Ready to secure your next home? You won’t have to go it alone.
The world of mortgages can be an intimidating place. From financial checks and balances to endless paperwork and searches, the to-do list can seem endless. How exactly are you meant to get things just right? Is there really a perfect mortgage out there? Which offer is right for you? Well, the right broker can answer all of these questions and more.
In this blog post, we’ll dive deeper into what a mortgage broker really is and how they can help you go from search to sign-off in just a few simple steps. We’ll also cover everything from the benefits of working with one to upfront and added costs – so, grab a cuppa and get comfortable!
Have your sights set on a house? Chances are, you won’t be able to pay for it upfront. But no worries – that’s where mortgages come in.
Mortgages are – put simply – big loans specifically designed to help people buy property. They help spread the (often hefty) price tags of homes over a number of years. In signing up for one, you’ll be agreeing to borrow a large chunk of money from a lender in order to buy, all of which you’ll pay back over an agreed period (such as 30 years).
Once you’ve secured your loan and property, you’ll need to make regular repayments, which will include both interest (what you pay to borrow the money) and capital (the amount you borrowed). Of course, your mortgage will be as unique as you are – meaning the actual figure you’ll pay back each month will depend on factors like your interest rate, mortgage length, and balance.
As you can probably see, things can get complicated fast. That’s why it’s always a good idea to speak to a mortgage broker before taking the leap.
In a nutshell, a mortgage broker is a professional who acts as a middleman between you (the borrower) and the lender. They specialise in finding the best possible mortgage deal for their clients’ individual needs and circumstances, but can also offer some wonderful tailored advice and insight on everything from budgeting to the buying process. The best part? They’ll aim to do most of the tricky paperwork and admin on your behalf, leaving you to focus on other aspects of your life.
In short, these mortgage whizzes have access to the best deals on the market. A good one will work on your behalf to narrow long lists of lenders and offers down to the very best for your requirements, before doing all the legwork when it comes to sealing the deal.
Think of brokers as your personal mortgage guide – they’re here to help you through the tricky maze of home buying, saving you time, money, and stress in the process.
The right mortgage broker can be a huge help – especially to first-time buyers. Here’s a quick overview of what they bring to the table:
Leave the legwork to the pros. Consult a mortgage broker, and they’ll have the ball rolling on your behalf, no matter what stage of the mortgaging/buying process you’re at. Just thinking about buying a house? They’ll be able to put together a MIP (mortgage in principle) as a budget guide and buying tool. Found your dream property? They’ll work to secure the best possible mortgage deal on your behalf. Simple as.
Your mortgage and home-buying needs are as unique as your fingerprint. A broker will take into account factors like your income, deposit, and credit history to ensure they’re sourcing and securing the best possible deal for your circumstances – resulting in a tailored experience from start to finish.
Your mortgage and home-buying needs are as unique as your fingerprint. A broker will take into account factors like your income, deposit, and credit history to ensure they’re sourcing and securing the best possible deal for your circumstances – resulting in a tailored experience from start to finish.
Whole-of-market mortgage brokers are in a unique position. In most circumstances, as ‘industry insiders’ they have access to a huge selection of mortgage offerings – many of which aren’t available to the general public. They’ll use this to their advantage, unlocking deals on your behalf, and ultimately, saving you money in both the long and short run.
Brokers, of all people, know how complex and confusing the world of mortgages can be. Whether you’re buying for the first or fifth time, getting from search to sign-off can be a tricky process. That’s why they’re often happy to offer advice and guidance, explaining industry jargon in plain English and helping you make informed, confident decisions every step of the way.
Of course, the process of purchasing a property is all about budgeting. So, is investing in a mortgage broker’s services really worth it? Or should you be saving each and every one of your hard-earned pounds for expenses like your deposit, stamp duty, or that one sofa on your new house Pinterest board?
Well, luckily for you, you might not even have to consider making any additional payments.
That’s right – the sofa’s on the cards.
Whilst many mortgage brokers out there charge for their services (with averages totalling somewhere in the zone of a few hundred to a thousand pounds depending on the deal), there is such a thing as a fee free mortgage broker!
As their name implies, these brokers don’t charge for their work. So, how do they make money? Simple – they get paid commission by lenders. In short, as a form of thanks for bringing business to their ‘storefront’, most lenders are willing to pay brokers a set percentage of the final transaction.
So, what’s the catch? Well, there is none. The only difference between paid and fee-free brokers is how they source their income. Both have access to a wide range of mortgage products, and, on the whole, should have the expertise required to discover and secure offers suited to their clients.
Of course, some are better than others – so be sure to choose carefully. Whilst many brokers who do charge a fee insist that their fees-free equivalents must be lacking in service due to dealing with a high volume of cases, this often doesn’t ring true. Why not check your choice of broker’s google reviews page before consulting them?
Ready to jump onto the property ladder, or even move up a rung? A mortgage broker could be key to sourcing just the right borrowing option – and with so much to save for, why pay over the odds (or at all for that matter)?
Fees Free Mortgages are one of the UK’s leading fee free mortgage brokers. We’re proud to help buyers at all stages of the home-buying process discover and secure the top deals for their unique needs at no added cost. Whether you’re a first-time buyer looking to get things right or want to unlock a remortgaging offer to finance your renovations, our in-house experts have you covered. No stress, no hassle, and no fees added.
For free mortgage advice, or to discuss any of our services, contact us today, visit us in our flagship branch, or reach out to your local advisor. We’ll be happy to help!
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