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. Mortgage brokers strive to find a bank or direct lender that will agree to meet the particular loan an individual requires.
Working with a mortgage broker in North-Moreton will help you get the mortgage loan you require at a favourable deal, without any unnecessary stress. If you work with a reputable mortgage broker and have a poor credit score or any other issues that could affect your mortgage application, your chances would be greatly improved.
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
Being aware of what you can borrow and the amount the loan will cost will make it simpler to plan your future. Take advantage of this handy calculator to determine exactly how much your mortgage repayments will be, based on your total loan figure 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.
Why Use A Mortgage Broker?
There are a wide range of benefits to be enjoyed from working with a mortgage broker in North-Moreton with regards your mortgage application. Some of the more obvious benefits include:
In working with a mortgage broker, the most noticeable benefit would be the opportunity to save money. You’ll be required to complete a few details, but the hard work is managed by an experienced professional, who has your best interests in mind.
Some people worry about how true this is, considering the entire idea of mortgage brokers is still misunderstood somewhat around the globe. So, where is the 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. 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. A positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.
Finds The Most Advantageous Deal
A mortgage broker represents your interests, rather than those of a lending institution. Not only should the role of being your agent be their focus, they also need to be knowledgeable consultants and problem solvers. 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. Simple 30 or 15-year mortgages are not sufficient in many cases, which is why innovative mortgages and sophisticated solutions are distinct benefits of working with experienced brokers. These include mortgages to raise capital for repaying debts, money for marital needs or children, home renovations or the purchase of 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. If a borrower has credit issues for instance, the broker would know about lenders who have the best products available to meet their 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 some extra money. Give a thought to the amount of time you’d have to invest when enquiring about various loan types from numerous 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. A formal comparison of the loans recommended can be provided by your mortgage broker to act as a guide for the information that accurately illustrates the differences in cost, showing present rates and points, as well as 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.
You don’t have to burden yourself with all the work, as outsourcing is a viable option to take in order to gain expert 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. Your general mortgage experience and overall expenses can be largely affected by these features. Better still, if you’re not well versed with these concepts and how they could affect you, your broker can clarify answer questions you may have over the phone.
Access to exclusive non-advertised deals
There are exclusive deals not made public by the banks that brokers have access to. The banks push these deals on to brokers, who are in charge 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.
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
If you’re knocked back after requesting an Agreement in principle/Decision in principle of a loan, this will leave a mark against your credit rating. The experience and knowledge required for your best chance of approval the first time you apply is something brokers have in abundance.
Access to expert knowledge
Mortgage brokers assist people with obtaining loans as part of their job. They have access to helpful information and exclusive deals you’d otherwise not find. There are small details accompanying loans that you might miss if you’re not looking for them. In the long run, subtleties like these are significant to your mortgage. It is a huge plus to have the services of an experienced expert to show these things to you.
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? 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
Contrary to how they might seem initially, mortgages and insurance are not so difficult. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. Making the process as straightforward and seamless as it can be is something our mortgage experts will do for you. After all, why make things more difficult than they need 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. All the mortgage and insurance applications we take care of at Mortgage Saving Experts are treated as if we own them. These are the things we’re about. It doesn’t matter what the situation is – whether you’re a first-time buyer, a landlord, re-mortgaging or moving on to a new phase altogether – Mortgage Saving Experts are here to help. Assisting you is the reason we’re here! Essentially “Take 15 minutes to talk to 1 adviser and find out about 1000s of mortgage deals.”
Our Team of North-Moreton 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. You’ll get to understand why you received the mortgage you did, because we have to justify the recommendations we make to both you and our regulators.
“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 pride themselves on listening to what your current and future objectives are. To achieve these objectives, we will then work hand in hand with you.
Why chose Mortgage Saving Experts?
For the first few years after taking out a mortgage, you’ll be subject to an initial rate. After this initial rate finishes, the rate increases to the lender’s variable rate. Before your monthly payment and rate are increased, our team will reach contact you to arrange a new deal roughly three months prior to the date of renewal. Here are some of the other advantages you’ll enjoy if you work with us:
- The deal you’ll get is better than the bank variable rate, which in turn saves you money.
- 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, advise and arrange the best mortgage for you from thousands of available deals.
- You’ll be provided expert advice and support right through the 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 differentiates our services from those of other mortgage brokers in North-Moreton includes:
- Find out what your needs and circumstances are through fact-finding.
- Spell out the costs buying and selling involves.
- Ask for related documents to help with the application.
- Provide explanations and recommendations for the prospective mortgage.
- Respond to any questions you might have.
- An agreement in principle will be put in place.
- Have your full mortgage application submitted.
- Communicate with your solicitor, mortgage lender and estate agent to respond to any questions through to completion.
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. Mortgage types that we’re frequently asked to handle include:
First time buyers
Most mortgage lenders Categorise First Time Buyers as people who 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.
Different lenders have different ideas and rules regarding this. Being a First Time Buyer is usually not an 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 is one of the most exciting things ever, so if you find a reasonably priced, reputable broker to manage the process for you, do hire their services. The purpose of using one is straightforward enough. It stands to reason that you would contact a mechanic if your car became faulty – especially if you knew little or nothing about cars. 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 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. 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 would rather not take this approach, then instead contact an adviser, who will be able to walk you through the process.
Your credit is a necessity.
A mortgage is of major importance. Banks risk a large amount of money and have been steadily more careful since the subprime mortgage crisis in 2008. Good credit helps to qualify for a mortgage, but it isn’t a necessity. 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
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 don’t automatically go hand in hand. Let me make it clearer. 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. You may realise that it’s less expensive to go on a slightly higher rate than paying any lender an arrangement fee. Asking for advice before making up your mind about the deal is important, so that you don’t end up with a more expensive deal on the whole, even at a lower rate.
Focus on any small print. The potential absence of valuation or solicitors fees is one of the plus points of re-mortgaging, even though not everyone qualifies for this. This is due to the fact that it is based solely on your disposition at the time of re-mortgaging. So, please make enquiries with your adviser.
A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. While a re-mortgage deal can be beneficial for some, it’s not the best move for everyone, as it all depends on your unique circumstances.
- Depending on your unique needs, like…
- Mortgage debt is relatively small.
- There has been a change in financial circumstances.
- Significant early repayment charge.
- A drop in the value of your home.
- Existing credit problems.
- Current rate is ideal.
- We will advise you whether or not to pursue a re-mortgage.
Buy to Let
A property bought with the purpose of renting to tenants is known as ‘buy to let’. Legally, you cannot live in the property. The number of available lenders will be restricted if you’re a First Time Buyer, purchasing a buy to let property. Also, extra checks are made by the lender in cases like these.
- You may need to know certain things when purchasing a buy to let property.
- The loan amount you can borrow is dependent on how much 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: Ask your solicitor/conveyancer to work out how much you’ll have to pay if you’re buying a second property. To help determine the most suitable mortgage to meet your needs, an expert mortgage adviser will know the specific questions to which you will need to provide answers. Get in touch with our advisers to find out if you qualify.
How Much Do Mortgage Brokers Charge?
Most mortgage brokers get paid commission from lenders, which will be a percentage of the mortgage loan you receive. 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. The majority of independent brokers typically charge a flat fee of around £500. Be sure to enquire about how to make payments to brokers. 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, 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?
This takes into account many factors, such as how much you deposit, the amount you earn, the number of children you have and what debts (if any) you have in the background. 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. In addition, they also perform a credit check to make sure your credit rating is suitable for mortgage purposes.
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. Arrange an appointment with one of our qualified mortgage experts today. Without the need for credit checks, we can at least provide an initial estimate.
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 to help you find exactly what you need.
Request a free quote from Mortgage Saving Experts, your North-Moreton Expert Mortgage Broker
What Our clients say About us
The list of happy clients in North-Moreton is a lengthy and diverse one. If you still have doubts about our ability to professionally provide the best deal in North-Moreton at the cheapest price, see for yourself what some of our customers have said about their experience with us. Contact us today to get a first-hand experience of the excellent services we provide.
Latest Mortgage News
The more information available to you when trying to secure the best mortgage deal, the more advantages you’ll enjoy. Below can be found recent news on mortgages to provide the insight you need to get started.
Mortgage Regulatory Information
In the UK, most mortgages are provided by building societies, specialised mortgage lenders and banks. 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.
Due to the Financial Services Act 2000, a regulatory scheme specifically for mortgages was implemented by the former Financial Services Authority (now the FCA), even though close regulations have always been in place to guide banks and building societies in the UK.
Mortgage providers are tightly regulated by the FCA, in terms of their professional conduct. Strict rules exist that monitor the use of dishonest and misleading adverts and promotions, checking to ensure the terms of any contract for financial services are fair to the customer. 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. 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 Reach out to the Mortgage Saving Experts in North-Moreton. You can reach them by dialling 01273 738 072 today for a friendly chat.
What to Ask Your North-Moreton 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 Newton-Purcell, Oxfordshire
- Mortgage Brokers in Noke, Oxfordshire
- Mortgage Brokers in North-Aston, Oxfordshire
- Mortgage Brokers in North-Hinksey, Oxfordshire
- Mortgage Brokers in North-Leigh, Oxfordshire
- Mortgage Brokers in North-Newington, Oxfordshire
- Mortgage Brokers in North-Stoke, Oxfordshire
- Mortgage Brokers in Northend, Oxfordshire
- Mortgage Brokers in Northmoor, Oxfordshire
- Mortgage Brokers in Nuffield, Oxfordshire