Mortgage Brokers in Binsey, Oxford

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. 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 positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.

Save Time & Hassle

It isn’t only about money. Your time and sanity are just as important as saving some extra money. 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. Your mortgage broker can make available a formal comparison of the loans recommended to advise on the information which completely illustrates cost differences, along with present rates, points and closing costs for every loan shown. Your broker compares loans from major and less popular lenders to find you the best deal with the lowest rates and overall cost.

Reduce the workload for yourself and outsource it to someone who can provide professional advice. 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. Some of these features can include drawdown facilities, offset accounts and options for extra repayments to name but a few. Your general mortgage experience and overall expenses can be largely affected by these features. 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.

Better chance of pre-approval success

Whenever you request an Agreement in principle / Decision in principle of a loan, this leaves a mark on your credit rating if you’re refused. Brokers have the knowledge and experience required to give you the best shot at being approved at the first attempt.

Access to expert knowledge

Mortgage brokers help people secure loans for a living. They can access useful information and exclusive deals you likely couldn’t find yourself. Loans are attached to subtleties you could easily overlook if you aren’t searching for them. It’s these subtleties that can make a difference to your mortgage in the long haul. An experienced professional to point you in the right direction is extremely beneficial.
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. 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.

About Mortgage Saving Experts

Contrary to how they might seem initially, mortgages and insurance are not so difficult. That’s why finding honest advisers with invaluable experience and knowledge is so important. Our mortgage savings experts will ease the process for you and make it as simple as possible. Why complicate things more than necessary, after all? Let us make things easy for you and make sure we find you the most suitable deal.

You’ll be left thinking that mortgages and insurance are not as difficult as they appear, because of the reliable and transparent service Mortgage Saving Experts provide our customers. 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’re all about. Mortgage Saving Experts are available whether you’re a first-time buyer, a landlord, moving on to a new phase or just re-mortgaging. Providing help is why we’re here! Basically “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”

Our Team of Binsey Mortgage Experts

As we are bound by regulations of the Financial Conduct Authority (FCA), we must ensure we get you the best available deal on the market. We need to provide justification to our customers and regulators for recommending the mortgages we do, so you understand just why you have that particular mortgage.

Our Approach to Mortgage Advice

The services we offer are personalised and take into account 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

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.

Different lenders have different ideas and rules regarding this. Being a First Time Buyer is usually not an issue. In order to qualify for stamp duty relief, it’s necessary for First time Buyers to have never been property owners before; this applies anywhere in the world.

Mortgage processes may look tough to negotiate, but they really don’t need to be. 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 purpose of using one is straightforward enough. After all, if your car broke down and you knew nothing about cars, you wouldn’t try to fix it yourself. Instead, you would take it to a mechanic. With mortgages, the same principle applies. You can save on time, effort and even money with mortgage brokers, so you should use one. There are no charges for the initial consultation.

Your credit is a necessity.

A mortgage is a serious affair. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 2008. Good credit helps to qualify for a mortgage, but it isn’t a necessity. We can also offer guidance regarding how much you can afford to pay for your new home and how to set your limit, depending on your ongoing situation. Not only will we help you buy your dream home, we’ll also help you finance it with the lowest cost and most convenient mortgage deal available.

Tread carefully. One benefit of re-mortgaging is that you’ll not normally pay for any valuation or solicitors fees, although not everyone qualifies for this. This is due to the fact that it is based solely on your disposition at the time of re-mortgaging. So, do find out from your adviser.

A smart way to significantly minimise the cost of your mortgage bills is to undertake a re-mortgage on time. Depending on your circumstances, it might not be the ideal move for you – even though a re-mortgage arrangement certainly has its benefits.

Buy to Let

A property purchased in order to be rented to tenants is a ‘buy to let’. You are not allowed to legally live in the property. If you’re a First Time Buyer, you can purchase a buy to let property, but the number of lenders available is restricted. There are also extra checks made by the lender in these circumstances.

• When purchasing a buy to let property, there are a few things you’ll need to know.
• The amount of rental income you receive more or less affects how the loan amount you’re able to borrow.
• A payment in respect of an extra 3% stamp duty will be required 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. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. Get in touch with our advisers to see if you’re eligible.

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. The amount a lender will agree to lend is determined by a total affordability assessment, which will provide insight regarding your income, regular household expenditures and any credit card or loan commitments you might have. In addition, they also perform a credit check to make sure your credit rating is suitable for mortgage purposes.

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. We can at least give you an idea, without having to do any credit checks at the initial stage.

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.

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.

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.

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. 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 Contact the Mortgage Saving Experts in Binsey. For a brief and informal chat, call us now on 01273 738 072.

What to Ask Your Binsey Mortgage Broker?