to calculate’ to instantly see how much you’ll need to repay each month.
Why Use A Mortgage Broker?
Working on your mortgage application with a mortgage broker in Clayworth comes with many different benefits. Some of the more obvious benefits include:
Save Money
The possibility of saving money is the most obvious advantage of working with a mortgage broker. You only need to provide a few details, before an experienced professional committed to protecting your interests handles the hard work.
Some people are sceptical about this – especially with the concept of a mortgage broker not yet universally understood. There must be a catch somewhere, surely? While this train of thought is understandable, be assured that most mortgage brokers don’t have an incentive to work against your best interests.
The broker could actually be at a disadvantage if they cannot prove to you, their regulators, the Financial Conduct Authority or the Prudent Regulation Authority why they made the recommendations in respect of the mortgage in question. 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
A mortgage broker will work towards protecting your interests, rather than those of the lending institution. They shouldn’t just play the role of your agent, but also those of problem solver and knowledgeable consultant. 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. Mortgage brokers will interview you to identify your needs, as well as short and long term goals. Amongst the benefits of working with experienced mortgage brokers are innovative mortgages and sophisticated solutions, because regular 15 or 30-year mortgages aren’t usually sufficient. These include money for children or carrying out much needed renovations, mortgages to raise capital for repaying debts or even money to buy other properties like buy to lets.
Has Flexibility Expertise to Meet Your Needs
A mortgage broker will work with the client in any situation, as well as manage the process and take care of any bumps in the road that may occur. For example, if borrowers face credit issues, the broker will know which lenders offer the best products to meet their particular needs. Borrowers who find they need larger loans than their bank will approve can also benefit from a broker’s knowledge and ability to successfully obtain financing.
Save Time & Hassle
It’s not all about money. Saving some extra cash is great, but so is your time and sanity. 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 recommended loans can be made available by your broker to provide information that would clearly show the differences in cost, including current rates and the costs of closing each of the loans. Major lenders and those not so popular will be compared by your broker to seek out the most suitable deal for you, in terms of 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. 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. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. 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 that aren’t advertised by banks to which brokers have access. The brokers are charged with selling the products, as the deals are pushed on to them by the banks. If you contact the bank yourself, you wouldn’t have access to the extra benefits you would otherwise get by speaking to a broker.
While banks can only provide their own deals (and not the deals offered by other banks), brokers can scour the entire market to discover the most suitable deal.
Better chance of pre-approval success
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. The experience and knowledge required for your best chance of approval the first time you apply is something brokers have in abundance.
Access to expert knowledge
Helping people secure loans is what mortgage brokers do for a living. 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. The difference to your mortgage could ultimately be made by these subtleties. It’s beneficial to have an experienced professional to point out these things for you.
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. A mortgage broker is a great choice for your home loan requirements, just as a plumber is for fixing a leaking pipe and a hairdresser for dealing with damaged hair.
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 complex as they seem at first. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. Our mortgage savings experts will make your task as easy and straightforward as possible. Why complicate things more than necessary, after all? Allow us to ease the entire process and obtain the best deals available for you.
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. At Mortgage Saving Experts, we treat each mortgage and insurance application as if it were our own. These are the things we’re 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! In essence “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”
Our Team of Clayworth 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 must justify to you and our regulators why we recommend the mortgages we do, so you know exactly why you have the mortgage you have.
“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 then work closely with you to achieve those goals.
Why chose Mortgage Saving Experts?
For the first couple of years, you’re allowed an initial rate after taking out a mortgage. After this initial rate finishes, the rate increases to the lender’s variable rate. 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.
- While we deal with the stress on your behalf, you can sit back and ease your mind.
- This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
- Comparing, advising and setting up the best possible mortgage deal from amongst the many available is what we do.
- For the entire mortgage process, you will be expertly advised and supported.
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:
- 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 Clayworth because:
- Understand your needs and circumstances via fact-finding.
- Spell out the costs buying and selling involves.
- Request relevant documents to assist with the application.
- Propose and explain the likely mortgage.
- Proffer replies to any questions you might have.
- Collect an agreement in principle.
- Have your full mortgage application submitted.
- Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.
Mortgage Types We Provide Expert Advice On
We provide professional advice on a broad range of mortgage products. In collaboration with our team, you won’t have any trouble finding the best mortgage products to match your specific requirements. Some of the most commonly requested mortgage types we help with include:
First time buyers
First Time Buyers are classed by most mortgage lenders as people 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.
Every lender has different rules and ideas about this. Being a First Time Buyer is not generally considered to be a problem. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.
Mortgages can seem a daunting process, but they do not 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. It is abundantly clear why you should use one. Besides, if your car breaks down and you have no knowledge of cars, you wouldn’t attempt to fix it yourself; you would use the services of a mechanic. It’s the same with mortgages. You can save on time, effort and even money with mortgage brokers, 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. 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 can’t deal with all of that, talk to an adviser who will provide guidance accordingly.
Your credit is important.
A mortgage is serious issue. 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. To qualify for a mortgage, good credit is helpful, but not essential. 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. 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. They don’t necessarily have to be paired together. Let me simplify this for you. If you’ve got a small mortgage, paying the arrangement fee to a new lender to go on a lower rate might not seem practical to you. You may find it’s more practical to go on a slightly higher rate, without paying arrangement fees 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.
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. 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 smart way to significantly minimise the cost of your mortgage bills is to undertake a re-mortgage on time. Depending on your specific needs, a re-mortgage deal might not be the best option, even though it does have its advantages.
- Depending on your unique needs, like…
- Mortgage debt isn’t so big.
- Financial circumstances have changed.
- Significant early repayment charge.
- Decrease in home value.
- You have credit problems.
- Present rate is just fine.
- We will dispense advice on the merits of pursuing a re-mortgage.
Buy to Let
‘Buy to let’ properties are those you wish to purchase and then rent to tenants. You are not allowed to legally live in the property. 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.
- You may need to know certain things when purchasing a buy to let property.
- 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.
- 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: If you’re looking to buy a second property, you should ask your solicitor/conveyancer to work out the amount you have to pay. 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 see if you’re eligible.
How Much Do Mortgage Brokers Charge?
Many mortgage brokers are paid commission from lenders, which represents a percentage of your mortgage loan. This is often about 0.33%, even though it largely varies, based on your mortgage needs. For example, a residential mortgage or buy to let and if you’ve had any credit issues recently. Many independent brokers usually charge about £500 as a flat fee. 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.
For our fee structure, we charge clients £695; any commission we receive from mortgage lenders is subtracted from that figure 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 for example, we are paid a commission of £495, we would ask you to pay a fee of £200, payable on production of your mortgage offer. Please note, we only take payments on a results-based arrangement.
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. 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. For mortgage purposes, they will also perform a credit check to be sure you have an adequate credit rating.
To get an idea of the amount you can loan, get a decision in principle before applying for a mortgage in full. Make plans to meet with one of our experienced mortgage experts now. At the initial stage, we can give you an estimate, without needing to perform any credit checks.
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 thousands of the latest mortgage deals, so you can find the one you’re after.
Request a free quote from Mortgage Saving Experts, your Clayworth Expert Mortgage Broker
What Our clients say About us
In Clayworth, we have long and diverse list of satisfied clients. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Clayworth at the lowest price, check out what some of our customers have to say about their experience with us. For a first-hand experience of just how amazing our services are, give us a call today.
Latest Mortgage News
The more information you have at your disposal when seeking the best mortgage deal, the better the position you’ll be in. 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 total, there are roughly 200 financial institutions that provide mortgages in Britain, even though the biggest share of the market is owned by Lloyds Banking Group and Nationwide Building Society.
In the UK, despite there being tight regulations that guide banks and building societies, a regulatory scheme was implemented by the FCA (formerly the Financial Services Authority) in response to the Financial Services Act 2000.
The FCA monitors the professional conduct of mortgage providers. Strict rules are in place against using false or unfair adverts and promotions, in addition to checks to ensure the terms of contracts for financial services are fair for the consumer. 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.
With regards their financial conduct, deposit-taking firms in the UK come under the jurisdiction of FCA’s sister organisation, the Prudential Regulation Authority.
They make sure firms have a substantial level of capital to offset their lending risks. The first step in tackling any issue you have with regards your mortgage provider is to take it up with them. 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 Get in touch with the Mortgage Saving Experts in Clayworth. You can do this by dialling 01273 738 072 for a friendly chat.
What to Ask Your Clayworth Mortgage Broker?
What happens if you don’t respond to my messages within that timeframe?
How quickly will you respond to my messages?
How much hand-holding is involved during the buying process?
Why should I choose you rather than another broker?
- “Why exactly are you the best?”
- “In what way do you deliver great service?”
What sort of clients do you specialise in?
What will the true cost of my home loan be?
How much can I borrow?
How many loans have you written during that time?
How much experience do you have?
Get in contact with the Mortgage Saving Experts in Horsell. You can reach them by dialling 01273 738 072 today for a friendly chat.
Other Areas We Cover
- Mortgage Brokers in Caythorpe, Nottinghamshire
- Mortgage Brokers in Chilwell, Nottinghamshire
- Mortgage Brokers in Church-Laneham, Nottinghamshire
- Mortgage Brokers in Church-Warsop, Nottinghamshire
- Mortgage Brokers in Clarborough, Nottinghamshire
- Mortgage Brokers in Clifton-Village, Nottinghamshire
- Mortgage Brokers in Clipston, Nottinghamshire
- Mortgage Brokers in Clipstone, Nottinghamshire
- Mortgage Brokers in Coates, Nottinghamshire
- Mortgage Brokers in Coddington, Nottinghamshire
