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 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 East-Hendred will be easier if you work with a mortgage broker. The right broker will also improve your chances of getting a mortgage, even if you have a poor credit score or are subject to any other circumstances that could complicate your mortgage application.
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
You can easily plan your future once you have an idea of the maximum you can borrow and how much the loan will cost. Find out just how much your mortgage repayments are going to be, dependent on your interest rate and full loan amount, using this handy calculator. 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?
There are a variety of advantages that come with working on your mortgage application with a mortgage broker in East-Hendred. Some of the more obvious benefits include:
The possibility of saving money is the most obvious advantage of working with a mortgage broker. You only need to provide a few details, before an experienced professional committed to protecting your interests handles the hard work.
For some people, there are doubts regarding this, mostly because mortgage brokers are not fully understood worldwide, so it’s generally thought there must be some sort of catch. 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. 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. Reputable mortgage brokers will usually inform you how they get paid for their services, as well as disclose the details of the entire cost of the loan. For a mortgage advisor company, a positive user experience is higher on the value chain than lining the pockets of an individual broker.
Finds The Most Advantageous Deal
For a mortgage broker, your interests – rather than those of the lending institution – are paramount. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. A broker can offer the best value when it comes to repayment amounts, interest rates and loan products. This is because a large variety of mortgage products are accessible to them. You’ll be required to meet with the mortgage broker to document your needs, as well as your 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
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. If a borrower has credit issues for instance, the broker would know about lenders who have the best products available to meet their needs. 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’s not all about money. Saving some extra cash is great, but so is your time and sanity. Imagine how much time it would take to find out about the numerous types of loans available 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 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. Comparisons will be made by your broker between popular and less popular lenders to get you the most suitable deal, with lower rates and total cost.
Take some of the work off your shoulders and outsource it to someone who can offer expert advice. To be of assistance throughout the entire application and approval process, mortgage brokers do the bulk of the work. This includes handling all the paperwork, helping with applications for government ski schemes, answering questions and providing insight on other options and loan features you may not have given thought to. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. Features like these can make a huge difference to your mortgage costs and overall 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. The brokers are charged with selling the products, as the deals are pushed on to them by the banks. 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 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
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
The job of a mortgage broker is to help people secure loans. There’s much information and numerous exclusive deals available to them that you won’t find by yourself. If you’re not on the lookout for them, you might not notice the subtleties that accompany loans. In the long run, subtleties like these are significant to your mortgage. Having the services of an experienced professional who can point these out for you is a huge benefit.
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 make your task as easy and straightforward as possible. After all, why make things more difficult than they need to be? Allow us to secure the best deal possible for you and make everything straightforward.
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. At Mortgage Saving Experts, we handle every single mortgage and insurance application like they belong to us. We’re all about this. 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. We are here to provide assistance! Fundamentally “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of East-Hendred Mortgage Experts
We make it our duty to get you the best deal the market has to offer, as we are regulated by the Financial Conduct Authority. 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”
We are an honest, enthusiastic and passionate team of mortgage insurance experts, with years of industry experience.
Our mortgage and insurance experts will pay attention to you and understand all your current and future objectives. We then work closely with you to achieve those goals.
Why chose Mortgage Saving Experts?
For the first couple of years, you’re allowed an initial rate after taking out a mortgage. After the initial rate period, the rate is then raised to the lender’s variable rate. Our team will contact you three months prior to the date of renewal to strike a new deal, before both your rate and monthly payment are raised. Other advantages of working with us are:
- You can save extra cash, because you’ll get a preferable deal to the bank variable rate.
- We can provide updates relating to the end of your deal, so you need not worry.
- You can take a breather, while we do the bulk of the work.
- We are good at what we do, so you’ll always be advised by professional mortgage experts.
- We compare thousands of deals, so can advise you accordingly and arrange the very best.
- Expert advice and support will be available to you through the entire mortgage process.
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:
- 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 makes our services superior to those of other mortgage brokers in East-Hendred includes:
- Use fact-finding to properly understand your individual needs.
- Explain the costs involved with buying and selling.
- Request applicable documents to aid the application.
- Propose and explain the likely mortgage.
- Reply to any questions you have.
- Collect 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.
Mortgage Types We Provide Expert Advice On
We provide professional advice on a broad range of mortgage products. Working together with us, finding the most suitable mortgage product to suit your needs won’t be difficult at all. Mortgage types that we’re frequently asked to handle include:
First time buyers
Most mortgage lenders put people in the First Time Buyers category if they 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.
The ideas and rules differ from lender to lender. Being a First Time Buyer is not generally considered to be a problem. First Time Buyers must not have owned property anywhere in the world before to be eligible for stamp duty relief for stamp duty purposes.
Mortgages may appear to be a rather difficult process, but they really 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. 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. The same applies to mortgages. You can save on time, effort and even money with mortgage brokers, so you should use one. The initial consultation will cost you nothing.
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. Study what you should do before the application, during the process of application, and how to utilise the mortgage after buying your property. If you can’t deal with all of that, talk to an adviser who will provide guidance accordingly.
Your credit is crucial.
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. For mortgage eligibility, good credit helps, but isn’t vital. We can also guide you with regards how much you can afford to pay for your new home and what should be your price ceiling, based on your current situation. 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 you’ve got a small mortgage, paying the arrangement fee to a new lender to go on a lower rate might not seem practical to you. You may find it’s more practical to go on a slightly higher rate, without paying arrangement fees to any lender. 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.
Pay close attention. 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 with your adviser.
A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. Depending on your specific needs, a re-mortgage deal might not be the best option, even though it does have its advantages.
- Based on your individual circumstances, like…
- Mortgage debt is considerably small.
- There has been a change in financial circumstances.
- Costly early repayment charge.
- Home value reduced.
- You are having trouble with credit.
- Already on a suitable current rate.
- 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’. You are not allowed to legally live in the property. 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.
- There are some things you might want to know 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: 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. 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. Many independent brokers charge flat fees, usually around £500. Don’t forget to find out how brokers collect payment. They should be honest and up front, telling you the amount owed and the fee structure they have in place.
The fee structure we adopt is based upon charging the client £695 and deducting from that figure any commission paid by the mortgage lender. If we are paid a commission less than £695, the client is then asked to pay the necessary difference to top it up to £695. For instance, if the commission we receive is £495, then we would require you to pay £200 to make up the difference. This can be paid when your mortgage offer has been produced, meaning we only get paid on results.
How Much Can I Borrow?
This is based on a number of factors, such as the amount you deposit, your income, the number of children you have, and any current debts you might have. The amount a lender would be willing to lend is dependent on a comprehensive affordability assessment that helps them understand your income, as well as any loan or credit card commitments you might have and everyday household expenses. A credit check will be undertaken for mortgage purposes to confirm you have sufficient 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. Without the need for credit checks, we can at least provide an initial estimate.
The Latest Best Mortgage Rates
We can provide help in many different situations; for instance, re-mortgaging, first time purchase, moving home or buy to lets. 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 East-Hendred Expert Mortgage Broker
What Our clients say About us
The list of happy clients in East-Hendred is a lengthy and diverse one. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in East-Hendred at the cheapest cost, see what some of our customers have got to say about working with us. Reach out to us today for a personal experience of how effective our services are.
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 is the latest insightful mortgage news to help you get started on the right path.
Mortgage Regulatory Information
Most mortgages in the UK are provided by building societies, banks and specialised mortgage lenders. In total, there are roughly 200 financial institutions that provide mortgages in Britain, even though the biggest share of the market is owned by Lloyds Banking Group and Nationwide Building Society.
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.
The professional conduct of mortgage providers is regulated 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. 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.
In terms of their financial conduct, organisations collecting deposits in the UK fall under the Prudential Regulation Authority, the FCA’s sister organisation.
They ensure firms have adequate capital levels to balance 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 Connect with the Mortgage Saving Experts in East-Hendred. For a brief and informal chat, call us now on 01273 738 072.
What to Ask Your East-Hendred 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 Duxford, Oxfordshire
- Mortgage Brokers in Easington, Oxfordshire
- Mortgage Brokers in East-Challow, Oxfordshire
- Mortgage Brokers in East-Hagbourne, Oxfordshire
- Mortgage Brokers in East-Hanney, Oxfordshire
- Mortgage Brokers in East-Lockinge, Oxfordshire
- Mortgage Brokers in Eaton-Hastings, Oxfordshire
- Mortgage Brokers in Elsfield, Oxfordshire
- Mortgage Brokers in Emmington, Oxfordshire
- Mortgage Brokers in Enstone, Oxfordshire