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 strive to find a bank or direct lender that will agree to meet the particular loan an individual requires.
With a mortgage broker in West-Leake, you’ll have an easier time procuring the mortgage loan you need at the best possible terms. Even with complicated circumstances or a poor credit score, the ideal mortgage broker will boost your chances of getting a mortgage.
Because professional mortgage brokers are regulated to assure compliance with banking and financial laws in the jurisdiction of the consumer, you can be assured you’re in good hands.
Handy Tools and Calculators
With a clear idea of the maximum you can borrow and how much the loan will cost, it then becomes easier to plan your future. Take advantage of this handy calculator to determine exactly how much your mortgage repayments will be, based on your total loan figure and interest rate. 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 West-Leake comes with many different benefits. Of these advantages, some of the more prominent include:
In working with a mortgage broker, the most noticeable benefit would be the opportunity to save money. You’ll be required to complete a few details, but the hard work is managed by an experienced professional, who has your best interests in mind.
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? Although such reservations are not entirely invalid, you should be aware that there is no benefit for mortgage brokers who do not work in your best interests.
In short, a broker is required to give proof of their reasons for recommending the mortgage they have (to you, their regulators, the Prudent Regulation Authority or Financial Conduct Authority) or they could be penalised. 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. A reputable mortgage broker will disclose details of how they take payment for their services and convey the components which make up the entire mortgage cost. A positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.
Finds The Most Advantageous Deal
For a mortgage broker, your interests – rather than those of the lending institution – are paramount. They shouldn’t just play the role of your agent, but also those of problem solver and knowledgeable consultant. A broker has access to many different mortgage products and can therefore offer you great value in terms of relation interest rates, loan products and repayment amounts. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. 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 navigates the client through any situation, handling the process and smoothing any bumps in the road along the way. For instance, brokers would know the lenders that can make available the best products for clients with credit issues. A broker will be beneficial in providing the necessary knowledge to source financing if a borrower requires a loan that’s larger than the bank would normally approve.
Save Time & Hassle
It isn’t only about money. While it’s a good thing to save some extra money, your sanity and time matter just as much. Think of the amount of time you’d spend researching multiple loan types from multiple lenders. You’d only need to complete one application with a mortgage broker, instead of filling out forms for every individual 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. Your broker will set deals from major and less popular lenders side by side in order to discover an agreeable deal, with rates and total costs that are lower.
Reduce the workload for yourself and outsource it to someone who can provide professional advice. Mortgage brokers do the bulk of the work by helping you during the application and approval process in ways such as taking care of all paperwork; answering questions; handling applications for government schemes; and providing information about the various options and loan features you aren’t aware of. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. These types of features can make a significant difference to your mortgage cost and experience. 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
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. If you contact the bank yourself, you wouldn’t have access to the extra benefits you would otherwise get by speaking to a broker.
A bank can only sell their own deals – not those of the other banks as well – whereas a broker can search the whole market for the best deal.
Better chance of pre-approval success
When you request an Agreement in principle/Decision in principle of a loan and are refused approval, this shows up on your credit rating. You’ll need the necessary knowledge and experience a broker has to secure approval on your first attempt.
Access to expert knowledge
A mortgage broker’s job is to help people obtain loans. They can access useful information and exclusive deals you likely couldn’t find yourself. Loans come with certain subtleties you could miss if you’re not looking out for them. In the long run, subtleties like these are significant to your mortgage. An experienced professional to point you in the right direction is extremely beneficial.
Rather than sacrifice a chunk of your day researching thousands of loans and lenders (and still potentially missing out on key subtleties), why not let someone with industry experience handle the work? 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
Contrary to how they might seem initially, mortgages and insurance are not so difficult. For this reason, it’s necessary to find an honest and knowledgeable adviser, with ample experience. Our mortgage savings experts will ease the process for you and make it as simple as possible. Why make things harder than necessary, after all? Let us make everything easy for you and ensure you get the best possible deal.
With the honest and transparent services customers receive at Mortgage Saving Experts, they will come to realise that mortgages and insurance are not as challenging as they seem. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. This is what we’re all about. No matter the circumstances – whether this is your first time buying, you’re a landlord, moving onto a new chapter or even re-mortgaging, Mortgage Saving Experts are here to help. Providing help is why we’re here! Fundamentally “Search up to a thousand mortgage deals by talking to an adviser for roughly 15 minutes.”
Our Team of West-Leake Mortgage Experts
We make sure we help you get the best available deal the market can offer, as we are regulated by the Financial Conduct Authority (FCA). 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.
Our mortgage and insurance experts pride themselves on listening to what your current and future objectives are. We then work closely with you to achieve those 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. 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 benefits of working with us include:
- You can save extra cash, because you’ll get a preferable deal to the bank variable rate.
- You don’t have to keep track of the timeline, as we will look after this for you.
- 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
We offer a personalised service that takes into consideration your unique needs. 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:
What differentiates our services from those of other mortgage brokers in West-Leake includes:
- Learn about your situation and needs via fact-finding.
- Explain the costs involved with buying and selling.
- Request relevant documents to assist with the application.
- Propose and explain the likely mortgage.
- Provide answers to your questions.
- Collect an agreement in principle.
- Send in your entire mortgage application.
- Communicate with your solicitor, mortgage lender and estate agent to respond to any questions through to completion.
Mortgage Types We Provide Expert Advice On
We dispense expert advice on a wide range of mortgage products. By working with our team, you’ll have no trouble finding the perfect mortgage product to match your needs. Some of the most commonly requested mortgage types we help with include:
First time buyers
Most mortgage lenders Categorise First Time Buyers 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.
Different lenders have different ideas and rules regarding this. Typically, there are no problems with being a First Time Buyer. First Time Buyers must not have owned property anywhere in the world before to be eligible for stamp duty relief for stamp duty purposes.
Mortgage processes may look tough to negotiate, but they really don’t need to be. The prospect of buying your first home comes with a lot of excitement, so if you manage to find a competent broker who can oversee the process at a reasonable price, then go right ahead. The reason you should use one is fairly obvious. 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. The same applies to mortgages. With mortgage brokers, you can cut down on money, effort and time, 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 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 vital.
A mortgage is not to be taken lightly. 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. Based on your present situation, we can also be your guide when it comes to how much you can afford to pay for your new home and what your price ceiling should be. 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
In essence, the only thing you’re doing here is swapping one lender for another to get a cheaper deal or better rate. The two don’t automatically go hand in hand. Let me simplify this for you. It may seem unwise to pay an arrangement fee to another lender to get on a lower rate if you have a small mortgage. You might find it cheaper by going on a slightly higher rate and paying no arrangement fee to the lender at all. 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.
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 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. 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 specific needs, such as…
- Mortgage debt is relatively small.
- The financial disposition is now different.
- Expensive early repayment charge.
- A reduction in home value.
- You are having trouble with credit.
- Current rate is ideal.
- We will advise you whether to re-mortgage or not.
Buy to Let
A property purchased in order to be rented to tenants is a ‘buy to let’. You aren’t allowed to live in the property by law. 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’ll be required to pay a 3% stamp duty after 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: Ask your solicitor/conveyancer to work out how much you’ll have to pay if you’re buying a second property. To help determine the most suitable mortgage to meet your needs, an expert mortgage adviser will know the specific questions to which you will need to provide answers. To find out if you qualify, contact our advisers today.
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. A flat fee of roughly £500 is usually charged by the majority of independent brokers. Remember to ask brokers how they want to be paid. They need to be totally clear, informing you of the fee structure they use and just how much you are due to be charged.
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. 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. 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?
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. 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 an appointment with one of our qualified mortgage experts today. At the initial stage, we can give you an estimate, without needing to perform any credit checks.
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 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 West-Leake Expert Mortgage Broker
What Our clients say About us
Our list of satisfied clients in West-Leake is lengthy and diversified. If you’re still not sure that we are the experts to get you the most suitable mortgage deal in West-Leake at the most affordable price, check out some of the things our clients have said about working with us. Contact us today to get a first-hand experience of the excellent services we provide.
Latest Mortgage News
The more information you have at your disposal when seeking the best mortgage deal, the better the position you’ll be in. Below can be found recent news on mortgages to provide the insight you need to get started.
Mortgage Regulatory Information
Most mortgages in the UK are provided by building societies, banks and specialised mortgage lenders. In Britain, there are around 200 different financial institutions that make mortgages available, even though Lloyds Banking Group and Nationwide Building Society has the biggest portion of the market share.
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.
Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. 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. 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 capital large enough to cancel 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 think it hasn’t been sorted out satisfactorily, you can take the complaint to the Financial Ombudsman Service if 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 Reach out to the Mortgage Saving Experts in West-Leake. You can do so by calling us on 01273 738 072 for a friendly conversation.
What to Ask Your West-Leake 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 Watnall, Nottinghamshire
- Mortgage Brokers in Welbeck, Nottinghamshire
- Mortgage Brokers in Wellow, Nottinghamshire
- Mortgage Brokers in West-Bridgford, Nottinghamshire
- Mortgage Brokers in West-Burton, Nottinghamshire
- Mortgage Brokers in West-Markham, Nottinghamshire
- Mortgage Brokers in West-Stockwith, Nottinghamshire
- Mortgage Brokers in Weston, Nottinghamshire
- Mortgage Brokers in Westville, Nottinghamshire
- Mortgage Brokers in Whatton-in-the-Vale, Nottinghamshire