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    How To Choose A Mortgage Broker

    about 3 years ago
    How To Choose A Mortgage Broker

    A good mortgage broker can find the right deals that are on the market that suit your needs. They can discuss these with you and apply on your behalf.

    What Do They Do?

    A mortgage broker will look at the mortgages that are available to you based on your personal financial situation. They can then review these with you and help you decide which best suits you and what you need.

    They’ll often save you time by telling you which ones you’re most likely to be accepted for and even applying on your behalf and dealing with some of the paperwork.

    Why Use A Mortgage Broker?

    Using a broker can save you a lot of time and stress. They know exactly what each lender is looking for, so will be able to help you get these in place before the application is even placed, avoiding jumping through hoops later down the line.

    They’ll also have expert knowledge of the deals that are available at the moment and have specialised software to be able to search deals by specific criteria.

    A good broker will be able to help you find deals that you are most likely to be accepted for, avoiding the negative impacts of applications on your credit record and therefore preventing further issues when you do find a mortgage you’d like.

    Also, if you take out a mortgage using a broker you have the right to complain if the mortgage turns out to be unsuitable – an option that isn’t available if you apply without taking advice.

    Choosing The Right Broker

    Look for a whole-of-market broker – These pretty much do what they say on the tin. Whilst some brokers can only select mortgages from certain lenders, whole-of-market brokers will be able to assess every available mortgage so they can recommend the very cheapest or most suitable deal for you. This could potentially save you a lot of money.

    Ask about direct-only mortgages – Most mortgages are available through brokers, but some are only available if you apply directly, without a broker. These are direct-only mortgages. The broker doesn’t have to tell you about them, but it’s worth asking if they will.

    Fees And Commission

    Mortgage brokers usually get a commission from the lender when a mortgage is agreed and completed. It’s not uncommon for them to also charge the borrower (you) a flat rate or percentage that you are looking to borrow.

    All mortgage brokers must clearly outline these charges and any fees or commission they receive from a lender prior to entering into a contract to act on your behalf.

    Questions To Ask

    • Are you whole-of-market?
    • Will you tell me about mortgages that are only available directly from lenders?
    • What are your fees and charges?
    • What is included in the service you offer? For example, will you handle all the admin and chase lenders?

    Some Jargon

    Agreement in principle (AIP) – a document from the mortgage lender confirming that they are willing (in principle) to lend to you, and how much. Estate agents will usually ask for this when you offer on a property.

    Early repayment charges (ERCs) – This is how much you will have to pay the lender if you want to pay the mortgage off early because you came into some money or you have been alerted of a better mortgage deal elsewhere. This ERC can vary depending on how long you have on the term.

    Standard variable rate (SVR) – This is how much for interest rate will be once your initial mortgage term has ended.

    What To Look For In A Mortgage Deal

    Once you’ve established your situation with the broker, they’ll be able to talk you through what is available to you as well as the pros and cons of each deal. Things you should consider asking:

    • Is a fixed-rate, discount or tracker mortgage best for you
    • What are the costs of the mortgage fees
    • What are the Brokers fees
    • Are there any lenders with cashback or other offers
    • What’s the lender’s reputation for customer service
    • How much can you overpay the mortgage by each year

    At Woodhead and Co, we have a trusted panel of lenders and can put you in touch with them. Just get in contact with me on the details below and I’ll be happy to make the introductionsA good mortgage broker can find the right deals that are on the market that suit your needs. They can discuss these with you and apply on your behalf.

    What Do They Do?

    A mortgage broker will look at the mortgages that are available to you based on your personal financial situation. They can then review these with you and help you decide which best suits you and what you need.

    They’ll often save you time by telling you which ones you’re most likely to be accepted for and even applying on your behalf and dealing with some of the paperwork.

    Why Use A Mortgage Broker?

    Using a broker can save you a lot of time and stress. They know exactly what each lender is looking for, so will be able to help you get these in place before the application is even placed, avoiding jumping through hoops later down the line.

    They’ll also have expert knowledge of the deals that are available at the moment and have specialised software to be able to search deals by specific criteria.

    A good broker will be able to help you find deals that you are most likely to be accepted for, avoiding the negative impacts of applications on your credit record and therefore preventing further issues when you do find a mortgage you’d like.

    Also, if you take out a mortgage using a broker you have the right to complain if the mortgage turns out to be unsuitable – an option that isn’t available if you apply without taking advice.

    Choosing The Right Broker

    Look for a whole-of-market broker – These pretty much do what they say on the tin. Whilst some brokers can only select mortgages from certain lenders, whole-of-market brokers will be able to assess every available mortgage so they can recommend the very cheapest or most suitable deal for you. This could potentially save you a lot of money.

    Ask about direct-only mortgages – Most mortgages are available through brokers, but some are only available if you apply directly, without a broker. These are direct-only mortgages. The broker doesn’t have to tell you about them, but it’s worth asking if they will.

    Fees And Commission

    Mortgage brokers usually get a commission from the lender when a mortgage is agreed and completed. It’s not uncommon for them to also charge the borrower (you) a flat rate or percentage that you are looking to borrow.

    All mortgage brokers must clearly outline these charges and any fees or commission they receive from a lender prior to entering into a contract to act on your behalf.

    Questions To Ask

    • Are you whole-of-market?
    • Will you tell me about mortgages that are only available directly from lenders?
    • What are your fees and charges?
    • What is included in the service you offer? For example, will you handle all the admin and chase lenders?

    Some Jargon

    Agreement in principle (AIP) – a document from the mortgage lender confirming that they are willing (in principle) to lend to you, and how much. Estate agents will usually ask for this when you offer on a property.

    Early repayment charges (ERCs) – This is how much you will have to pay the lender if you want to pay the mortgage off early because you came into some money or you have been alerted of a better mortgage deal elsewhere. This ERC can vary depending on how long you have on the term.

    Standard variable rate (SVR) – This is how much for interest rate will be once your initial mortgage term has ended.

    What To Look For In A Mortgage Deal

    Once you’ve established your situation with the broker, they’ll be able to talk you through what is available to you as well as the pros and cons of each deal. Things you should consider asking:

    • Is a fixed-rate, discount or tracker mortgage best for you
    • What are the costs of the mortgage fees
    • What are the Brokers fees
    • Are there any lenders with cashback or other offers
    • What’s the lender’s reputation for customer service
    • How much can you overpay the mortgage by each year

    At Woodhead and Co, we have a trusted panel of lenders and can put you in touch with them. Just get in contact with me on the details below and I’ll be happy to make the introductions

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