Mortgage Brokers in Wolvercote, Oxford

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.

You’ll have a stress-free time getting a great deal on the mortgage you need in Wolvercote 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.

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

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. With this handy calculator, get a better understanding of how much your mortgage repayments will be, based on your full loan 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
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Why Use A Mortgage Broker?

Working with a mortgage broker for your mortgage application in Wolvercote can be beneficial in various ways. Some of the most prominent benefits are:

Save Money

In working with a mortgage broker, the most noticeable benefit would be the opportunity to 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 sceptical about this – especially with the concept of a mortgage broker not yet universally understood. There must be a catch somewhere, surely? Even though this line of thought is understandable, you can rest easy, because not working in your best interests is in no way profitable to a mortgage broker.

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. Many mortgage brokers can obtain exclusive mortgage deals not found on the high street, potentially making the total loan cost lower for the client. 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.

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

Finds The Most Advantageous Deal

For a mortgage broker, your interests – rather than those of the lending institution – are paramount. They should act not only as your agent, but also as a knowledgeable consultant and problem solver. 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. 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

Any problems that may arise can be dealt with by a mortgage broker, who will oversee the whole process, guiding the client through any situation along the way. For example, if borrowers face credit issues, the broker will know which lenders offer the best products to meet their particular needs. 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. Your time and sanity are just as important as saving a bit of extra cash. Imagine how much time it would take to find out about the numerous types of loans available 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 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. 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. Drawdown facilities, offset accounts and extra repayments (to name a few) are just some of the features involved. A noticeable difference can be made to your overall experience and the cost of your mortgage. 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

Brokers have access to exclusive deals that aren’t advertised by the banks. The brokers are charged with selling the products, as the deals are pushed on to them by the banks. 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

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

Access to expert knowledge

Helping people secure loans is what mortgage brokers do for a living. There’s much information and numerous exclusive deals available to them that you won’t find by yourself. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. In the long run, subtleties like these are significant to your mortgage. It’s beneficial to have an experienced professional to point out these things for you.
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? 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 might seem really complicated at first, but they’re not. Finding an adviser who is reliable, knowledgeable and has significant experience is very important for this reason. Our Mortgage Saving Experts will make your journey as seamless and transparent as possible. After all, why make everything more stressful than it ought to be? Let us make everything easy for you and ensure you get the best possible deal.

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. At Mortgage Saving Experts, we handle every single mortgage and insurance application like they belong to us. These are the things we’re about. Mortgage Saving Experts are here, no matter what the circumstances, whether you’re a landlord, first time buyer, moving on to a new chapter or just re-mortgaging. Providing help is why we’re here! Approximately “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”

Our Team of Wolvercote 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 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”

Our team of mortgage insurance experts is made up of honest, passionate, enthusiastic and widely experienced individuals.

Your current and future goals will be identified by our mortgage insurance experts after talking with you. These goals will be achieved when we work with you intently.

Why chose Mortgage Saving Experts?

When you take out a mortgage, you’ll be subject to an initial rate for the first few years. 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. Included below are the plus points of working with us:

  • With a deal better than the bank variable rate, you’ll subsequently save money.
  • You don’t have to remember when your deal finishes, 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 are good at what we do, so you’ll always be advised by professional 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

We provide personalised services and pay attention to all your specific needs. Three simple steps are taken 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:

Our services are more remarkable than those of other mortgage brokers in Wolvercote because:

  • Get to determine your situation and requirements by fact-finding.
  • Clarify the costs related to buying and selling.
  • Ask for related documents to help with the application.
  • Propose and explain the likely mortgage.
  • Reply to any questions you have.
  • Get an agreement in principle.
  • Have your full mortgage application submitted.
  • 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 dispense expert advice on a wide range of mortgage products. Working together with us, finding the most suitable mortgage product to suit your needs won’t be difficult at all. Some of the most commonly requested mortgage types we help with 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.

Different lenders have different ideas and rules regarding this. There usually are no issues in being a First Time Buyer. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.

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 quite apparent. 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’s the same with mortgages. With mortgage brokers, you can cut down on money, effort and time, so you should 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. 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 prefer otherwise, then instead speak to an adviser who will guide you through it.

Your credit is vital.

A mortgage is of major importance. 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. To qualify for a mortgage, good credit is helpful, but not essential. If your credit score is low or there are other circumstances that might complicate your mortgage application, we have the expertise to provide all the necessary guidance to help you qualify for the best mortgage deal for your dream home. 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 essence, the only thing you’re doing here is swapping one lender for another to get a cheaper deal or better rate. The two do not necessarily go hand in hand. I’ll explain this clearly. If your mortgage is a small one, you might find that it isn’t profitable paying an arrangement fee to a lender to secure a lower rate. You might find it cheaper by going on a slightly higher rate and paying no arrangement fee to the lender at all. It’s best to always talk to someone before agreeing any deal, because you don’t want one that’s more expensive overall, even though the rate might be significantly lower.

Take extra caution. 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 due to the fact that it is based solely on your disposition at the time of re-mortgaging. So please check or ask your adviser.

A mortgage deal conducted at the right time is an effective way to cut the cost of your mortgage bills significantly. Depending on your circumstances, it might not be the ideal move for you – even though a re-mortgage arrangement certainly has its benefits.

  • Depending on your unique needs, like…
  • Mortgage debt isn’t considerable.
  • There have been significant changes in financial disposition.
  • Costly early repayment charge.
  • Home value dropped.
  • You are having trouble with credit.
  • Present rate is very agreeable.
  • We will guide you when deciding to re-mortgage or not.

Buy to Let

A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. You are not allowed to legally 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.

  • There are some things you might want to know when purchasing a buy to let property.
  • The loan amount you can borrow is largely dependent on the rental income you receive.
  • You’ll have to pay an extra 3% stamp duty on top of your normal stamp duty.
  • If the value of the property isn’t valued at the amount for which stamp duty becomes liable, you are still required to pay the extra 3% of purchase cost.

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. A reputable adviser will know just what questions to ask in order to figure out the best mortgage for your specific needs. To see if you’re eligible, reach out now to our advisers.

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. Many independent brokers charge flat fees, usually around £500. Don’t forget to find out how brokers collect payment. 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 we receive a commission below the value of £695, we ask the client to pay the difference between the received commission and £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?

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. What determines the amount a lender will agree to lend is a full affordability assessment. This will help them understand your loan or credit commitments, as well as income and everyday household expenses. For mortgage purposes, they will also perform a credit check to be sure you have an adequate credit rating.

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. Make plans today for an appointment with one of our capable mortgage experts. Initially, we can at least give you an idea, without needing to conduct any credit checks.

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 between thousands of recent mortgage deals to help you find the one you want.

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

What Our clients say About us

In Wolvercote, we have long and diverse list of satisfied clients. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in Wolvercote at the cheapest cost, see what some of our customers have got to say about working with us. For a personal experience to discover how effective our services are, contact us today.

Latest Mortgage News

The more information available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. The latest mortgage news below will provide the insight you need to properly get started.

Mortgage Regulatory Information

Banks, building societies and specialised mortgage lenders account for the bulk of mortgage providers in the UK. All in all, there are 200 different financial institutions offering mortgages in Britain, although Lloyds Banking Group and Nationwide Building Society have the largest share of the market.

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.

Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. Strict rules are in place against using false or unfair adverts and promotions, in addition to checks to ensure the terms of contracts 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.

Deposit-taking organisations in the UK are under the jurisdiction of the Prudential Regulation Authority (a sister organisation to the FCA) for their financial conduct.

They ensure firms have adequate capital levels 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 Reach out to the Mortgage Saving Experts in Wolvercote. You can reach them by dialling 01273 738 072 today for a friendly chat.

What to Ask Your Wolvercote 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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