Mortgage Brokers in Donnington, Oxford

What is a mortgage broker?

A mortgage broker is sometimes considered a middle man who brokers loans in favour of people or businesses. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.

Finding a good deal for a mortgage loan in Donnington will be easier if you work with a mortgage broker. Even if you have a poor credit score or any other issues that could affect your mortgage application, working with a reputable mortgage broker will still boost your chances considerably.

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. Find out how much you’ll have to repay every month instantly by simply entering those values with your term and pressing ‘Click to calculate’.

Mortgage Calculator
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Why Use A Mortgage Broker?

There are a variety of advantages that come with working on your mortgage application with a mortgage broker in Donnington. Of these advantages, some of the more prominent include:

Save Money

The most visible benefit of choosing to work with a mortgage broker is that you will likely save money. 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 not fully convinced about this, what with the concept of a mortgage broker still vaguely understood universally. So, there has to 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 truth, brokers have to provide viable reasons to you, their regulatory body, the Prudent Regulation Authority or the Financial Conduct Authority for recommending the mortgage they have. To not do so could lead to them facing significant problems. 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.

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

Finds The Most Advantageous Deal

A mortgage broker will always be in favour of your own interests and not those of the lending institution. They shouldn’t just play the role of your agent, but also those of problem solver and knowledgeable consultant. 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’ll be required to meet with the mortgage broker to document your needs, as well as your short and long term goals. 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

A mortgage broker navigates the client through any situation, handling the process and smoothing any bumps in the road along the way. If a borrower has credit issues for instance, the broker would know about lenders who have the best products available to meet their needs. If a borrower requires a loan too large for the bank to approve, a broker can be of benefit by providing the knowledge and ability to successfully source financing.

Save Time & Hassle

It is not just about money. Your time and sanity are just as important as saving some extra money. 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. Your broker compares loans from major and less popular lenders to find you the best deal with the lowest rates and overall 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 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. Some of these features can include drawdown facilities, offset accounts and options for extra repayments to name but a few. These types of features can make a significant difference to your mortgage cost and experience. 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 not made public by the banks that brokers have access to. The banks pass these deals on to the brokers, who are responsible for selling the products. Talking to a broker can release these extra perks, which you’d otherwise not enjoy by contacting the bank yourself.

Unlike brokers who have access to the whole market to search for the best deals, banks can offer their own deals alone – and not the deals offered by other banks.

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. 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. There’s much information and numerous exclusive deals available to them that you won’t find by yourself. Loans are attached to subtleties you could easily overlook if you aren’t searching for them. In fact, it is these small details that can make a difference to your mortgage in the long run. If you have an experienced professional who can show you these things, you’ll be at a distinct advantage.
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. 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 are not as complicated as they might first seem. That’s why finding honest advisers with invaluable experience and knowledge is so important. Your entire journey can be made stress-free and simple by our mortgage savings experts. After all, why make everything more stressful than it ought to be? 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. This is what we do. 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. We are here to assist! Basically “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”

Our Team of Donnington 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 a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.

Our mortgage insurance experts take pride in listening to the current and future objectives our customers have. 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. At the end of this initial rate, this returns 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:

  • With a deal better than the bank variable rate, you’ll subsequently save money.
  • 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.
  • We know our business, so you’ll only be advised by qualified mortgage experts.
  • We compare, advise and arrange the best mortgage for you from thousands of available deals.
  • Expert advice and support will be available to you through the entire mortgage process.

Our Approach to Mortgage Advice

Your individual needs will be duly considered, as we provide fully personalised services. Our approach 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:

The things that make our services the best amongst mortgage brokers in Donnington include:

  • Use fact-finding to properly understand your individual needs.
  • Spell out the costs buying and selling involves.
  • Request all documents related to the application.
  • Provide explanations and recommendations for the prospective mortgage.
  • Reply to any questions you have.
  • Obtain an agreement in principle.
  • Send in your entire mortgage application.
  • 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 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. The most popular mortgage types we’re requested 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.

Every lender has different rules and ideas about this. Normally, being a First Time Buyer is no issue. To be eligible for stamp duty relief, First Time Buyers are required to never have been owners of property before. This is applicable worldwide for stamp duty purposes.

The mortgaging process might appear to be challenging, but this isn’t necessarily so. 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. 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. Mortgage brokers can save you time, effort and money, so why not use one? The initial consultation comes at no cost at all.

Buying a home

If you’re considering a home purchase in the near future (or even within a few years, you should certainly brush up on your mortgage knowledge. 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’d prefer a different approach, then speak to an adviser who can guide you through it.

Your credit is crucial.

A mortgage is a major issue. Since the subprime mortgage crisis in 2008, banks have trodden more carefully in terms of risking money up front. For mortgage eligibility, good credit helps, but isn’t vital. We can also provide guidance about the amount you can afford to pay for your new home and what should be your maximum offer, based on your current circumstances. 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

Simply put, all you’re doing with this is changing from one lender to another to get a better rate or cheaper deal. The two don’t automatically go hand in hand. Let me simplify this for you. If your mortgage isn’t so big, you might consider it not worthwhile to pay an arrangement fee to a new lender for a low 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 with a lower rate, you could end up having a costlier deal in total, which is why it’s always prudent to talk to someone before you make any decisions.

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 because it is dependent on your circumstances alone at the time of re-mortgaging. So please check or ask your adviser.

A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.

  • Based on your unique circumstances, such as…
  • Mortgage debt is relatively small.
  • The financial situation is no longer the same.
  • Early repayment charge that’s costly.
  • Home value dropped.
  • You have credit issues.
  • Already on a great rate.
  • We will advise you whether or not to pursue a re-mortgage.

Buy to Let

A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. According to the law, you cannot live in the property. If you’re purchasing a buy to let as a First Time Buyer, the number of lenders available will be restricted and there will be extra checks carried out by the lender in such cases.

  • You may need to know certain things when purchasing a buy to let property.
  • The loan amount you can borrow is mostly based on the total rental income you receive.
  • 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: If you want to buy a second property, find out the amount you’ll be require pay from your conveyancer/solicitor. To find the best mortgage to match your requirements, a good adviser will know which questions you need to answer. To see if you’re eligible, reach out now to our advisers.

How Much Do Mortgage Brokers Charge?

A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. 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. Most independent brokers charge a flat fee, which is typically around £500. Be sure to find out from brokers how you pay them. They must be completely transparent, telling you how much is being charged and what fee structure they use.

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. If we receive a mortgage commission of £495 for example, we would ask our clients to pay us the difference of £200 after the mortgage offer is produced, so we are only paid on results.

How Much Can I Borrow?

A lot of factors influence this, like the number of children you have, the deposit amount, your income and any debts you might 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. Other than this, they will also carry out a credit check to ensure you have an agreeable credit rating for mortgage purposes.

To get an idea of the amount you can loan, get a decision in principle before applying for a mortgage in full. 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

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 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 Donnington Expert Mortgage Broker

What Our clients say About us

Our list of happy clients in Donnington is long and diverse. If you still have doubts about our ability to professionally provide the best deal in Donnington at the cheapest price, see for yourself what some of our customers have said about their experience with us. For a personal experience to discover how effective our services are, contact us today.

Latest Mortgage News

The more information you have available when looking for the most suitable mortgage deal, the more beneficial this is for you. Below can be found recent news on mortgages to provide the insight you need to get started.

Mortgage Regulatory Information

Banks, building societies and specialised mortgage lenders account for the bulk of mortgage providers in the UK. 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. Tough rules are in place concerning checks that ensure customers are fairly treated in terms of contracts for financial services, as well as misleading and unfair adverts and promotions. As a result of the FCA Mortgage Market review of 2014, the initial regulations set out in the rules for Mortgage Conduct of Business were revamped.

Regarding their financial conduct, organisations that take deposits in the UK fall under the FCA’s sister organisation’s jurisdiction, 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 Contact the Mortgage Saving Experts in Donnington. You can do this by dialling 01273 738 072 for a friendly chat.

What to Ask Your Donnington 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.

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