Mortgage Brokers in Norney

What is a mortgage broker

A mortgage broker represents individuals or companies looking to broker mortgage loans. Mortgage brokers strive to find a bank or direct lender that will agree to meet the particular loan an individual requires. With a mortgage broker in Norney, you’ll have an easier time procuring the mortgage loan you need at the best possible terms. 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.

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.

What Is A Mortgage?

A mortgage is in effect a loan. As opposed to personal loans, a mortgage is tied to a piece of property, acting as a security against the loan. Failure to pay when due can result in your mortgage provider taking back (repossessing) the property, as would be their legal right.

Typically, mortgages are laid out for a set period – usually 25 years, although shorter or longer terms are also possible. A repayment plan is arranged as soon as you borrow the money. Even though the available mortgage plans vary, those that involve repayment plans on a monthly capital basis are very popular.

You won’t only have to repay the capital (the money you borrowed), but also the interest on it. Secured using the collateral of a particular property, a mortgage is a debt instrument the borrower must repay via a predetermined structure of payment. Mortgages are a vehicle for individuals and businesses to make large property purchases, without paying the entire value of the purchase up front. Over time, the loan and interest included can be repaid by the borrower, before the property can become theirs without any mortgage. If the borrower defaults in making mortgage payments, the property on which the mortgage is secured can be repossessed by the lender.

The property can be repossessed by the lender if the home buyer fails to make mortgage payments, since the bank has a charge on the house. The tenants can be evicted in a repossession case and the property sold by the bank. Subsequently, the equity from which would be used to cover the mortgage debt.

There are several types of mortgages. Borrowers must still pay the same interest rates on fixed rate mortgages as they would for the initial terms of two, three or five years, even though fixed-rate mortgages are available in longer terms. Monthly payments remain constant during the fixed rate term. The borrower’s payments will not be affected by any increase in the market interest rates if they are on a fixed rate. Changes in market interest rates have no effect on the borrower’s mortgage repayment if they have a fixed rate.

Get in touch with the Mortgage Saving Experts in Norney. You can reach them by dialling 01273 738 072 today for a friendly chat.

When the fixed rate is over, your mortgage return to a ‘standard variable rate’, which is usually set by the bank or lender from whom you borrow the money. The rate can increase or decrease as the lender decides, so with a good broker or diary system in place, do not forget to re-mortgage or call your existing lender, so you can adjust the rate sometime around three months before it’s increased to the variable rate. This will help you avoid paying higher monthly payments.

Quite often, the initial interest rate is a low rate, which can make a mortgage appear cheaper than it is. Higher monthly payments may be hard to meet for the borrower if interest rates are increased later. Monthly payments after the initial term are usually unpredictable, since the variable rates could be changed at any time.

Interest-only mortgages, tracker rates, offset mortgages, secured loans, buy to lets, and bridging loans are less-common types of mortgages that could be available, so contact an independent broker to discover your options. To match any needs and requirements you might have, our mortgage brokers in Norney can help to find the best possible mortgage deal for you.

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. With this handy calculator, get a better understanding of how much your mortgage repayments will be, based on your full loan and interest rate. Find out how much you’ll have to repay every month instantly by simply entering those values with your term and pressing ‘Click to calculate’.

Mortgage Calculator
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Why Use A Mortgage Broker?

Working on your mortgage application with a mortgage broker in Norney comes with many different benefits. Of these advantages, some of the more prominent include:

Save Money

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.

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 fact, a broker could be in serious trouble if they are unable to prove to you, their regulators, the Financial Conduct Authority or the Prudential Regulation Authority why they’ve recommended the particular mortgage that they have. There are various inexpensive, exclusive mortgage deals that a number of mortgage brokers can find for their clients that could possibly reduce the total loan cost. 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. A positive user experience is more important to a mortgage advisor company than just filling the pocket of an individual broker.

Search 1000s of mortgage deals by taking 15 minutes, speaking to 1 adviser

Finds The Most Advantageous Deal

For a mortgage broker, your interests – rather than those of the lending institution – are paramount. They shouldn’t just play the role of your agent, but also those of problem solver and knowledgeable consultant. A broker has access to many different mortgage products and can therefore offer you great value in terms of relation interest rates, loan products and repayment amounts. The mortgage broker will talk with you to get a clear picture of your needs, as well as short and long term goals. Amongst the benefits of working with experienced mortgage brokers are innovative mortgages and sophisticated solutions, because regular 15 or 30-year mortgages aren’t usually sufficient. These include money for children or carrying out much needed renovations, mortgages to raise capital for repaying debts or even money to buy other properties like buy to lets.

Has Flexibility Expertise to Meet Your Needs

The client will be under the direction of a mortgage broker, who will manage the process and handle any issues that could arise 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. The knowledge and capability of a broker to successfully source financing will be of great benefit to a borrower who realises the loan they need may be too large for a bank to approve.

Save Time & Hassle

Money isn’t the only consideration. Your time and sanity are just as important as saving a bit of extra cash. Imagine how much time it would take to find out about the numerous types of loans available from multiple lenders. With a mortgage broker, you’ll only need one application, rather than completing forms for each individual lender. Your mortgage broker can provide a formal comparison of any loans recommended, as well as advise on the information which accurately portrays cost differences, reflecting current rates, points, and 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.

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. A mortgage broker can provide an array of support throughout the application and approval process. This can include assisting with paperwork, responding to questions and helping with government scheme applications, as well as explaining all the available options and loan features you may not have considered or been aware of. Drawdown facilities, offset accounts and extra repayments (to name a few) are just some of the features involved. A noticeable difference can be made to your overall experience and the cost of your mortgage. 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

Exclusive deals not advertised by banks can accessed by mortgage brokers. The banks push these deals on to brokers, who are in charge of selling the products. Contacting a broker will unlock these extra benefits you would miss out on if you were to approach the bank yourself.

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

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. Brokers have the knowledge and experience required to give you the best shot at being approved at the first attempt.

Access to expert knowledge

A mortgage broker’s job is to help people obtain loans. Helpful information and exclusive deals you won’t find yourself are accessible to them. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. It’s these subtleties that can make a difference to your mortgage in the long haul. An experienced professional to point you in the right direction is extremely beneficial.

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.

Get in contact with the Mortgage Saving Experts in Norney. You can do this by dialling 01273 738 072 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. Our mortgage savings experts will make your task as easy and straightforward as possible. Besides, why complicate things more than necessary? Let us make things easy for you and make sure we find you the most suitable 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. All mortgage and insurance applications are handled like they’re our own at Mortgage Savings Experts. We’re all about this. No matter the circumstances – whether this is your first time buying, you’re a landlord, moving onto a new chapter or even re-mortgaging, Mortgage Saving Experts are here to help. We are here to assist! Approximately “Take 15 minutes to talk to 1 adviser and find out about 1000s of mortgage deals.”

Our Team of Brighton 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 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

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. To achieve these objectives, we will then work hand in hand with you.

Why chose Mortgage Saving Experts?

After taking out a mortgage, you’ll get an initial rate for the first couple of years. At the end of this initial rate, this returns 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:

  • With a deal better than the bank variable rate, you’ll subsequently save money.
  • We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
  • We can take care of the hard work for you while you relax.
  • 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 be supported and expertly advised throughout the whole mortgage process.

Our Approach to Mortgage Advice

Your individual needs will be duly considered, as we provide fully personalised services. Three simple steps are taken in our approach to mortgage advice:

  1. Let’s have an Initial Chat, so we can get to know You and What Your Requirements Are
  2. We Search the Entire Market to Find the Best Deal for You
  3. 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 Norney includes:

  • Learn about your situation and needs via fact-finding.
  • Point out the costs that come with buying and selling.
  • Request applicable documents to aid the application.
  • Make relevant suggestions and provide explanations about the prospective mortgage.
  • Respond to any questions you might have.
  • An agreement in principle should be obtained.
  • Submit your full mortgage application.
  • We will collaborate with your estate agent, solicitor and mortgage lender and reply to any questions through to completion.

For a first-hand experience of how amazing our services are, give us a call today

Mortgage Types We Provide Expert Advice On

We advise our clients expertly on a vast selection of mortgage products. By working with our team, you’ll have no trouble finding the perfect mortgage product to match your needs. The most popular mortgage types we’re requested to handle include:

First time buyers

Most mortgage lenders put people in the First Time Buyers category if they have either:

  1. Never owned a property or
  2. People who have owned a property in the past, but not owned one for six months or more.

Every lender has different rules and ideas about this. Normally, being a First Time Buyer is no issue. To qualify for stamp duty relief as First Time Buyers, you must have never owned a property before, anywhere in the world.

Mortgages can seem a daunting process, but they do not have to be. It’s rather exciting to be buying your first home, so if you find a reputable broker to get the job done for you at a fair price, then do use one. 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. The same applies to mortgages. With mortgage brokers, you can cut down on money, effort and time, so you should use one. You won’t have to pay for the initial consultation.

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. 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 can’t deal with all of that, talk to an adviser who will provide guidance accordingly.

Your credit is crucial.

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 qualify for a mortgage, good credit is helpful, but not essential. Based on your present situation, we can also be your guide when it comes to how much you can afford to pay for your new home and what your price ceiling should be. 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. The two of them don’t have to go hand in hand. Let me clarify this. 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. It’s always best to speak with someone before deciding which deal to go for, as you don’t want to be caught out by being tied to a more expensive deal overall, even if the rate is much lower. Tread carefully.

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 because only your circumstances are considered at the time of re-mortgaging. So, do find out from your adviser.

A smart way to significantly minimise the cost of your mortgage bills is to undertake a re-mortgage on time. Although it can be a good thing – depending on your individual needs – a re-mortgage deal might not be the most suitable choice.

Reasons for remortgaging your property

  • Based on your specific needs, such as…
  • Mortgage debt isn’t considerable.
  • Financial circumstances have changed.
  • Early repayment charge is on the high side.
  • Home value dropped.
  • Existing credit problems.
  • Already on a suitable current rate.
  • 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 cannot live in the property. You can purchase a buy to let property as a First Time Buyer, but you’ll be restricted to the number of available lenders, while extra checks will be made by the lender in such situations.

  • There are a few things you may need to be aware of when purchasing a buy to let property.
  • The rental income you receive is a primary factor when determining the size of the loan you can borrow.
  • You’ll have to pay an extra 3% stamp duty on top of your normal stamp duty.
  • You’ll still have to pay the extra 3% of the purchase price, even if the property isn’t valued as it should be for the stamp duty to be liable.
  • TIP: Ask your solicitor/conveyancer to work out how much you’ll have to pay if you’re buying a second property.
  • 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?

Commission is usually paid to mortgage brokers by lenders; this will be 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. Don’t forget to find out how brokers collect payment. The should be totally transparent, disclosing the amount to be charged, as well as their available fee structure.

The fee structure we adopt is based upon charging the client £695 and deducting from that figure any commission paid by the mortgage lender. Our client will be asked to pay the difference between the commission we are paid and £695, if the amount of commission is less than £695. If for example, we are paid a commission of £495, we would ask you to pay a fee of £200, payable on production of your mortgage offer. Please note, we only take payments on a results-based arrangement.

How Much Can I Borrow?

Many factors affect this, such as how much you earn, the amount you deposit, the number of children you have, as well as 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. In addition, they will perform a credit check to ensure your credit rating is sufficient for the purpose of a mortgage.

For a more accurate idea of how much you can borrow, get a decision in principle before you apply for a mortgage in full. Make plans to meet with one of our experienced mortgage experts now. We can at least give you an idea, without having to do any credit checks at the initial stage.

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 Norney Expert Mortgage Broker

What Our clients say About us

In Norney, we have long and diverse list of satisfied clients. If you’re still not sure that we are the experts to get you the most suitable mortgage deal in Norney at the most affordable price, check out some of the things our clients have said about working with us. Contact us today to get a first-hand experience of the excellent services we provide.

The team are very welcoming and the new office is great. Stuart has recently placed a mortgage for a client of ours and the offer was out in no time at all. Highly recomended.
After searching the market for a new mortgage, I was referred to Barry and his team. Nothing was too much trouble finding me a fantastic rate saving me thousands over the course of my mortgage.Barry was always on hand no matter what time of day it was. Communication was second to none!Thanks for everything! I'll be back in 2 years for the remortgage!All the best for the future!
Andrew Trett
14:28 10 Apr 19
I was referred to Barry Webb for a first time buyer mortgage. Barry was really easy to speak to and explained everything well. The AIP was in place really quickly ready for putting an offer in. I wanted to make some changes to the mortgage further down the line and was all sorted quickly. Took the hassle and stress out of the part of the house buying process. Would definitely recommend!
Hayley Knight
11:27 08 Feb 19
Barry has always been a fantastic help with my mortgage needs and he's always got a great sense of humour, definitely not your average mortgage advisor! Top class.
Luca Sage
10:38 20 Nov 18
Barry and his team at Mortgage Savings Experts applied their experience and knowledge to find us exactly the deal we needed. Barry was able to provided us with all of the necessary details, walked us through the process and provided an excellent level of service. He was proactive in contacting us with the latest mortgage developments and keeping us right up-to-date, worthy of a five star rating. Many thanks.
Robert Ainge
10:42 15 Nov 18
We have been utilising Barry Webb as our mortgage advisor for over 10 years now and have found his services to be very professional and knowledgeable. Barry has always made timely contact with us, particularly when our existing lender agreement is about to expire and presenting us with new favourable rates and terms keeping us on track as we move forward. Easy and fun to deal with and happy to explain everything in layman's terms; we would highly recommend his services and will continue to avail upon his assistance in the future.Paul & Jo
Paul Barlow
14:40 06 Oct 18
I have used Barry several times over the years. He is very supportive in giving the lastedt information about the market and the best way remortgage. There have been times when remortgaging seemed impossible, with out Barry I wouldn't of been where I am today. I recommend using Barry as the mortgage is tailored to you rather than a bank or estate agent having a few options to offer.
Jon Roach
08:08 09 Aug 18
Friendly, fast and thorough. Barry made the process of buying our house so much less stressful. Always happy to go the extra mile, he worked with us every step of the way to ensure things went as smoothly as possible. Highly recommended.
Dan Garrett
17:56 01 Aug 18
Barry was a great help to us when arranging our life assurance. He was knowledgeable and extremely helpful. My working hours often Meant he had to contact us in the evening which he was happy to do. Highly recommended!
Sarah Ledwidge
13:18 31 Jul 18
I have been using Barry’s mortgage services for quite a few years, he has probably arranged around 5 + Mortgage’s for me.I don’t know how he does it but he always manages to find the best deal on the market which suits my needs.He is professional, very quick and just gets the job done with no messing around or trying to upsell other products.I have recommended him to many friends and colleagues and they are extremely happy with his services.I would highly recommend Barry to help you finding your perfect mortgage.CharlieBrighton
Charlie Kenyon
13:28 25 Jul 18
Excellent service from initial consultation to completion. Barry was able to find mortgage products that suited our needs and always took the time to provide clear explanations to our queries. I wouldn't hesitate to recommend his services.
Paul Drewitt
12:29 25 Jul 18
Professional and friendly service. I got an exhaustive answer to all the questions and everything was explained to me in a simple and clearly way. The whole procedure of all matters related to the mortgage was carried out in a quick and easy way, which I am very pleased with. Barry is a professional in his profession with a good sense of humor. Highly recommend 👍🏻
Monika Mroz
11:02 25 Jul 18
I have used Barry twice and both times the service has been first class. He explained things clearly and simply and did not use complicated jargon. Always did what’s best for me and a genuine nice bloke. Would 100 percent recommend and use again.
Buck CFC
09:02 15 Jul 18
Barry is a brilliant mortgage advisor. Very concercious of the needs of his clients. We have had the pleasure of using Barry's services for our mortgage, and have never been disappointed with the service he has provided. Always works hard to ensure we have a positive outcome and thoroughly investigates options to suit our financial requirements.Very professional and knowledgeable in his field, with a good sense of humour and down to earth nature. Barry is trustworthy and gives advice clearly, without the 'jargon'! Flexible in dealing with your questions and will contact you regularly to keep you informed and updated with important information.We have been very happy with the mortgage service we have received, and will hopefully continue to use Barry in the future. Jacqui and Danny
Jacqueline Gooden
10:56 14 Jul 18
I've used Barry's services twice now and will not forget how brilliant and amazing he is. I really thought I’d struggle to get a mortgage after my previous debt problems but he gave me peace of mind and ensured I got the best deal ever. He took all the stress and worry away from me. He is a mortgage God!! Not only is he factual, professional and efficient, he gives the best advice and I have complete trust in the information given. We've built a wonderful rapport over the last few years and I would not hesitate to recommend him to any of my friends or family. I wouldn't go anywhere else in the future. Barry is the answer to your best mortgage deal! Well worth the minimal fee he charges. He's utterly brilliant!
Just Ham
10:49 14 Jul 18
I've been using Barry at Mortgage Saving Experts to find me the best deal for my past two mortgages. His services have also helped me to save money on related insurances. Barry is very personable and professional in his manner and I would highly recommend.
Tatiana Bowskill
11:47 13 Jul 18
5 stars for 5 star service.I have used Barry for many years now and highly recommended him. He has been a constant help and willing to go that little bit further, that makes all the difference
Mark Macey
10:03 13 Jul 18
First class efficient service. Very helpful, informative and nothing is too much trouble!
Carol Harris
12:15 11 Jul 18
I very rarely write reviews, actually this is the first one ever I’ve done. However I can not recommend Mortgage Saving Experts highly enough... straight forward, easy to understand advice. Keep up the good work!!
Nick Daley
12:12 11 Jul 18
Barry provides an amazing service, goes really above and beyond to help you get the right mortgage. He understands the pressures of family life, it really feels like he cares about your future. He worked with us to get our first mortgage and has helped us renew and move house since. Have recommended him to many friends and will continue to do so.
Anna Allan
08:12 11 Jul 18
For many years and even more mortgages, MSE have provided a very prompt and efficient service of completing mortgages for me. As a property invester, I am always in the market for competitive mortgage products of various type with a quick turnaround, MSE's knowledge of the mortgage market place is second to none.
Gary Ottewell
07:03 11 Jul 18
Barry is trustworthy reliable and efficient in securing the best outcome for your mortgage needs. His experience make the process seamless transparent and easy to understand.
Karen Ainge
14:08 18 Jun 18

Latest Mortgage News

The more information you have to hand in your search for the ideal mortgage arrangement, the greater advantage you’ll have. Below is the latest insightful mortgage news to help you get started on the right path.

Mortgage Regulatory Information

Banks, building societies and specialised mortgage lenders account for the bulk of mortgage providers in the UK. 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.

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 FCA regulates the professional behaviour of mortgage providers. 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).

Deposit-taking organisations in the UK are under the jurisdiction of the Prudential Regulation Authority (a sister organisation to the FCA) for their financial conduct. They ensure firms have adequate capital levels to balance out their lending risks.

Taking up the matter with your mortgage provider is the first step to take if you have any complaints about 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

What To Ask Your Brighton Mortgage Broker?

This is a logical follow-up question. Again, insist on a specific reply.

And once you’ve received answers to these questions, ask if the broker would be willing to put both claims in writing. That will indicate how seriously those claims should be taken.

If a problem arises during the loan application process, you’ll want your broker to respond quickly – hence this question.

Again, demand a specific answer – “Within three hours”, say, rather than “Quickly”.

The reason for this question is so you can discover whether the broker will closely guide you through what is a complicated and stressful process – or expect you to figure it out for yourself.

Organising finance and purchasing property can be complicated and stressful, so you want to know you’re in safe hands. That’s why, before you settle on a particular broker, you should challenge the broker with this question.

Don’t let the broker get away with vague statements like “Because I’m the best” or “Because I provide great service”. Use follow-up questions to demand detail. “What specific things make you better than other brokers? What, specifically, do you do to deliver great service?”

Another important question to ask. That’s because while most brokers focus on ‘plain vanilla’ clients, others might focus on, say, sophisticated investors or borrowers with credit problems.

Hypothetically; Broker A might have done 450 vanilla loans and 50 bad-credit loans, while Broker B might have done 50 vanilla loans and 250 bad-credit loans. So if you were a borrower with credit problems, you might be better off with Broker B.

Next, probe them about their customer service standards

A great way to utilise the knowledge and experience of a broker is to get them to work out the true cost of your home loan. Based on whether you’re paying Repayment or interest only, how much of a deposit you have, the length of your loan term and the rates payable your broker will be able to obtain a mortgage illustration which will have the true cost on it. This is normally depicted by the Annual Percentage Rate (APR)

By maximising your deposit amount and minimising your loan term, you stand to significantly reduce the overall cost of your loan. However, there is much more to answering what the true cost of your home loan will be. Upfront fees such as valuation fees, conveyancing and legal fees need to be added to the total cost. Ongoing fees such as those you can incur for using a drawdown facility.

While it’s impossible to forecast the entire cost of your mortgage to the penny – and let’s not forget how life circumstances and changes can affect your ability to pay your loan too – a broker can can help clarify the big picture details. Mortgage Saving Experts can recommend any protection or insurances to protect you and your family to cover life unfortunate eventualities and our team of advisers can use this information to help you decide which loan is best for your circumstances.

The big question plaguing home buyers tends to be, ‘how much can I borrow?’ Each lender is massively different in this area so as a maximum depending on many factors. In the majority of cases, you can borrow up to around 5 times your gross annual salary but in some instances, you may borrow up to 5.5 times your gross annual income

Once you speak to us, however, we’ll be able to give you a much more accurate indication of your borrowing capacity. Brokers act as the go-between for you and the lender. Lenders will need to know your living expenses, debts, credit score and whether you have dependents. A broker can factor all these things into the right loan.

A broker can also explain home loan terms you’ll need to know, such as LTV, which is the initialism for Loan-to-Value and refers to the percentage of the total loan amount you seek to borrow as a percentage of the property purchase price or value. They can also explain things like the differences in interest rates and repayment types such as Interest Only and Repayment (Capital & Interest)

This is a good follow-up question to ask, as it will give you a better understanding of the mortgage broker’s experience.

For example, imagine two brokers joined the industry in 2013, but that Broker A had written 500 loans during that time and Broker B had written 300. In that case, even though both parties would be able to claim five years of industry experience, there would be a clear difference in hands-on experience.

This is a good place to start, because a more experienced broker will generally be more knowledgeable than a less experienced broker.

Press the broker to give you a specific answer, such as “Eighteen years” or “I’ve been a broker since 2007 and in the mortgage industry since 2001”, rather than something vague like “I’ve got a lot of experience”.

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Get in touch with the Mortgage Saving Experts in Norney. You can do so by calling us on 01273 738 072 for a friendly conversation.