What is a mortgage broker?
A mortgage broker represents individuals or companies looking to broker mortgage loans. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.
Working with a mortgage broker in Northmoor will help you get the mortgage loan you require at a favourable deal, without any unnecessary stress. 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.
With regulations in place to make sure professional mortgage brokers follow banking and finance laws in the relevant customer jurisdiction, you won’t have to worry about being in the wrong hands.
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. Find out how your interest rate and total loan amount determines your mortgage repayments with this handy calculator. 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?
Working on your mortgage application with a mortgage broker in Northmoor comes with many different benefits. Of these benefits, some of the most evident include:
Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. An experienced expert can take care of the hard work and see to it that your interests are protected. You’ll only need to provide a few details.
With limited understanding on the concept of mortgage brokers, some people don’t fully trust this, believing there must be a catch at some point. 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. 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. 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 will work towards protecting your interests, rather than those of the lending institution. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. You can get the best value as per interest rates, loan products and repayment amounts thanks to the wide range of mortgage products to which a broker has access. To ascertain your goals and needs (both short and long term), you’ll be interviewed by the mortgage broker. 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 instance, brokers would know the lenders that can make available the best products for clients with credit issues. If a borrower requires a large loan – considerably more than what the bank will approve – the knowledge and expertise of a broker in securing financing would be a distinct advantage.
Save Time & Hassle
It’s not all 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. You would only have to fill out one application form, instead of one for every lender you have to work with. 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. Major lenders and those not so popular will be compared by your broker to seek out the most suitable deal for you, in terms of lower rates and total cost.
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. Some of these features can include drawdown facilities, offset accounts and options for extra repayments to name but a few. These types of features can make a significant difference to your mortgage cost and experience. 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 deals are pushed by the banks on to the brokers, who are then charged with overseeing the sale of 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.
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
Mortgage brokers assist people with obtaining loans as part of their job. They can access useful information and exclusive deals you likely couldn’t find yourself. Loans come with certain subtleties you could miss if you’re not looking out for them. It’s these subtleties that can make a difference to your mortgage in the long haul. Having the services of an experienced professional who can point these out for you is a huge benefit.
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? The same way you would contact a plumber to fix a leaking pipe or a hairdresser to work on damaged hair, contacting a mortgage broker is an ideal option for your home loan needs.
Contact the Mortgage Saving Experts in Horsell. You can reach us by dialling 01273 738 072 today for a friendly chat.
About Mortgage Saving Experts
Mortgages and insurance are not as complicated as they might first seem. 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. Why make things harder than necessary, after all? Let us simplify everything for you and ensure we get the best deal possible.
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. At Mortgage Saving Experts, our services are available regardless of circumstances, whether you’re a landlord, a first-time buyer, moving onto a new chapter or simply re-mortgaging. Providing help is why we’re here! Basically “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”
Our Team of Northmoor 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”
We are a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.
Your current and future goals will be identified by our mortgage insurance experts after talking with you. We will then work together with you to reach these goals.
Why chose Mortgage Saving Experts?
For the first few years after taking out a mortgage, you’ll be subject to an initial rate. After the initial rate period, the rate is then raised 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 don’t have to remember when your deal finishes, as we will do this for you.
- You can sit back and relax, while we do all the hard work for you.
- This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
- We undertake comparisons and then advise and arrange the best mortgage for you, choosing from thousands of deals.
- You’ll receive expert advice and support throughout the entire mortgage process.
Our Approach to Mortgage Advice
The services we offer are personalised and take into account your unique needs. We approach mortgage advice using three basic steps:
- 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:
The things that make our services the best amongst mortgage brokers in Northmoor include:
- Learn about your situation and needs via fact-finding.
- Explain the costs involved with buying and selling.
- Request applicable documents to aid the application.
- Provide explanations and recommendations for the prospective mortgage.
- Reply to any questions you have.
- Get an agreement in principle.
- Have your entire mortgage application sent in.
- Liaise with your estate agent, mortgage lender and solicitor to answer any question through to completion.
Mortgage Types We Provide Expert Advice On
We advise our clients expertly on a vast selection of mortgage products. In collaboration with our team, you won’t have any trouble finding the best mortgage products to match your specific requirements. 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.
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.
While mortgages may look like a tedious process, they don’t have to be. Buying your first home can be exciting, so if you come across a suitable broker who can handle the process for you at a fair price, do take advantage of their expertise. The reason you should use one is fairly obvious. After all, if you don’t know a thing about cars and yours breaks down, you would rather call a mechanic than fix it yourself. It isn’t any different with mortgages. 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. Learn what to do when applying, within the application process and even how to use a mortgage after buying your home. If you’d prefer a different approach, then speak to an adviser who can guide you through it.
Your credit is vital.
A mortgage is of major importance. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 2008. To be eligible for a mortgage, good credit is useful but not absolutely essential. We can also offer guidance regarding how much you can afford to pay for your new home and how to set your limit, depending on your ongoing 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
In essence, the only thing you’re doing here is swapping one lender for another to get a cheaper deal or better rate. They don’t necessarily have to be paired together. I’ll explain this clearly. If you have a small mortgage, you’ll probably find it’s not worthwhile paying an arrangement fee to the lender just to go on a lower rate. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any lender. Even 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 upside to re-mortgaging is that your usually not required to pay for valuation or solicitors fees, although some people don’t qualify for this. This is because it is dependent on your circumstances alone at the time of re-mortgaging. So please check or ask your adviser.
A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.
- Based on your unique circumstances, such as…
- Mortgage debt isn’t so big.
- The financial situation is no longer the same.
- Early repayment charge that’s costly.
- Home value dropped.
- You have credit problems.
- Current rate is ideal.
- We will advise you whether to re-mortgage or not.
Buy to Let
A ‘buy to let’ property is one bought with a view to renting to others. Legally, you cannot live in the property. If you’re a First Time Buyer, the number of available lenders will be restricted if you’re purchasing a buy to let, while extra checks would be carried out by the lender in such cases.
- There are a few things you may need to be aware of when purchasing a buy to let property.
- The loan amount you can borrow is dependent on how much rental income you receive.
- You’ll be required to pay a 3% stamp duty after 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. A reputable adviser will know just what questions to ask in order to figure out the best mortgage for your specific needs. To find out if you qualify, contact our advisers today.
How Much Do Mortgage Brokers Charge?
The majority of mortgage brokers receive commission from lenders, which is a percentage of the mortgage loan you secure. 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. Most independent brokers charge a flat fee, which is typically around £500. Be sure to find out from brokers how you pay them. They should be honest and up front, telling you the amount owed and the fee structure they have in place.
We have a fee structure based on charging our clients £695. From that figure, we then deduct any commission received from the mortgage lender If the commission we receive is less than £695, we then ask the client to make up the difference between what we have been paid in commission 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 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. A credit check will be undertaken for mortgage purposes to confirm you have sufficient credit rating.
To be sure of how much you can borrow, obtain a decision in principle, prior to completing a full application. Arrange an appointment with one of our qualified mortgage experts today. At the initial stage, we can give you an estimate, without needing to perform any credit checks.
The Latest Best Mortgage Rates
We can provide help in many different situations; for instance, re-mortgaging, first time purchase, moving home or buy to lets. 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 Northmoor Expert Mortgage Broker
What Our clients say About us
Our list of happy clients in Northmoor is long and diverse. If you still have doubts about our ability to professionally provide the best deal in Northmoor at the cheapest price, see for yourself what some of our customers have said about their experience with us. For a personal experience to discover how effective our services are, contact us today.
Latest Mortgage News
The more information 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. 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.
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. As a result of the FCA Mortgage Market review of 2014, the initial regulations set out in the rules for Mortgage Conduct of Business were revamped.
Regarding their financial conduct, organisations that take deposits in the UK fall under the FCA’s sister organisation’s jurisdiction, the Prudential Regulation Authority.
They ensure firms have a high enough level of capital to offset their lending risks. For lodging complaints about your mortgage provider, the first step is to take it up with them. You utilise a complaint procedure via the FCA if you don’t think it has been suitably dealt with. In turn, this can be referred to the Financial Ombudsman Service if deemed 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 Contact the Mortgage Saving Experts in Northmoor. You can do so by calling us on 01273 738 072 for a friendly conversation.
What to Ask Your Northmoor 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 North-Leigh, Oxfordshire
- Mortgage Brokers in North-Moreton, Oxfordshire
- Mortgage Brokers in North-Newington, Oxfordshire
- Mortgage Brokers in North-Stoke, Oxfordshire
- Mortgage Brokers in Northend, Oxfordshire
- Mortgage Brokers in Nuffield, Oxfordshire
- Mortgage Brokers in Nuneham-Courtenay, Oxfordshire
- Mortgage Brokers in Oakley, Oxfordshire
- Mortgage Brokers in Oddington, Oxfordshire
- Mortgage Brokers in Over-Worton, Oxfordshire