What is a mortgage broker?
A mortgage broker is sometimes considered a middle man who brokers loans in favour of people or businesses. The purpose of mortgage brokers is to look for banks or direct lenders that will willingly provide the specific loan an individual would need.
You’ll have a stress-free time getting a great deal on the mortgage you need in Taynton 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
With an estimate in mind – in terms of how much you can borrow and cost of the loan – you’ll be able to plan your future more easily. 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 Taynton can be beneficial in various ways. Of these advantages, some of the more prominent include:
The most obvious benefit of choosing a mortgage broker is the potential to save money. 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.
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? 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.
The broker could actually be at a disadvantage if they cannot prove to you, their regulators, the Financial Conduct Authority or the Prudent Regulation Authority why they made the recommendations in respect of the mortgage in question. 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. 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. 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
For a mortgage broker, your interests – rather than those of the lending institution – are paramount. They should act not only as your agent, but also as a knowledgeable consultant and problem solver. 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. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. Many situations demand more than the simple use of a 30-year or 15-year mortgage. Therefore, innovative mortgage strategies and sophisticated solutions are distinct advantages of working with an experienced mortgage broker. These include mortgage to raise capital for repaying debts, money for the children or essential home improvements, or even to enable 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, 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 never just about money. Saving some extra cash is great, but so is your time and sanity. Take into consideration the time you would need to research different kinds of loans from multiple lenders. You would only have to fill out one application form, instead of one for every lender you have to work with. 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. To find the best deal in terms of lower rates and overall cost, your broker will make comparisons between popular and less popular lenders.
By outsourcing, you can reduce the workload and get someone else’s professional advice. Mortgage brokers do the legwork for you by supporting you throughout the application and pre-approval process. This includes completing all paperwork, answering questions, helping you apply for government schemes and shedding light on options and loan features you may not have considered or even known about. A few of the features may include options to make extra repayments, as well as drawdown facilities and offset accounts. 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
Brokers have access to exclusive deals that aren’t advertised by the banks. The deals are pushed by the banks on to the brokers, who are then charged with overseeing the sale of products. 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
A mark is left on your credit rating if your request for an Agreement in principle/Decision in principle of a loan is turned down. You’ll need the necessary knowledge and experience a broker has to secure approval on your first attempt.
Access to expert knowledge
The job of a mortgage broker is to help people secure loans. They have access to helpful information and exclusive deals you’d otherwise not find. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. In the long run, subtleties like these are significant to your mortgage. Having the services of an experienced professional who can point these out for you is a huge benefit.
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? 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
Contrary to how they might seem initially, mortgages and insurance are not so difficult. That’s why finding honest advisers with invaluable experience and knowledge is so important. Making the process as straightforward and seamless as it can be is something our mortgage experts will do for you. 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. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. This is what we’re all about. Mortgage Saving Experts are here, no matter what the circumstances, whether you’re a landlord, first time buyer, moving on to a new chapter or just re-mortgaging. We are here to assist! Approximately “Search up to a thousand mortgage deals by talking to an adviser for roughly 15 minutes.”
Our Team of Taynton Mortgage Experts
We make sure we help you get the best available deal the market can offer, as we are regulated by the Financial Conduct Authority (FCA). 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”
Our team of mortgage insurance experts is made up of honest, passionate, enthusiastic and widely experienced individuals.
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?
After taking out a mortgage, you’ll get an initial rate for the first couple of years. The rate is raised to the lender’s variable rate after the initial rate ends. 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:
- The deal you’ll get is better than the bank variable rate, which in turn saves you money.
- We can provide updates relating to the end of your deal, so you need not worry.
- While we deal with the stress on your behalf, you can sit back and ease your mind.
- We know our onions, so you’ll only ever be advised by a qualified mortgage expert.
- We undertake comparisons and then advise and arrange the best mortgage for you, choosing from thousands of deals.
- Expert advice and support will be available to you through the entire mortgage process.
Our Approach to Mortgage Advice
We make available personalised services and put into consideration all your unique 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:
Our services are more remarkable than those of other mortgage brokers in Taynton because:
- Find out what your needs and circumstances are through fact-finding.
- Clarify the costs related to buying and selling.
- Request applicable documents to aid the application.
- Make relevant suggestions and provide explanations about the prospective mortgage.
- Get answers to any questions you might have.
- An agreement in principle will be put in place.
- 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 dispense expert advice on a wide range 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.
The rules and ideas on this are different across various lenders. Being a First Time Buyer is usually not an issue. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.
Mortgage processes may look tough to negotiate, but they really don’t need 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. Why you should use one is pretty obvious. 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. You can cut down on cost, effort and time with mortgage brokers, so why not use one? There are no charges for the initial consultation.
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. Study what you should do before the application, during the process of application, and how to utilise the mortgage after buying your property. 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 a serious affair. The banks risk a lot of money and have been increasingly cautious since the subprime mortgage crisis in 2008. Qualifying for a mortgage is boosted by good credit, but it isn’t compulsory. 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
Effectively, all you’d be doing with this is changing to a different lender to find a better or more affordable 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. You may realise that it’s less expensive to go on a slightly higher rate than paying any lender an arrangement fee. 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.
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. Any reasoning depends solely on your circumstances at the time of re-mortgaging. So, please check with your adviser.
A brilliant way to ensure you cut down on your mortgage bills is to re-mortgage on time. 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.
- Financial circumstances have changed.
- Expensive early repayment charge.
- Decrease in home value.
- You have credit problems.
- Present rate is very agreeable.
- We will advise you whether to re-mortgage or not.
Buy to Let
‘Buy to let’ properties are those you wish to purchase and then rent 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, you’d be required to know quite a few things.
- The loan amount you can borrow is largely dependent on the rental income you receive.
- Other than your regular stamp duty, you will have to pay an extra 3% stamp duty on top.
- Even if the value of the property isn’t enough to be liable for stamp duty, you are still required to pay an extra 3% of the purchase price.
TIP: If you’re purchasing a second property, ask your conveyancer/solicitor about the figure you’ll have to pay. 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?
Many mortgage brokers are paid commission from lenders, which represents a percentage of your mortgage loan. 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. The majority of independent brokers typically charge a flat fee of around £500. Be sure to find out from brokers how you pay them. They must be completely clear, letting you know the exact figure and fee structure in place.
We charge the client £695 as part of our fee structure; if the mortgage lender pays any commission, it is then deducted from that figure. 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 example, if we received a commission of £495, we would then ask you for a fee of £200 which is payable on production of your mortgage offer, so we are only 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. 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 will perform a credit check to ensure your credit rating is sufficient for the purpose of a mortgage.
Prior to applying for a mortgage in full, obtain a decision in principle to form a clear picture with regards the amount you can borrow. Arrange to see 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
We can help, whether you’re seeking to re-mortgage, purchase a buy to let, move home or find a mortgage for a first-time buyer. We make comparisons on thousands of recent mortgage deals to help you find just what you’re looking for.
Request a free quote from Mortgage Saving Experts, your Taynton Expert Mortgage Broker
What Our clients say About us
In Taynton, we have long and diverse list of satisfied clients. If you’re not yet persuaded that we are the experts who can get you the best mortgage deal in Taynton at the cheapest cost, see what some of our customers have got to say about working with us. Contact us today to get a first-hand experience of the excellent services we provide.
Latest Mortgage News
The more information you have available when looking for the most suitable mortgage deal, the more beneficial this is for you. The latest mortgage news below will provide the insight you need to properly get started.
Mortgage Regulatory Information
Most mortgages in the UK are provided by building societies, banks and specialised mortgage lenders. Although a big portion of the market share is owned by Lloyds Banking Group and Nationwide Building Society, all together there are 200 different financial institutions providing mortgages in Britain.
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 services of mortgage providers are monitored 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 originally set out in the rules for Mortgage Conduct of Business (MCOB), but these were overhauled as a result of the FCA Mortgage Market Review (MMR) in 2014.
The Prudential Regulation Authority (a sister organisation to the FCA) presides over deposit-taking organisations in the UK, with regards their financial conduct.
They ensure firms have a high enough level of capital to offset their lending risks. The first step in tackling any issue you have with regards your mortgage provider is to take it up with them. If you feel it hasn’t been handled properly, there is a procedure that can have your complaint referred 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 Taynton. For a brief and informal chat, call us now on 01273 738 072.
What to Ask Your Taynton 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 Swinbrook, Oxfordshire
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- Mortgage Brokers in Sydenham, Oxfordshire
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