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.
You’ll have a stress-free time getting a great deal on the mortgage you need in South-Hinksey 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.
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
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 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.
Why Use A Mortgage Broker?
There are a wide range of benefits to be enjoyed from working with a mortgage broker in South-Hinksey with regards your mortgage application. Of these advantages, some of the more prominent include:
Of all the benefits working with a mortgage broker provides, the possibility of cutting costs would be the most obvious. 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.
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. A mortgage broker wouldn’t stand to gain anything by not working in your favour. You’ll need to bear this in mind, even though any concerns you might have are understandable.
If the broker cannot provide genuine reasons for recommending the mortgage they have (to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority), then they could be in serious trouble. 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. Detailing the entire cost of the loan and letting you know how they get paid for their services is the duty of any reputable broker. 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
A mortgage broker represents your interests, rather than those of a lending institution. They shouldn’t just play the role of your agent, but also those of problem solver and knowledgeable consultant. 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. To ascertain your goals and needs (both short and long term), you’ll be interviewed by the mortgage broker. 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. For example, borrowers with bad credit issues can find great products that will suit their needs through brokers who know lenders that offer such products. If a borrower requires a loan too large for the bank to approve, a broker can be of benefit by providing the knowledge and ability to successfully source financing.
Save Time & Hassle
It’s never just about money. While it’s a good thing to save some extra money, your sanity and time matter just as much. Imagine how much time it would take to find out about the numerous types of loans available from multiple lenders. You’d only need to complete one application with a mortgage broker, instead of filling out forms for every individual 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. 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.
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. Some of these features can include drawdown facilities, offset accounts and options for extra repayments to name but a few. These features can make a massive difference to your mortgage experience and overall costs. 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. These deals are passed by the banks to the brokers, who then have the responsibility of selling the products. Speaking to a broker unlocks these extra perks you would otherwise miss out on by going directly to a bank.
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
The job of a mortgage broker is to help people secure loans. They can access useful information and exclusive deals you likely couldn’t find yourself. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. At the end of the day, these subtleties tend to improve your mortgage chances. 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. 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 are not as complex as they seem at first. This is why it’s very important to find honest advisers, who are knowledgeable and experienced. Our mortgage savings experts will ease the process for you and make it as simple as possible. 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 our clients with honest and transparent services that leave you feeling mortgages and insurance are less complicated than they first appear. 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! Basically “Get information about 1000s of mortgage deals by taking 15 minutes to speak to 1 adviser.”
Our Team of South-Hinksey Mortgage Experts
Due to regulations by the Financial Conduct Authority (FCA), we must do all we can to get you the most suitable deal on the market. We are required to justify our reasons for making the mortgage recommendations we do to both you and our regulators, so you can understand why you have the mortgage you have.
“Down to Earth Mortgage”
Our team of mortgage insurance experts is made up of honest, passionate, enthusiastic and widely experienced individuals.
Our mortgage and insurance experts pride themselves on listening to what your current and future objectives are. We will make these goals happen by working meticulously alongside you.
Why chose Mortgage Saving Experts?
You’ll get an initial rate for the first few years after taking out a mortgage. After this initial rate finishes, the rate increases 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. Included below are the plus points of working with us:
- With a deal better than the bank variable rate, you’ll subsequently save money.
- You don’t have to keep track of the timeline, as we will look after this for you.
- While we deal with the stress on your behalf, you can sit back and ease your mind.
- We know our business, so you’ll only be advised by qualified mortgage experts.
- To arrange the best deal for you, we compare and dispense advice with regards thousands of mortgage deals.
- Expert advice and support will be available to you through the entire mortgage process.
Our Approach to Mortgage Advice
Your individual needs will be duly considered, as we provide fully personalised services. 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 South-Hinksey include:
- Use fact-finding to properly understand your individual needs.
- Explain the costs involved with buying and selling.
- Request relevant documents to assist with the application.
- Make relevant suggestions and provide explanations about the prospective mortgage.
- Reply to any questions you have.
- An agreement in principle should be obtained.
- Send in your entire mortgage application.
- Work with your estate agent, solicitor and mortgage lender to answer any questions comprehensively.
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. The most popular mortgage types we’re requested 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. 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 can seem a daunting process, but they do not have to be. The prospect of buying your first home comes with a lot of excitement, so if you manage to find a competent broker who can oversee the process at a reasonable price, then go right ahead. The reason you should use one is quite apparent. 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. The same applies to 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 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. 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 can’t deal with all of that, talk to an adviser who will provide guidance accordingly.
Your credit is of great importance.
A mortgage is serious issue. Banks risk a large amount of money and have been steadily more careful 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. 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 short, this means you’ll switch from one lender to another to get a more affordable rate or cheaper deal. 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. It may seem cheaper to be on a slightly higher rate than pay an arrangement fee to another 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.
Be careful. 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, do find out from your adviser.
A mortgage deal conducted at the right time is an effective way to cut the cost of your mortgage bills significantly. Depending on your circumstances, it might not be the ideal move for you – even though a re-mortgage arrangement certainly has its benefits.
- Based on your specific needs, such as…
- Mortgage debt is relatively small.
- Financial circumstances have changed.
- Early repayment charge that’s costly.
- Home value reduced.
- You’re dealing with credit problems.
- Current rate is ideal.
- We will dispense advice on the merits of pursuing a re-mortgage.
Buy to Let
A property purchased in order to be rented to tenants is a ‘buy to let’. According to the law, you cannot live in the property. If you’re a First Time Buyer, you can purchase a buy to let property, but the number of lenders available is restricted. There are also extra checks made by the lender in these circumstances.
- When purchasing a buy to let property, you’d be required to know quite a few things.
- The amount of rental income you receive more or less affects how the loan amount you’re able to borrow.
- You will have to pay 3% stamp in addition to 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: If you want to buy a second property, find out the amount you’ll be require pay from your conveyancer/solicitor. To find the best mortgage to match your requirements, a good adviser will know which questions you need to answer. To see if you’re eligible, reach out now to our advisers.
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. 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. Many independent brokers charge flat fees, usually 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.
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 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. 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?
A lot of factors influence this, like the number of children you have, the deposit amount, your income and any debts you might have in the background. 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.
For a more accurate idea of how much you can borrow, get a decision in principle before you apply for a mortgage in full. 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
Whether you want a re-mortgage, move home, find a mortgage for a first-time buyer or purchase a buy to let, we can help. 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 South-Hinksey Expert Mortgage Broker
What Our clients say About us
In South-Hinksey, we have long and diverse list of satisfied clients. If you doubt that we are the professionals most capable of finding you the best mortgage deal in South-Hinksey at the lowest price, check out what some of our customers have to say about their experience with us. For a first-hand experience of just how amazing our services are, give us a call today.
Latest Mortgage News
The more information you have at your disposal when seeking the best mortgage deal, the better the position you’ll be in. 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.
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.
The professional conduct of mortgage providers is regulated by the FCA. 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. Regulations were formerly presented in the rules for Mortgage Conduct of Business (MCOB), although they were changed due to the FCA Mortgage Conduct of Business (MMR) of 2014.
With regards their financial conduct, deposit-taking firms in the UK come under the jurisdiction of FCA’s sister organisation, the Prudential Regulation Authority.
They make sure firms have capital large enough to cancel out their lending risks. If you have a complaint about your mortgage provider, the first step is to take up the matter 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 Connect with the Mortgage Saving Experts in South-Hinksey. You can do so by calling us on 01273 738 072 for a friendly conversation.
What to Ask Your South-Hinksey 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 Sibford-Gower, Oxfordshire
- Mortgage Brokers in Sibford, Oxfordshire
- Mortgage Brokers in Somerton, Oxfordshire
- Mortgage Brokers in Sonning-Common, Oxfordshire
- Mortgage Brokers in Souldern, Oxfordshire
- Mortgage Brokers in South-Leigh, Oxfordshire
- Mortgage Brokers in South-Moreton, Oxfordshire
- Mortgage Brokers in South-Newington, Oxfordshire
- Mortgage Brokers in South-Stoke, Oxfordshire
- Mortgage Brokers in South-Weston, Oxfordshire