What is a mortgage broker?
A mortgage broker represents individuals or companies looking to broker mortgage loans. Mortgage brokers function to find banks or lenders that will willingly make the exact loan an individual requires.
If you work with a mortgage broker in Hurstpierpoint, it won’t be so difficult to get a great deal on the mortgage loan you require. 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.
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.
Handy Tools and Calculators
With a clear idea of the maximum you can borrow and how much the loan will cost, it then becomes easier to plan your future. Take advantage of this handy calculator to determine exactly how much your mortgage repayments will be, based on your total loan figure and interest rate. Simply fill in the values plus your term and press ‘Click to calculate’ to immediately discover the amount you must repay monthly.
Why Use A Mortgage Broker?
There are a wide range of benefits to be enjoyed from working with a mortgage broker in Hurstpierpoint with regards your mortgage application. Some of the most prominent benefits are:
The most visible benefit of choosing to work with a mortgage broker is that you will likely save money. You only need to provide a few details, before an experienced professional committed to protecting your interests handles the hard work.
Some people are not fully convinced about this, what with the concept of a mortgage broker still vaguely understood universally. So, there has to be a catch somewhere, surely? While this train of thought is understandable, be assured that most mortgage brokers don’t have an incentive to work against your best interests.
In short, a broker is required to give proof of their reasons for recommending the mortgage they have (to you, their regulators, the Prudent Regulation Authority or Financial Conduct Authority) or they could be penalised. Many mortgage brokers can obtain exclusive mortgage deals not found on the high street, potentially making the total loan cost lower for the client. 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.
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. You will be interviewed by the mortgage brokers to determine your needs and goals – both in the short and long term. Simple 30 or 15-year mortgages are not sufficient in many cases, which is why innovative mortgages and sophisticated solutions are distinct benefits of working with experienced brokers. These include mortgages to raise capital for repaying debts, money for marital needs or children, home renovations or the purchase of other properties such as buy to lets.
Has Flexibility Expertise to Meet Your Needs
Any problems that may arise can be dealt with by a mortgage broker, who will oversee the whole process, guiding the client through any situation along the way. For instance, a broker will have knowledge of the lenders who offer the best products to meet the needs of a client with a credit issue. 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
It is not just about money. As much as it’s important to save some extra money, your time and sanity are important as well. Give a thought to the amount of time you’d have to invest when enquiring about various loan types from numerous lenders. You’d only need to complete one application with a mortgage broker, instead of filling out forms for every individual lender. A formal comparison of the loans recommended can be provided by your mortgage broker to act as a guide for the information that accurately illustrates the differences in cost, showing present rates and points, as well as closing costs for each loan. 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. A mortgage broker can do a lot of the work by providing you with support throughout the application and approval process. This might involve completing all paperwork, helping you with applications to government schemes, answering questions and explaining the options and loan features, about which you may not have been aware. These features could include things such as drawdown facilities and options for making extra repayments and offset accounts. Features like these can make a huge difference to your mortgage costs and overall 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. Going to the bank directly could cause you to miss out on added benefits such as these, which you can procure by speaking to a broker.
A bank can provide access to their own deals (not those offered by other banks), but brokers can gain access to the entire market to find the best deals.
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. The experience and knowledge required for your best chance of approval the first time you apply is something brokers have in abundance.
Access to expert knowledge
The job of a mortgage broker is to help people secure loans. They can access useful information and exclusive deals you likely couldn’t find yourself. If you aren’t looking for them, you’re likely to miss the subtle details that come with loans. In the long run, subtleties like these are significant to your mortgage. It is a huge plus to have the services of an experienced expert to show these things to you.
Rather than sacrifice a chunk of your day researching thousands of loans and lenders (and still potentially missing out on key subtleties), why not let someone with industry experience handle the work? For home loan requirements, a mortgage broker is the best ways to go, just as a hairdresser is for replenishing damaged hair and a plumber for fixing leaking pipes.
Contact the Mortgage Saving Experts in Horsell. You can reach us by dialling 01273 738 072 today for a friendly chat.
About Mortgage Saving Experts
Mortgages and insurance are not as complicated as they might first seem. That’s why finding honest advisers with invaluable experience and knowledge is so important. Your entire journey can be made stress-free and simple by our mortgage savings experts. After all, why make things more difficult than they need to be? Let us make everything easy for you and ensure you get the best possible deal.
Mortgage Saving Experts provide an honest and transparent service that will leave our customers thinking that mortgages and insurance aren’t as daunting as they may seem. At Mortgage Saving Experts, we treat each mortgage and insurance application as if it were our own. This is what we’re all about. Mortgage Saving Experts are available whether you’re a first-time buyer, a landlord, moving on to a new phase or just re-mortgaging. Providing help is why we’re here! Basically “Take 15 minutes to talk to 1 adviser and find out about 1000s of mortgage deals.”
Our Team of Hurstpierpoint Mortgage Experts
As we are bound by regulations of the Financial Conduct Authority (FCA), we must ensure we get you the best available deal on the market. We are required to justify our reasons for making the mortgage recommendations we do to both you and our regulators, so you can understand why you have the mortgage you have.
“Down to Earth Mortgage”
Our team of mortgage insurance experts is made up of honest, passionate, enthusiastic and widely experienced individuals.
Our mortgage and insurance experts pride themselves on listening to what your current and future objectives are. We will make these goals happen by working meticulously alongside you.
Why chose Mortgage Saving Experts?
For the first few years after taking out a mortgage, you’ll be subject to an initial rate. 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. Other advantages of working with us are:
- The deal you’ll get is better than the bank variable rate, which in turn saves you money.
- We will help you keep abreast of the expiry dates for deals, so you won’t have to worry.
- You can take time to relax, while we handle the stress for you.
- We know our onions, so you’ll only ever be advised by a qualified mortgage expert.
- To arrange the best deal for you, we compare and dispense advice with regards thousands of mortgage deals.
- You’ll be supported and expertly advised throughout the whole mortgage process.
Our Approach to Mortgage Advice
We offer a personalised service that takes into consideration your unique needs. The approach we take to mortgage advice involves three simple steps:
- Let’s have an Initial Chat, so we can get to know You and What Your Requirements Are
- We Search the Entire Market to Find the Best Deal for You
- We’ll Present you with the Cheapest and best Deals Available for Both Mortgages and Insurance Cover
How Mortgage Saving Expert Brokers Can Help you:
What differentiates our services from those of other mortgage brokers in Hurstpierpoint includes:
- Understand your needs and circumstances via fact-finding.
- Clarify the costs related to buying and selling.
- Request applicable documents to aid the application.
- Propose and explain the likely mortgage.
- Provide answers to your questions.
- An agreement in principle will be put in place.
- Have your full mortgage application submitted.
- Answer any questions and work together with your mortgage lender, solicitor and estate agent until the final stages.
Mortgage Types We Provide Expert Advice On
We provide professional advice on a broad range 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:
- Never owned a property or
- People who have owned a property in the past, but not owned one for six months or more.
For each lender, the rules and ideas about this differ. Being a First Time Buyer is not generally considered to be a problem. To qualify for stamp duty relief as First Time Buyers, you must have never owned a property before, anywhere in the world.
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. 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. Mortgage brokers can save you time, effort and money, so why not use one? The initial consultation is free of charge.
Buying a home
If you’re considering a home purchase in the near future (or even within a few years, you should certainly brush up on your mortgage knowledge. Find out what to do before applying for a mortgage; during the application process; and how to use it accordingly after purchasing your home. If you would rather avoid any stress, speak to an adviser, who will guide you accordingly.
Your credit is of great importance.
A mortgage is a major issue. 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. We can also offer guidance regarding how much you can afford to pay for your new home and how to set your limit, depending on your ongoing situation. Not only will we help you buy your dream home, we’ll also help you finance it with the lowest cost and most convenient mortgage deal available.
Re-mortgage your home
Simply put, all you’re doing with this is changing from one lender to another to get a better rate or cheaper deal. They don’t always sit well together. Let me clarify this. If you’ve got a small mortgage, paying the arrangement fee to a new lender to go on a lower rate might not seem practical to you. You might find it cheaper by going on a slightly higher rate and paying no arrangement fee to the lender at all. It’s best to always talk to someone before agreeing any deal, because you don’t want one that’s more expensive overall, even though the rate might be significantly lower.
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. This is because it is dependent on your circumstances alone at the time of re-mortgaging. So, please make enquiries with your adviser.
A brilliant way to ensure you cut down on your mortgage bills is to re-mortgage on time. Even though a re-mortgage deal is accompanied by various benefits, it might not the best choice for you, depending on your unique circumstances.
- Depending on your individual circumstances, such as…
- Mortgage debt isn’t so big.
- There have been significant changes in financial disposition.
- Early repayment charge that’s costly.
- A reduction in home value.
- You’re dealing with credit problems.
- Already on a suitable current rate.
- We will dispense advice on the merits of pursuing a re-mortgage.
Buy to Let
A ‘buy to let’ property is one you want to purchase in order to rent out to tenants. According to the law, you cannot live in the property. If you’re a First Time Buyer, you can purchase a buy to let property, but the number of lenders available is restricted. There are also extra checks made by the lender in these circumstances.
- There are some things you might want to know when purchasing a buy to let property.
- The loan amount you can borrow is largely dependent on the rental income you receive.
- You will have to pay 3% stamp in addition to 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: If you want to buy a second property, find out the amount you’ll be require pay from your conveyancer/solicitor. A knowledgeable adviser will help find the right mortgage to suit your requirements by asking you the relevant questions. Contact our advisers to find out whether you’re eligible.
How Much Do Mortgage Brokers Charge?
A percentage of your mortgage loan is paid as commission to many mortgage brokers by lenders. 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. Most independent brokers charge a flat fee, which is typically around £500. Be sure to ask brokers how you can pay them. They need to be totally clear, informing you of the fee structure they use and just how much you are due to be charged.
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?
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. The amount a lender would be willing to lend is dependent on a comprehensive affordability assessment that helps them understand your income, as well as any loan or credit card commitments you might have and everyday household expenses. In addition, they also perform a credit check to make sure your credit rating is suitable 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. Arrange to see one of our qualified mortgage experts today. Initially, we can at least give you an idea, without needing to conduct any credit checks.
The Latest Best Mortgage Rates
Whether you want a re-mortgage, move home, find a mortgage for a first-time buyer or purchase a buy to let, we can help. We compare recent mortgage deals in large quantities to help you find just what you want.
Request a free quote from Mortgage Saving Experts, your Hurstpierpoint Expert Mortgage Broker
What Our clients say About us
The list of happy clients in Hurstpierpoint is a lengthy and diverse one. If you doubt that we are the professionals most capable of finding you the best mortgage deal in Hurstpierpoint at the lowest price, check out what some of our customers have to say about their experience with us. To get a first-hand experience of the great services we provide, call us today.
Latest Mortgage News
The more information you have at your disposal when seeking the best mortgage deal, the better the position you’ll be in. To provide insight and help you get started, find recent news on mortgages below.
Mortgage Regulatory Information
Building societies, specialised mortgage lenders and banks provide the most mortgages across the UK. There is a total of 200 different financial institutions which offer mortgages in Britain, although Lloyds Banking Group and Nationwide Building Society owns the market’s largest share.
Even though UK banks and building societies have always been regulated closely, the FCA (formerly the Financial Services Authority) put a regulatory scheme in place for mortgages, because of the Financial Services Act 2000.
The FCA regulates the professional behaviour of mortgage providers. Tough rules are in place concerning checks that ensure customers are fairly treated in terms of contracts for financial services, as well as misleading and unfair adverts and promotions. As a result of the FCA Mortgage Market review of 2014, the initial regulations set out in the rules for Mortgage Conduct of Business were revamped.
Regarding their financial conduct, organisations that take deposits in the UK fall under the FCA’s sister organisation’s jurisdiction, the Prudential Regulation Authority.
They make sure firms have capital large enough to cancel out their lending risks. The first step in tackling any issue you have with regards your mortgage provider is to take it up with them. You utilise a complaint procedure via the FCA if you don’t think it has been suitably dealt with. In turn, this can be referred to the Financial Ombudsman Service if deemed necessary. Some mortgages are not regulated by the Financial Conduct Authority such as moist Buy to Let mortgages and if you make a complaint about these you are unable to take these to the Financial Ombudsman Service Contact the Mortgage Saving Experts in Hurstpierpoint. You can reach us by dialling 01273 738 072 today for a friendly chat.
What to Ask Your Hurstpierpoint 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.
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