Mortgage Brokers in Edwinstowe, Nottinghamshire

What is a mortgage broker?

To broker a mortgage loan, a mortgage broker will act as a link on behalf of an individual or business. The purpose of mortgage brokers is to look for banks or direct lenders that will willingly provide the specific loan an individual would need.

Working with a mortgage broker in Edwinstowe will help you get the mortgage loan you require at a favourable deal, without any unnecessary stress. If you work with a reputable mortgage broker and have a poor credit score or any other issues that could affect your mortgage application, your chances would be greatly improved.

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

You can easily plan your future once you have an idea of the maximum you can borrow and how much the loan will cost. With this handy calculator, get a better understanding of how much your mortgage repayments will be, based on your full loan 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?

There are a wide range of benefits to be enjoyed from working with a mortgage broker in Edwinstowe with regards your mortgage application. Some of the most obvious of these benefits are:

Save Money

Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. 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 sceptical about this – especially with the concept of a mortgage broker not yet universally understood. There must be a catch somewhere, surely? A mortgage broker wouldn’t stand to gain anything by not working in your favour. You’ll need to bear this in mind, even though any concerns you might have are understandable.

If the broker cannot provide genuine reasons for recommending the mortgage they have (to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority), then they could be in serious trouble. There are various inexpensive, exclusive mortgage deals that a number of mortgage brokers can find for their clients that could possibly reduce the total loan cost. 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.

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

Finds The Most Advantageous Deal

A mortgage broker represents your interests, rather than those of a lending institution. They should act not only as your agent, but also as a knowledgeable consultant and problem solver. You can get the best value as per interest rates, loan products and repayment amounts thanks to the wide range of mortgage products to which a broker has access. 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, if borrowers face credit issues, the broker will know which lenders offer the best products to meet their particular needs. 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. Saving some extra cash is great, but so is your time and sanity. Think of the amount of time you’d spend researching multiple loan types from multiple lenders. With a mortgage broker, you’ll only need one application, rather than completing forms for each individual 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. To find the best deal in terms of lower rates and overall cost, your broker will make comparisons between popular and less popular lenders.

Outsourcing the work to someone who can provide an expert opinion is a great way to relieve yourself of the burden involved. A mortgage broker can do a lot of the work by providing you with support throughout the application and approval process. This might involve completing all paperwork, helping you with applications to government schemes, answering questions and explaining the options and loan features, about which you may not have been aware. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. A noticeable difference can be made to your overall experience and the cost of your mortgage. If you don’t know much about these concepts and how they can work for you, reach out to your broker over the phone for clarification and answers.

Access to exclusive non-advertised deals

There are exclusive deals that aren’t advertised by banks to which brokers have access. These deals are passed by the banks to the brokers, who then have the responsibility of selling the products. Talking to a broker can release these extra perks, which you’d otherwise not enjoy by contacting 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

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. With the required knowledge and experience brokers possess, you’ll have a better chance at approval the first time around.

Access to expert knowledge

A mortgage broker’s job is to help people obtain loans. There’s much information and numerous exclusive deals available to them that you won’t find by yourself. There are small details accompanying loans that you might miss if you’re not looking for them. 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.
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 aren’t as difficult as they first appear. For this reason, it’s necessary to find an honest and knowledgeable adviser, with ample experience. Our mortgage savings experts will make your task as easy and straightforward as possible. After all, why make things more difficult than they need to be? Allow us to ease the entire process and obtain the best deals available for you.

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 the mortgage and insurance applications we take care of at Mortgage Saving Experts are treated as if we own them. 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’re here to help! In essence “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”

Our Team of Edwinstowe Mortgage Experts

Because we’re regulated by the Financial Conduct Authority (FCA), we strive to get you the best possible 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”

We are an honest team of mortgage insurance experts, who are enthusiastic, passionate and widely experienced.

Our mortgage and insurance experts will pay attention to you and understand all your current and future objectives. We will then work together with you to reach these goals.

Why chose Mortgage Saving Experts?

You’ll get an initial rate for the first few years after taking out a mortgage. The rate is raised to the lender’s variable rate after the initial rate ends. 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 benefits of working with us include:

  • You can save extra cash, because you’ll get a preferable deal to the bank variable rate.
  • We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
  • You can take time to relax, while we handle the stress for you.
  • We know our business, so you’ll only be advised by qualified mortgage experts.
  • 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

Your individual needs will be duly considered, as we provide fully personalised services. The approach we take to mortgage advice involves three simple steps:

  1. Let’s have an Initial Chat, so we can get to know You and What Your Requirements Are
  2. We Search the Entire Market to Find the Best Deal for You
  3. We’ll Present you with the Cheapest and best Deals Available for Both Mortgages and Insurance Cover

How Mortgage Saving Expert Brokers Can Help you:

What differentiates our services from those of other mortgage brokers in Edwinstowe includes:

  • Understand your needs and circumstances via fact-finding.
  • Point out the costs that come with buying and selling.
  • Ask for related documents to help with the application.
  • Propose and explain the likely mortgage.
  • Reply to any questions you have.
  • Obtain an agreement in principle.
  • Have your entire mortgage application sent in.
  • Liaise with your estate agent, mortgage lender and solicitor to answer any question through to completion.
For a first-hand experience of how amazing our services are, give us a call today

Mortgage Types We Provide Expert Advice On

We advise our clients expertly on a vast selection of mortgage products. In collaboration with our team, you won’t have any trouble finding the best mortgage products to match your specific requirements. Amongst the mortgage types we’re commonly asked to handle are:

First time buyers

Most mortgage lenders Categorise First Time Buyers as people who have either:

  1. Never owned a property or
  2. People who have owned a property in the past, but not owned one for six months or more.

For each lender, the rules and ideas about this differ. Being a First Time Buyer is not generally considered to be a problem. First Time Buyers must not have owned property anywhere in the world before to be eligible for stamp duty relief for stamp duty purposes.

While mortgages may look like a tedious process, they don’t have to be. Buying your first home can be exciting, so if you come across a suitable broker who can handle the process for you at a fair price, do take advantage of their expertise. The reason you should use one is fairly 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. It’s the same with mortgages. Mortgage brokers can help you save money, time and effort, so why don’t you use one? The initial consultation will cost you nothing.

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 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 of major importance. 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. Qualifying for a mortgage is boosted by good credit, but it isn’t compulsory. Depending on your present circumstances, we can be your guide on how much you can afford to pay for your new home and help set your cost limit. In addition to assisting you with the purchase of your dream home, we will also help with financing at minimum cost and the most agreeable mortgage available.

Re-mortgage your home

In short, this means you’ll switch from one lender to another to get a more affordable rate or cheaper deal. The two of them don’t have to go hand in hand. Let me explain. If you have a small mortgage, you’ll probably find it’s not worthwhile paying an arrangement fee to the lender just to go on a lower rate. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee 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.

Be careful. 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, 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. Even though a re-mortgage deal is accompanied by various benefits, it might not the best choice for you, depending on your unique circumstances.

  • Based on your unique circumstances, such as…
  • Mortgage debt is fairly minor.
  • The financial disposition is now different.
  • Costly early repayment charge.
  • Decrease in home value.
  • You have credit problems.
  • Already on a great rate.
  • We will guide you when deciding to re-mortgage or not.

Buy to Let

‘Buy to let’ properties are those you wish to purchase and then rent to tenants. Legally, you cannot 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.

  • There are some things you might want to know when purchasing a buy to let property.
  • 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.
  • Even if the value of the property isn’t enough to be liable for stamp duty, you are still required to pay an extra 3% of the purchase price.

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. Contact our advisers to find out whether you’re eligible.

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. 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. The majority of independent brokers typically charge a flat fee of around £500. Be sure to ask brokers how you can pay them. They need to be totally clear, informing you of the fee structure they use and just how much you are due to be charged.

For our fee structure, we charge clients £695; any commission we receive from mortgage lenders is subtracted from that figure If the commission paid to us falls short of £695, our client will then be asked to make up the difference between the commission we receive and the figure of £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. A total affordability assessment is required to determine how much a lender will agree to lend; this takes into account your income, any loan or credit card commitments you have, as well as regular household expenses. In addition, they will perform a credit check to ensure your credit rating is sufficient for the purpose of a mortgage.

Get a decision in principle before you finish your mortgage application; this way, you can form a clearer idea with regards the amount you can borrow. Arrange to see 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

Whether you’re looking to re-mortgage, move home, find a first-time buyer mortgage or 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 Edwinstowe Expert Mortgage Broker

What Our clients say About us

Our list of happy clients in Edwinstowe is long and diverse. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in Edwinstowe at the cheapest cost, see what some of our customers have got to say 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 you have at your disposal when seeking the best mortgage deal, the better the position you’ll be in. Below is the latest insightful mortgage news to help you get started on the right path.

Mortgage Regulatory Information

Building societies, specialised mortgage lenders and banks provide the most mortgages across the UK. 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.

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

The FCA monitors the professional conduct of mortgage providers. 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. Regulations were formerly presented in the rules for Mortgage Conduct of Business (MCOB), although they were changed due to the FCA Mortgage Conduct of Business (MMR) of 2014.

The Prudential Regulation Authority (a sister organisation to the FCA) presides over deposit-taking organisations in the UK, with regards their financial conduct.

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 handled properly, there is a procedure that can have your complaint 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 Reach out to the Mortgage Saving Experts in Edwinstowe. You can do this by dialling 01273 738 072 for a friendly chat.

What to Ask Your Edwinstowe Mortgage Broker?

What happens if you don’t respond to my messages within that timeframe?

This is a valid follow-up question. Remember, insist on receiving a specific answer. As soon as your questions are answered, find out about the broker putting both claims down on paper. The seriousness of these claims will be all too evident.

How quickly will you respond to my messages?

You don’t want a broker who can’t respond sufficiently to any issues that could arise during the application process, hence the need for this question. Be forceful in asking for a specific answer: for example, say “within three hours” rather than “quickly”.

How much hand-holding is involved during the buying process?

This question is necessary to ascertain whether you will be closely guided by the broker (through this potentially complicated and stress-filled process) or be expected to figure things out on your own.

Why should I choose you rather than another broker?

Knowing you’re in safe hands is important, as it can be both complicated and stressful when purchasing property and organising finance. This makes it necessary to make sure brokers answer this question before you decide on who to work with. Don’t let the broker get away with vague statements like “Because I’m the best” or “Because I provide great service”. More details can be acquired by using follow-up questions.

  • “Why exactly are you the best?”
  • “In what way do you deliver great service?”

What sort of clients do you specialise in?

Another necessary question to ask. The reason is that while many borrowers work only with ‘plain vanilla’ clients, many others may prefer complex investors or borrowers with credit issues. Hypothetically speaking, Broker A may have worked on 450 regular loans and 50 bad-credit loans, while Broker B may have worked on 50 regular loans and 250 bad-credit loans. Therefore, if you were a borrower with credit problems, you might be better off with Broker B. Then, ask questions regarding their standard of customer service.

What will the true cost of my home loan be?

A good way to benefit from their experience and specialist knowledge is to ask them to figure out just how much your home loan will cost. A mortgage illustration with the actual cost attached can be sourced by your broker, depending on factors such as whether you’ll pay repayment or interest only; the length of your loan term; the size of the deposit you have in place; and the rates payable. This is usually reflected in the Annual Percentage Rate (APR). To significantly reduce the total cost of your loan, the loan term can be minimised and the deposit maximised. Determining exactly how much your home loan will cost requires much more work. Upfront fees need to be included in the entire cost; these include valuation fees, conveyancing and legal fees. For instance, using drawdown facilities can incur ongoing fees. Even though it’s not possible to foretell the exact cost of your mortgage in figures – and we can’t rule out the fact that things may change that can affect your ability to pay – a broker can put all the relevant details into perspective. Recommendations can be made by Mortgage Saving Experts for the protection and insurance of you and your family to provide for all of life’s unfortunate eventualities. Our team of advisers will utilise this information to help figure out the best possible loan for you.

How much can I borrow?

The big question plaguing home buyers tends to be “How much can I borrow?” Several factors affect the maximum amount, because lenders are all different in this area. In most cases, you can borrow up to roughly five times your gross annual salary, but in some instances, you may be able to borrow up to 5.5 times your gross annual income. We can get a much clearer indication of your borrowing capacity once you get in touch with us. Brokers act as middlemen between you and the lender. Lenders will require information concerning your debts, living expenses, credit score and any dependents you might have. All these details can be factored into the best loan by a broker. Home loan terms can also be explained to you by a broker, such as Loan-to-Value (LTV), which is in effect a percentage of the full loan amount you are seeking as a percentage of the property purchase value. They can also explain things like the differences in interest rates and repayment types, such as Interest Only and Repayment (Capital and Interest).

How many loans have you written during that time?

Asking this question as a follow-up is prudent, because it will give you a better understanding of the broker’s overall experience. For instance, consider that two imaginary brokers joined the industry in 2013, but while one has written 500 loans in that time, the other has written just 300. In that case, despite spending the same amount of time in the industry, the differences in their hand-on experience would be all too obvious.

How much experience do you have?

This is a good starting point, as a suitably experienced broker will certainly know more than a less experienced one. Press for specific responses like “10 years” or “I’ve been in the mortgage industry since 2005”, as opposed to vague answers, such as “I’m very experienced in that area”.

Get in contact with the Mortgage Saving Experts in Horsell. You can reach them by dialling 01273 738 072 today for a friendly chat.

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