Mortgage Brokers in Lower-Heyford, Oxfordshire

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 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 Lower-Heyford 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.

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

Knowing how much you can borrow – as well as the cost of the loan – will help make planning your future easier. 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. Just fill in those values, along with your term and press ‘Click to calculate’ to immediately see the amount you will have to repay per month.

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 Lower-Heyford. Of these benefits, some of the most evident include:

Save Money

The possibility of saving money is the most obvious advantage of working with a mortgage broker. You don’t have to handle the hard work, as this can be managed by an expert with ample experience, who will make sure your best interests are addressed. All you’ll need to do is fill out some details.

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 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. 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 details of how they take payment for their services and convey the components which make up the entire mortgage cost. Filing the pockets of a broker is of little value to a mortgage advisor company when compared to making sure customers have a positive experience.

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. With access to a wide range of mortgage products, a broker can offer you the greatest value in terms of interest rates, repayment amounts, and loan products. You will be interviewed by the mortgage brokers to determine your needs and goals – both in the short and long term. The simple use of a 30 or 15-year mortgage is inadequate for many situations, which is why sophisticated solutions and innovative strategies are the benefits of working with an experienced mortgage broker. This includes mortgage to raise capital for repayments, money for necessary home improvements or children, or even to buy other properties such as 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’s not all about money. While it’s a good thing to save some extra money, your sanity and time matter just as much. Consider how much time it would take you to research multiple loan types from multiple lenders. You’d only need to complete one application with a mortgage broker, instead of filling out forms for every individual 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. 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.

Reduce the workload for yourself and outsource it to someone who can provide 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. These features can include drawdown facilities, the option to make extra repayments and offset accounts to name a few. 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

There are exclusive deals that aren’t advertised by banks to which brokers have access. These deals are passed by the banks to the brokers, who then have the responsibility of selling the products. Going to the bank directly could cause you to miss out on added benefits such as these, which you can procure by speaking to a broker.

Brokers can search the whole market for the finest deal, whereas individual banks can only offer their own deals and not those of other banks.

Better chance of pre-approval success

When you request an Agreement in principle/Decision in principle of a loan and are refused approval, this shows up on your credit rating. Brokers are knowledgeable and have the much-needed experience to give you a better shot at approval the first time you apply.

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. If you’re not on the lookout for them, you might not notice the subtleties that accompany loans. At the end of the day, these subtleties tend to improve your mortgage chances. Having the services of an experienced professional who can point these out for you is a huge benefit.
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. For home loan requirements, a mortgage broker is the best ways to go, just as a hairdresser is for replenishing damaged hair and a plumber for fixing leaking pipes.

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. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. Your entire journey can be made stress-free and simple by our mortgage savings experts. Why make things harder than necessary, after all? Let us make everything easy for you and ensure you get the best possible 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. 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 available whether you’re a first-time buyer, a landlord, moving on to a new phase or just re-mortgaging. We are here to provide assistance! Basically “Search 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”

Our Team of Lower-Heyford Mortgage Experts

Because we’re regulated by the Financial Conduct Authority (FCA), we strive to get you the best possible 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.

“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 will make these goals happen by working meticulously alongside you.

Why chose Mortgage Saving Experts?

After taking out a mortgage, you’ll get an initial rate for the first couple of years. At the end of this initial rate, this returns to the lender’s variable rate. Three months before this rate is up for renewal, our team will contact you again to put a new deal in place before your rate and monthly payments increase. Other advantages of working with us are:

  • You’ll save some money, as the deal you get is better than the bank variable rate.
  • You won’t have to remember when the deal is due to end, as we will do this for you.
  • You can take a breather, while we do the bulk of the work.
  • This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
  • We compare thousands of deals, so can advise you accordingly and arrange the very best.
  • 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 Lower-Heyford because:

  • Get to determine your situation and requirements by fact-finding.
  • Spell out the costs buying and selling involves.
  • Request relevant documents to assist with the application.
  • Provide explanations and recommendations for the prospective mortgage.
  • Proffer replies to any questions you might have.
  • Collect an agreement in principle.
  • Have your full mortgage application submitted.
  • Communicate with your solicitor, mortgage lender and estate agent to respond to any questions 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 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. The most popular mortgage types we’re requested to handle include:

First time buyers

First Time Buyers are classed by most mortgage lenders 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.

For each lender, the rules and ideas about this differ. Typically, there are no problems with 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.

While mortgages may look like a tedious process, they don’t have to be. It’s rather exciting to be buying your first home, so if you find a reputable broker to get the job done for you at a fair price, then do use one. It is abundantly clear why you should use one. Besides, if your car breaks down and you have no knowledge of cars, you wouldn’t attempt to fix it yourself; you would use the services of a mechanic. It’s the same 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

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. Learn what to do when applying, within the application process and even how to use a mortgage after buying your home. If you would rather avoid any stress, speak to an adviser, who will guide you accordingly.

Your credit is a necessity.

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 be eligible for a mortgage, good credit is useful but not absolutely essential. 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. 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.

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 of them don’t have to go hand in hand. Let me simplify this for you. It may seem unwise to pay an arrangement fee to another lender to get on a lower rate if you have a small mortgage. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee 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.

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

Performing a re-mortgage in time is a practical way to reduce your mortgage costs significantly. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.

  • Depending on your individual circumstances, such as…
  • Mortgage debt is fairly minor.
  • There has been a change in financial circumstances.
  • Significant early repayment charge.
  • A reduction in home value.
  • You have credit issues.
  • Already on a great rate.
  • We will dispense advice on the merits of pursuing a re-mortgage.

Buy to Let

A ‘buy to let’ property is one bought with a view to renting to others. 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.

  • 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.
  • You’ll still have to pay the extra 3% of the purchase price, even if the property isn’t valued as it should be for the stamp duty to be liable.

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 good adviser will know the exact questions to pose and will find a mortgage that fits your exact requirements. Contact our advisers to find out whether you’re eligible.

How Much Do Mortgage Brokers Charge?

Commission is usually paid to mortgage brokers by lenders; this will be a percentage of the mortgage loan you secure. Even though the figure isn’t set in stone, it is usually about 0.33%, based on the type of mortgage you require – for instance, a residential mortgage or buy to let. Also, any recent credit issues you may have had would be taken into consideration. Many independent brokers usually charge about £500 as a flat fee. Be sure to find out from brokers how you pay them. The should be totally transparent, disclosing the amount to be charged, as well as their available fee structure.

Our fee structure is based upon charging the client £695; any commission which is received from the mortgage lender is deducted from that figure 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. 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?

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. 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. For mortgage purposes, they will also perform a credit check to be sure you have an adequate credit rating.

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

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 compare thousands of the latest mortgage deals, so you can find the one you’re after.

Request a free quote from Mortgage Saving Experts, your Lower-Heyford Expert Mortgage Broker

What Our clients say About us

Our list of happy clients in Lower-Heyford is long and diverse. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Lower-Heyford at the lowest price, check out what some of our customers have to say 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 available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. To provide insight and help you get started, find recent news on mortgages below.

Mortgage Regulatory Information

Most mortgages in the UK are provided by building societies, banks and specialised mortgage lenders. 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.

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. Regulations were initially documented in the rules for Mortgage Conduct of Business (MCOB), but were overhauled because of the 2014 FCA Mortgage Market Review (MMR).

In terms of their financial conduct, organisations collecting deposits in the UK fall under the Prudential Regulation Authority, the FCA’s sister organisation.

They make sure firms have capital large enough to cancel out their lending risks. For lodging complaints about your mortgage provider, the first step is to take it up with them. If you don’t like how the issue has been dealt with, you can take your complaint 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 Lower-Heyford. You can reach them by dialling 01273 738 072 today for a friendly chat.

What to Ask Your Lower-Heyford 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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