What is a mortgage broker?
Mortgage loans are brokered on behalf of companies and individuals by mortgage brokers, who effectively act as intermediaries. The job of a mortgage broker is to identify banks or direct lenders that would make the actual loan an individual seeks.
With a mortgage broker in Oddington, you’ll have an easier time procuring the mortgage loan you need at the best possible terms. If you have a poor credit score or any other problems that could have an impact on your mortgage application, the right mortgage broker can increase your chances immeasurably.
Professional mortgage brokers are bound under strict regulations and required to comply with banking and finance laws in the customer’s jurisdiction, so, you don’t have to worry about being in the wrong 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. To immediately determine how much you’ll have to repay each month, simply enter the values and your term before pressing ‘Click to calculate’.
Why Use A Mortgage Broker?
Working with a mortgage broker for your mortgage application in Oddington can be beneficial in various ways. Some of the most obvious of these benefits are:
Save Money
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.
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. Although such reservations are not entirely invalid, you should be aware that there is no benefit for mortgage brokers who do not work in your best interests.
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. Exclusive mortgages deals exist on the lower end that can be obtained by a number of mortgage brokers, possibly making the total cost of the loan that bit lower. A reputable mortgage broker will disclose how they are paid for their services, as well as detail the total cost of the loan. 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.
Finds The Most Advantageous Deal
Your interests – and not those of the lending institution – will be represented by the mortgage broker. They should act not only as your agent, but also as a knowledgeable consultant and problem solver. For terms like interest rates, repayment value and loan products, you can get the best possible value from a broker, who has access to a wide array of mortgage products. You’ll be required to meet with the mortgage broker to document your needs, as well as your 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
A mortgage broker will work with the client in any situation, as well as manage the process and take care of any bumps in the road that may occur. For instance, brokers would know the lenders that can make available the best products for clients with credit issues. 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 isn’t only about money. Saving some extra cash is great, but so is your time and sanity. Consider how much time it would take you to research multiple loan types from multiple lenders. You’d be required to fill out just one application with a mortgage broker, unlike completing one for every different lender. 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. 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.
Outsourcing the work to someone who can provide an expert opinion is a great way to relieve yourself of the burden involved. 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. These features could include things such as drawdown facilities and options for making extra repayments and offset accounts. These types of features can make a significant difference to your mortgage cost and experience. 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 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.
A bank can only sell their own deals – not those of the other banks as well – whereas a broker can search the whole market for the best deal.
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. 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. Helpful information and exclusive deals you won’t find yourself are accessible to them. If you’re not on the lookout for them, you might not notice the subtleties that accompany loans. The difference to your mortgage could ultimately be made by these subtleties. An experienced professional to point you in the right direction is extremely beneficial.
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. Just as you would contact a plumber for a leaking pipe or a hairdresser to replenish damaged hair, a mortgage broker is an excellent choice for all 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. This is the reason you need to find a widely experienced, knowledgeable and honest adviser. Your entire journey can be made stress-free and simple by our mortgage savings experts. 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 offer honest and transparent services to our customers, making them feel that mortgages and insurance are not as problematic as they first appear. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. This is what we do. 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. 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 Oddington 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. 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 a team of experienced mortgage insurance experts, driven by honesty, passion and enthusiasm.
Our mortgage insurance experts take pride in listening to the current and future objectives our customers have. These goals will be achieved when we work with you intently.
Why chose Mortgage Saving Experts?
For the first few years after taking out a mortgage, you’ll be subject to an initial rate. The lender’s variable rate is implemented after the initial rate is complete. 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. Included below are the plus points of working with us:
- You can save extra cash, because you’ll get a preferable deal to the bank variable rate.
- You don’t have to keep track of the timeline, as we will look after this for you.
- You can sit back and relax, while we do all the hard work for you.
- We know our onions, so you’ll only ever be advised by a qualified mortgage expert.
- Comparing, advising and setting up the best possible mortgage deal from amongst the many available is what we do.
- Expert advice and support will be available to you through 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 reasons our services are better than those of other mortgage services in Oddington include:
- Learn about your situation and needs via fact-finding.
- Explain the costs involved with buying and selling.
- Request all documents related to the application.
- Recommend and explain the prospective mortgage.
- Provide answers to your questions.
- Collect an agreement in principle.
- Submit your full mortgage application.
- We will collaborate with your estate agent, solicitor and mortgage lender and reply to any questions through to completion.
Mortgage Types We Provide Expert Advice On
We offer expert advice on a wide variety of mortgage products. You won’t have any difficulty finding the right mortgage products to suit your needs when working with us. Some of the most commonly requested mortgage types we help with include:
First time buyers
First Time Buyers are classed by most mortgage lenders 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. 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.
Mortgages may appear to be a rather difficult process, but they really 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. It is abundantly clear why you should use one. If you have no knowledge about cars and yours develops a fault, you would call a mechanic rather than attempt to fix it yourself. With mortgages, the same principle applies. 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
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 would rather not take this approach, then instead contact an adviser, who will be able to walk you through the process.
Your credit is of great importance.
A mortgage is a major issue. 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 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. 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.
Pay close attention. One benefit of re-mortgaging is that you’ll not normally pay for any valuation or solicitors fees, although 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 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 unique circumstances, such as…
- Mortgage debt isn’t considerable.
- There has been a change in financial circumstances.
- Early repayment charge is on the high side.
- Decrease in home value.
- You have credit issues.
- Current rate is ideal.
- We will advise you whether 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. Legally, you aren’t allowed to 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.
- When purchasing a buy to let property, there are a few things you’ll need to know.
- The loan amount you can borrow is mostly based on the total rental income you receive.
- A payment in respect of an extra 3% stamp duty will be required after your normal stamp duty.
- An extra 3% of the purchase price will still be required of you, even if the value of the property isn’t high enough for the stamp duty to be liable.
TIP: If you want to buy a second property, find out the amount you’ll be require pay from your conveyancer/solicitor. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. To see if you’re eligible, reach out now to our advisers.
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. While the figure varies widely, it is generally set at around 0.33%, depending on the type of mortgage you require. For example, this could be a residential mortgage or buy to let and would take into account whether you’ve had any credit troubles recently. The majority of independent brokers typically charge a flat fee of around £500. Remember to ask brokers how they want to be paid. They must be completely transparent, telling you how much is being charged and what fee structure they use.
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 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 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 depends on several factors, such as the deposit value and how much you earn, how many children you have, as well as what debts (if any) you have in the background. How much a lender is willing to lend is based upon a full affordability assessment, whereby they will look to understand your income, as well as any loan or credit card commitments and regular essential household expenditure. 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. Make plans to meet with one of our experienced mortgage experts now. We can provide an initial estimate, without the need for any credit checks to begin with.
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 Oddington Expert Mortgage Broker
What Our clients say About us
Our list of happy clients in Oddington is long and diverse. If you aren’t convinced that we are the professionals to make the best possible mortgage deal in Oddington at the lowest price, take a look at 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 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. 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 with regulations in the UK that closely guide banks and building societies, a regulatory scheme was set up just for mortgages (as a result of the Financial Services Act 2000) by the FCA (the former Financial Services Authority).
The professional services of mortgage providers are monitored by the FCA. There are stern rules that serve as a guide with regards using unfair, deceitful promotions and adverts, as well as checks for financial service contracts for consumers. 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 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. 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 Get in touch with the Mortgage Saving Experts in Oddington. For a brief and informal chat, call us now on 01273 738 072.
What to Ask Your Oddington 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 Northend, Oxfordshire
- Mortgage Brokers in Northmoor, Oxfordshire
- Mortgage Brokers in Nuffield, Oxfordshire
- Mortgage Brokers in Nuneham-Courtenay, Oxfordshire
- Mortgage Brokers in Oakley, Oxfordshire
- Mortgage Brokers in Over-Worton, Oxfordshire
- Mortgage Brokers in Piddington, Oxfordshire
- Mortgage Brokers in Pishill, Oxfordshire
- Mortgage Brokers in Postcombe, Oxfordshire
- Mortgage Brokers in Preston-Crowmarsh, Oxfordshire
