Mortgage Brokers in Wilford, Nottinghamshire

What is a mortgage broker?

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Mortgage brokers function to find banks or lenders that will willingly make the exact loan an individual requires.

Finding a good deal for a mortgage loan in Wilford will be easier if you work with a mortgage broker. If you have a poor credit score or any other problems that could have an impact on your mortgage application, the right mortgage broker can increase your chances immeasurably.

Also, you can rest easy knowing that professional mortgage brokers must work within regulations that require their compliance to banking and finance laws in the jurisdiction of the consumer.

Handy Tools and Calculators

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. Simply fill in the values plus your term and press ‘Click to calculate’ to immediately discover the amount you must repay monthly.

Mortgage Calculator
£
 

Why Use A Mortgage Broker?

There are a wide range of benefits to be enjoyed from working with a mortgage broker in Wilford with regards your mortgage application. 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. An experienced expert can take care of the hard work and see to it that your interests are protected. You’ll only need to provide a few details.

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. To potentially reduce the cost of the entire loan, there are some mortgage brokers who can secure exclusive mortgages deals not available on the high street. A reputable mortgage broker will disclose how they are paid for their services, as well as detail the total cost of the loan. A mortgage advisor company values ensuring a positive experience for their customers over padding the pocket of a broker.

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

Finds The Most Advantageous Deal

A mortgage broker will work towards protecting your interests, rather than those of the lending institution. In addition to being your agent, they should also be knowledgeable consultants and problem solvers. 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 will be interviewed by the mortgage brokers to determine your needs and goals – both in the short and long term. 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

The client will be under the direction of a mortgage broker, who will manage the process and handle any issues that could arise along the way. For instance, brokers would know the lenders that can make available the best products for clients with credit issues. 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 isn’t only about money. As much as it’s important to save some extra money, your time and sanity are important as well. Consider how much time it would take you to research multiple loan types from multiple lenders. Unlike working with different lenders – which would require you to complete different forms every time – you’d only need one form with a mortgage broker. Your mortgage broker can provide a formal comparison of any loans recommended, as well as advise on the information which accurately portrays cost differences, reflecting current rates, points, and closing costs for each loan. 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.

By outsourcing, you can reduce the workload and get someone else’s professional advice. A mortgage broker can provide an array of support throughout the application and approval process. This can include assisting with paperwork, responding to questions and helping with government scheme applications, as well as explaining all the available options and loan features you may not have considered or been 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. In fact, if you don’t know so much about these concepts and the effects they could have, you can find clarification and get answers to any questions you may have during a phone call.

Access to exclusive non-advertised deals

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

A bank can provide access to their own deals (not those offered by other banks), but brokers can gain access to the entire market to find the best deals.

Better chance of pre-approval success

If you’re knocked back after requesting an Agreement in principle/Decision in principle of a loan, this will leave a mark against your credit rating. 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. 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. In fact, it is these small details that can make a difference to your mortgage in the long run. An experienced professional to point you in the right direction is extremely beneficial.
Instead of removing a chunk of your day to conduct voluminous research of loans and multiple lenders as well as possibly missing important subtleties, why not give the work to a person who has ample industry experience? Just like you’d acquire the services of a hairdresser to replenish damaged hair or a plumber for leaking pipes, a mortgage broker is an excellent option for any of your home loan needs.

Contact the Mortgage Saving Experts in Horsell. You can reach us by dialling 01273 738 072 today for a friendly chat.

About Mortgage Saving Experts

Mortgages and insurance are not as complex as they seem at first. This is the reason you need to find a widely experienced, knowledgeable and honest adviser. Our mortgage savings experts will ease the process for you and make it as simple as possible. After all, why make everything more stressful than it ought to be? Let us simplify everything for you and ensure we get the best deal possible.

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. All the mortgage and insurance applications we take care of at Mortgage Saving Experts are treated as if we own them. These are the things we’re about. 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. Providing help is why we’re here! Approximately “Take 15 minutes to talk to 1 adviser and find out about 1000s of mortgage deals.”

Our Team of Wilford 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). You’ll get to understand why you received the mortgage you did, because we have to justify the recommendations we make to both you and our regulators.

“Down to Earth Mortgage”

We are a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.

Your current and future goals will be identified by our mortgage insurance experts after talking with you. We then work closely with you to achieve those goals.

Why chose Mortgage Saving Experts?

For the first few years after taking out a mortgage, you’ll be subject to an initial rate. The rate is raised to the lender’s variable rate after the initial rate ends. Before your monthly payment and rate are increased, our team will reach contact you to arrange a new deal roughly three months prior to the date of renewal. Other benefits of working with us include:

  • You can save extra cash, because you’ll get a preferable deal to the bank variable rate.
  • You don’t have to remember when your deal finishes, as we will do this for you.
  • You can take a breather, while we do the bulk of the work.
  • We know our stuff; you’ll always receive pertinent advice from a qualified mortgage expert.
  • We compare thousands of deals, so can advise you accordingly and arrange the very best.
  • You’ll be provided expert advice and support right through the mortgage process.

Our Approach to Mortgage Advice

We offer a personalised service that takes into consideration 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:

What makes our services superior to those of other mortgage brokers in Wilford includes:

  • Learn about your situation and needs via fact-finding.
  • Point out the costs that come with buying and selling.
  • Request relevant documents to assist with the application.
  • Provide explanations and recommendations for the prospective mortgage.
  • Proffer replies to any questions you might have.
  • Obtain an agreement in principle.
  • Submit your full mortgage application.
  • Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.
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 expertly on a vast selection of mortgage products. You won’t have any difficulty finding the right mortgage products to suit your needs when working with us. Mortgage types that we’re frequently asked to handle include:

First time buyers

First Time Buyers are classified by the majority of mortgage lenders as those 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. Normally, being a First Time Buyer is no issue. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.

While mortgages may look like a tedious process, they don’t have 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. It is abundantly clear why you should use one. 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. It isn’t any different with mortgages. You can cut down on cost, effort and time with mortgage brokers, so why not use one? The initial consultation will cost you nothing.

Buying a home

You should get to know more about mortgages if you’re thinking of buying a home in the near future or a few years to come. Get to know what to do before your mortgage application, during the application process itself and the way in which to use it after buying the property. If you would rather avoid any stress, speak to an adviser, who will guide you accordingly.

Your credit is crucial.

A mortgage is serious issue. 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. 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. Helping you buy your dream home is not all we do; we will also help you finance it with the lowest cost and most beneficial mortgage deal 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 simplify this for you. 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. You may find it’s more practical to go on a slightly higher rate, without paying arrangement fees 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.

Pay close attention. A notable benefit of re-mortgaging is the absence of solicitors or valuation fees, even though some people are not eligible for this. This is due to the fact that it is based solely on your disposition at the time of re-mortgaging. So, please ask your adviser about it.

A brilliant way to ensure you cut down on your mortgage bills is to re-mortgage on time. 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.

  • Depending on your individual circumstances, such as…
  • Mortgage debt is relatively small.
  • The financial situation is no longer the same.
  • Early repayment charge is on the high side.
  • Decrease in home value.
  • You have credit issues.
  • Present rate is just fine.
  • We will advise you whether or not to pursue a re-mortgage.

Buy to Let

A property purchased in order to be rented to tenants is a ‘buy to let’. Legally, you cannot live in the property. The number of available lenders will be restricted if you’re a First Time Buyer, purchasing a buy to let property. Also, extra checks are made by the lender in cases like these.

  • You may need to know certain things when purchasing a buy to let property.
  • The loan amount you can borrow is dependent on how much rental income you receive.
  • You will have to pay 3% stamp in addition to 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. Get in touch with our advisers to see if you’re eligible.

How Much Do Mortgage Brokers Charge?

The majority of mortgage brokers receive commission from lenders, which is a percentage of the mortgage loan you secure. This is usually around 0.33%, although this does vary massively, depending on what mortgage you require. For example, this would take into account buy to let or residential mortgages and whether you’ve had any credit problems in the recent past. The majority of independent brokers typically charge a flat fee of around £500. Don’t forget to find out how brokers collect payment. 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. If the commission we receive is less than £695, we then ask the client to make up the difference between what we have been paid in commission 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?

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. A credit check will be undertaken for mortgage purposes to confirm you have sufficient credit rating.

To be sure of how much you can borrow, obtain a decision in principle, prior to completing a full application. Make plans today for an appointment with one of our capable mortgage experts. Without the need for credit checks, we can at least provide an initial estimate.

The Latest Best Mortgage Rates

We can help, whether you’re seeking to re-mortgage, purchase a buy to let, move home or find a mortgage for a first-time buyer. We make comparisons on thousands of recent mortgage deals to help you find just what you’re looking for.

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

What Our clients say About us

Our list of happy clients in Wilford is long and diverse. If you still have doubts about our ability to professionally provide the best deal in Wilford at the cheapest price, see for yourself what some of our customers have said 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 available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. To help you begin on the right path, find recent insightful mortgage news below.

Mortgage Regulatory Information

In the UK, most mortgages are provided by building societies, specialised mortgage lenders and banks. There is a total of 200 different financial institutions which offer mortgages in Britain, although Lloyds Banking Group and Nationwide Building Society owns the market’s largest share.

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 professional services of mortgage providers are monitored by the FCA. 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.

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 ensure firms have a sizeable enough capital to balance out their lending risks. For lodging complaints about your mortgage provider, the first step is to take it up with them. 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 Connect with the Mortgage Saving Experts in Wilford. You can reach them by dialling 01273 738 072 today for a friendly chat.

What to Ask Your Wilford 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.

Want to know more?

Get in touch with of our mortgage saving experts today to find out how we can help.

Get in touch

MSE