Say Farewell to Broker Fees and Hello to Free Mortgage Advice

There are a number of places you’ll be able to get personalised mortgage advice, including mortgage brokers, lenders, and banks. Whilst expert opinions can be highly valuable, it’s important to keep in mind that some advice providers are ‘tied’ to certain mortgage options – e.g. advisors working for a bank may only be able to recommend products offered by them, meaning you may miss out on other better deals. Before arranging a mortgage consultation or advice session, be sure to establish whether or not your advisor will be able to give you a whole of market view, and ultimately, whether or not they’ll be biased.

If you’d prefer to avoid early repayment charges on a future mortgage, or are looking to pay off a current mortgage before the end of its term, a mortgage broker may be able to help.

At Fees Free Mortgages, we’ll base our research and advice entirely on your individual preferences and circumstances, meaning that we’re able to source and secure mortgages from a small number of lenders offering fixed or tracker rates where the entire loan can be repaid, in full, without penalty.

Avoiding ERCs whilst in a fixed rate can also be done by ‘Porting’ – through which you can apply to move your mortgage to a new property, and borrow more to buy your new home.

A mortgage product fee is often known as an arrangement fee. Banks usually offer lower rates but with a fee that can either be paid upon application or added to the loan on completion. We’ll calculate whether it’s worth paying the arrangement fee for you!

No, not all mortgage advisors charge a fee! Some brokers will charge a fee for their services upfront on completion, or as a percentage – but it doesn’t have to be that way. 

Fees Free Mortgages are completely fees-free mortgage brokers. We get paid commission by the banks that we recommend – meaning we don’t need or want to charge our clients additional fees. We’re completely ‘whole of market‘, and aren’t tied to any lenders, so will always work independently and without bias to get you the best mortgage rates and the mortgage deal that suits you. 

A fee-free mortgage is exactly what it sounds like – a mortgage without a mortgage broker fee. 

Whilst there can be many fees that could be involved when you mortgage or remortgage, most of which are imposed by your chosen bank or lender, there’s one fee that a mortgage broker can decide whether or not to charge – a ‘mortgage broker fee’. 

Fees Free Mortgages get paid by the bank or lender on the completion of a mortgage application, meaning we don’t need or want to charge our clients additional fees– simple!

How much deposit you need for a mortgage is specific to your individual scenario. Typically, you can put down a deposit of as little as 5% of the property value with the assistance of government schemes or specific mortgage types such as shared equity. This is, of course, subject to meeting specific lending criteria accessible by your mortgage broker or lender.

Yes. In some circumstances, you can either shorten or lengthen your mortgage term. It’s recommended that you consult a qualified advisor prior to making steps towards altering your mortgage term. They’ll get to know your situation and motives – meaning they’ll be able to advise on the best course of action, and assist you along the way – helping you avoid potential pitfalls and financial snags.

Yes, you can borrow more money on top of your current mortgage, subject to meeting your mortgage lender’s criteria. Many homeowners borrow more to improve or extend their home, or to consolidate their other outgoings. You can also borrow more whilst remortgaging by arranging further advance with the same lender.

Your chosen mortgage broker or lender will need access to a significant amount of personal and financial information in order to ensure your application is approved. Initially, when working to source possible mortgage deals, they’ll get an overview of those who are named on, or wish to be named on a mortgage. An idea of household income and outgoings will assist the advisor to make affordability checks. Most importantly your advisor or provider will need to get an overview of your objectives, finding out exactly what you’d like to achieve! Further information surrounding your finances and identity will be needed further down the line at the time of your official application.

Mortgages work in a way similar to any loan – but are specifically used for the purchase of property. They typically allow for the borrowing of a high value of money over a pre-established term – often up to 30 years. 

In order to purchase a home, you’ll need to have the funds necessary to cover at least 5% of the property value as an upfront deposit. The remaining amount is covered by the mortgage, loaned to you by a lender. You’ll begin to pay this back on a monthly basis, generally over a period of many years. These payments may differ according to your mortgage type, and may be repayment, or interest only. Monthly mortgage repayments may also include insurance costs where relevant. 

Getting a mortgage can seem like a long, intimidating process, but involving a broker along the way can ease the stress of finding and securing the best possible deal. To start, your mortgage broker will work with you to gain an overview of those who wish to be named on a mortgage, before performing affordability checks, alongside assessing household income and outgoings. In order to provide you with the best deal options, your broker should work with you to understand your objectives and unique situation. They may require the following documents:

• Utility bills
• P60s
• Last three months’ payslips 
• Proof of any benefits you receive
• Proof of ID (passport or driving licence)
• Current account bank statements for the last 3-6 months 
• Credit report (download from here https://www.checkmyfile.com/?ref=vfg&cbap=1) 

There may be more paperwork required if you’re self-employed. This could include:

• Your last 2 or 3 years’ accounts 
• or, Last 2 years’ tax calculations and corresponding tax year overviews

After determining how much you’ll be able to afford and what you’re looking for, your broker should search the market, and present you with the mortgage options most suited to you. Some mortgage brokers will work with you beyond this point to compile, submit, and manage your application from start to finish. 

The good news is that independent mortgage advice doesn’t have to cost you a penny – as fee-free independent brokers take all their fee as commission from the lender.