Mortgage Brokers in Beare Green

What is a mortgage broker

A mortgage broker acts as an intermediary who brokers mortgage loans on behalf of individuals or businesses. Mortgage brokers exist to find a bank or direct lender that will be willing to make the specific loan an individual requires. Finding a good deal for a mortgage loan in Beare-Green will be easier if you work with a mortgage broker. If you work with a reputable mortgage broker and have a poor credit score or any other issues that could affect your mortgage application, your chances would be greatly improved.

There are regulations in place to guide professional mortgage brokers and make sure they adhere to banking and finance laws in the jurisdiction of customers, so you can be sure you’re in good hands.

What Is A Mortgage?

Quite simply, a mortgage is a loan. Quite unlike personal loans however, a mortgage is used as guarantee against a loan, because it is linked to a piece of property. Failure to pay when due can result in your mortgage provider taking back (repossessing) the property, as would be their legal right.

Mortgages are usually set for a set period of 25 years, but can sometimes be set for longer or shorter terms. A repayment plan is arranged as soon as you borrow the money. While there are various mortgage options, the most popular one requires a monthly capital repayment plan.

As well as paying back the money you initially borrowed (the ‘capital’), you’ll also be charged interest on that sum. 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. The loan and interest attached needs to be paid back over some years before the borrower can own the property without a mortgage. Failure to make mortgage payments can result in the lender taking back the property used as collateral for the mortgage.

The bank will have a charge on the property, so the lender may repossess it if the home buyer does not make the mortgage payments. If there is a repossession, the tenants can be evicted by the bank and the property sold to repay the mortgage debt.

Mortgages come in various guises. Even though there are longer fixed rate mortgage terms available, the borrower would have to pay the same interest rate for the initial terms of two, three or five years. Monthly payments do not change during the fixed rate term. If market interest rates rise, the borrower’s payment does not change on a fixed rate. The mortgage repayments the borrower makes won’t differ if the interest rates in the market change if they are on a fixed rate.

Reach out to the Mortgage Saving Experts in Beare-Green. You can reach us by dialling 01273 738 072 today for a friendly chat.

As soon as the fixed rate ends, your mortgage will be returned to a ‘standard variable rate’ set by the bank, lender or building society that lends you the money. If you have a diary system in place or a switched-on broker, you must remember to re-mortgage or contact your existing lender and change the rate three months before it increases to the variable rate. This is because the rates can increase or decrease as the lender sees fit, which will help you avoid higher monthly payments.

A mortgage can seem less costly than it really is, with the initial interest rate often being a low rate. If interest rates rise later on, the monthly rates may become too high for the borrower to pay. After the initial term, variable rates can be adjusted at any time, making the monthly payments unpredictable.

Talk to an independent broker about other types of mortgages that could be options for you, such as buy to lets, interest-only mortgages, secured loans, bridging loans, offset mortgages and tracker rates, which are not so common. To match any needs and requirements you might have, our mortgage brokers in Beare-Green can help to find the best possible mortgage deal for you.

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. 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. To immediately determine how much you’ll have to repay each month, simply enter the values and your term before pressing ‘Click to calculate’.

Mortgage Calculator
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Why Use A Mortgage Broker?

Working with a mortgage broker for your mortgage application in Beare-Green can be beneficial in various ways. Of these benefits, some of the most evident include:

Save Money

The most obvious benefit of choosing a mortgage broker is the potential to save money. You’ll just need to fill out some details and an experienced professional with your best interests in mind will deal with the hard work.

Some people are sceptical about this – especially with the concept of a mortgage broker not yet universally understood. There must be a catch somewhere, surely? 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 truth, brokers have to provide viable reasons to you, their regulatory body, the Prudent Regulation Authority or the Financial Conduct Authority for recommending the mortgage they have. To not do so could lead to them facing significant problems. 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.

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. Acting as your agent isn’t all they should do, but also problem solvers and knowledgeable consultants too. 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. Mortgage brokers will interview you to identify your needs, as well as short and long term goals. The simple use of a 30 or 15-year mortgage is inadequate for many situations, which is why sophisticated solutions and innovative strategies are the benefits of working with an experienced mortgage broker. This includes mortgage to raise capital for repayments, money for necessary home improvements or children, or even to buy other properties such as buy to lets.

Has Flexibility Expertise to Meet Your Needs

A mortgage broker will guide the client throughout the whole process and sort out any issues that might arise. 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 large loan – considerably more than what the bank will approve – the knowledge and expertise of a broker in securing financing would be a distinct advantage.

Save Time & Hassle

It is not just about money. 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. 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. 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. To be of assistance throughout the entire application and approval process, mortgage brokers do the bulk of the work. This includes handling all the paperwork, helping with applications for government ski schemes, answering questions and providing insight on other options and loan features you may not have given thought to. These features can include drawdown facilities, the option to make extra repayments and offset accounts to name a few. These types of features can make a significant difference to your mortgage cost and experience. In fact, if you don’t know so much about these concepts and the effects they could have, you can find clarification and get answers to any questions you may have during a phone call.

Access to exclusive non-advertised deals

There are exclusive deals that aren’t advertised by banks to which brokers have access. The banks pass these deals on to the brokers, who are responsible for selling the products. Talking to a broker can release these extra perks, which you’d otherwise not enjoy by contacting the bank yourself.

While banks can only provide their own deals (and not the deals offered by other banks), brokers can scour the entire market to discover the most suitable deal.

Better chance of pre-approval success

If your request for an Agreement in principle/Decision in principle of a loan is turned down, a mark is left on your credit rating. With the required knowledge and experience brokers possess, you’ll have a better chance at approval the first time around.

Access to expert knowledge

Helping people secure loans is what mortgage brokers do for a living. Helpful information and exclusive deals you won’t find yourself are accessible to them. Loans are attached to subtleties you could easily overlook if you aren’t searching for them. In fact, it is these small details that can make a difference to your mortgage in the long run. It’s beneficial to have an experienced professional to point out these things for you.

Rather than putting time aside to research thousands of loans and several lenders – and still possibly miss important subtleties – why not let someone else who has industry experience handle the work? A mortgage broker is a great choice for your home loan requirements, just as a plumber is for fixing a leaking pipe and a hairdresser for dealing with damaged hair.

Get in touch with the Mortgage Saving Experts in Beare-Green. You can do this by dialling 01273 738 072 for a friendly chat.

About Mortgage Saving Experts

Mortgages and insurance aren’t as difficult as they first appear. 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. Why make things harder than necessary, after all? Allow us to ease the entire process and obtain the best deals available for you.

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. Here at Mortgage Saving Experts, we treat all mortgage and insurance applications as our own. We’re all about this. Mortgage Saving Experts are available whether you’re a first-time buyer, a landlord, moving on to a new phase or just re-mortgaging. We are here to provide assistance! In essence “Find out about 1000s of mortgage deals by putting 15 minutes aside to talk to 1 adviser.”

Our Team of Brighton 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 must justify to you and our regulators why we recommend the mortgages we do, so you know exactly why you have the mortgage you have.

Down to Earth Mortgage

Our team of mortgage insurance experts is made up of honest, passionate, enthusiastic and widely experienced individuals.

Our mortgage and insurance experts are particularly good at listening to your current and future goals. These goals will be achieved when we work with you intently.

Why chose Mortgage Saving Experts?

When you take out a mortgage, you’ll be subject to an initial rate for the first few years. At the end of this initial rate, this returns to the lender’s variable rate. Three months before this rate is up for renewal, our team will contact you again to put a new deal in place before your rate and monthly payments increase. 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.
  • You don’t have to remember when your deal finishes, as we will do this for you.
  • You can take time to relax, while we handle the stress for you.
  • This is our area of expertise; you’ll always receive advice from a qualified mortgage expert.
  • We compare, advise and arrange the best mortgage for you from thousands of available deals.
  • 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:

  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:

Our services are more remarkable than those of other mortgage brokers in Beare-Green because:

  • Learn about your situation and needs via fact-finding.
  • Explain the costs involved with buying and selling.
  • Request all documents related to the application.
  • Provide explanations and recommendations for the prospective mortgage.
  • Respond to any questions you might have.
  • An agreement in principle should be obtained.
  • Submit your full mortgage application.
  • Answer any questions and work together with your mortgage lender, solicitor and estate agent until the final stages.

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 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. Some of the most commonly requested mortgage types we help with include:

First time buyers

Many mortgage brokers consider First Time Buyers people who 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.

The rules and ideas on this are different across various lenders. Normally, being a First Time Buyer is no issue. To qualify for stamp duty relief, First Time Buyers must have never been property owners in any location in the world previously.

While mortgages may look like a tedious process, they don’t have to be. The purchase of your first home can be filled with excitement, so if you discover a well-respected broker to manage the process for a reasonable price, then use one. The reason you should use one is fairly obvious. After all, if your car broke down and you knew nothing about cars, you wouldn’t try to fix it yourself. Instead, you would take it to a mechanic. It isn’t any different with mortgages. Mortgage brokers can help you save money, time and effort, so why don’t you use one? The initial consultation comes at no cost at all.

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. Learn what to do when applying, within the application process and even how to use a mortgage after buying 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 a necessity.

A mortgage is not to be taken lightly. Since the subprime mortgage crisis in 2008, banks have trodden more carefully in terms of risking money up front. Qualifying for a mortgage is boosted by good credit, but it isn’t compulsory. 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. Not only will we help you buy your dream home, we’ll also help you finance it with the lowest cost and most convenient mortgage deal available.

Re-mortgage your home

In essence, the only thing you’re doing here is swapping one lender for another to get a cheaper deal or better rate. They don’t always sit well together. I’ll explain this clearly. If you have a small mortgage, you’ll probably find it’s not worthwhile paying an arrangement fee to the lender just to go on a lower rate. Being on a rate that’s a bit higher may seem more agreeable to you than paying an arrangement fee to any lender. Even with a lower rate, you could end up having a costlier deal in total, which is why it’s always prudent to talk to someone before you make any decisions. Pay close attention.

One upside to re-mortgaging is that your usually not required to pay for valuation or solicitors fees, although some people don’t qualify for this. Any reasoning depends solely on your circumstances at the time of re-mortgaging. So please check or ask your adviser.

A re-mortgage completed on time is a smart way to significantly reduce the cost of your mortgage related bills. Depending on your circumstances, it might not be the ideal move for you – even though a re-mortgage arrangement certainly has its benefits.

Reasons for remortgaging your property

  • Depending on your unique needs, like…
  • Mortgage debt isn’t so big.
  • The financial disposition is now different.
  • Costly early repayment charge.
  • Decrease in home value.
  • You have credit problems.
  • Present rate is very agreeable.
  • 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 purchasing a buy to let as a First Time Buyer, the number of lenders available will be restricted and there will be extra checks carried out by the lender in such cases.

  • When purchasing a buy to let property, you’d be required to know quite a few things.
  • 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: You should ask your solicitor/conveyancer to figure out how much you must pay when considering buying a second property.
  • To help determine the most suitable mortgage to meet your needs, an expert mortgage adviser will know the specific questions to which you will need to provide answers.
  • To find out if you qualify, contact our advisers today.

How Much Do Mortgage Brokers Charge?

Most mortgage brokers get paid commission from lenders, which will be a percentage of the mortgage loan you receive. Depending on the type of mortgage you need – whether buy to let or residential mortgage for instance – and whether you’ve had any credit problems of late. The figure is often set at around 0.33%, although this varies widely. A flat fee of roughly £500 is usually charged by the majority of independent brokers. Be sure to ask brokers how you can pay them. The should be totally transparent, disclosing the amount to be charged, as well as their available fee structure.

Our fee structure is based upon charging the client £695; any commission which is received from the mortgage lender is deducted from that figure 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 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?

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. Other than this, they will also carry out a credit check to ensure you have an agreeable credit rating for mortgage purposes.

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. Initially, we can at least give you an idea, without needing to conduct any credit checks.

The Latest Best Mortgage Rates

Whether you’re looking to re-mortgage, move home, find a first-time buyer mortgage or 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 Beare-Green Expert Mortgage Broker

What Our clients say About us

Our list of satisfied clients in Beare-Green is lengthy and diversified. If you still have doubts about our ability to professionally provide the best deal in Beare-Green at the cheapest price, see for yourself what some of our customers have said about their experience with us. To get a first-hand experience of the great services we provide, call us today.

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

Having more information at your disposal when looking for the most ideal mortgage deal places you in a more advantageous position. 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.

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 FCA monitors the professional conduct 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 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.

In terms of their financial conduct, organisations collecting deposits in the UK fall under the Prudential Regulation Authority, the FCA’s sister organisation. 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 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

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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Connect with the Mortgage Saving Experts in Beare-Green. You can reach us by dialling 01273 738 072 today for a friendly chat.