Frequently asked questions about mortgage brokers
What is a mortgage broker?
A mortgage broker, or mortgage advisor, can be a company or individual that works on a clients behalf to manage the process of applying for a mortgage in its entirety.
A mortgage advisor typically provides a range of services that include; assessing a customer's financial situation, providing advice on how to appear appealing to potential lenders, identifying the most ideal mortgage options and offering access to the best mortgage deals available to match their customer's requirements.
How much does a mortgage broker cost?
Mortgage brokers prices and services will vary from broker to broker. Some charge commission and others charge a typical fee. Contact us for more information on our fees.
Do I need a mortgage broker?
Mortgage brokers/advisors have extensive knowledge of the housing market and mortgages. If you are unsure of what you are looking for when you are considering applying for a mortgage, a professional mortgage advisor will help to cut through the jargon and the noise of the industry.
A reliable mortgage advisor is worth their weight in gold, quite literally in some circumstances.
They save customers time, money & stress by simplifying complicated mortgage procedures and providing insightful information that is easier to digest for people that are not familiar with the property market.
Yes, any person is able to get a mortgage for a property provided you are in full time employment, have some form of monetary deposit and a recorded credit history with the relevant credit reference agencies within the UK.
The rates will only change depending on the loan to value or how much deposit they have. A mortgage advisor can provide you with an understanding of what options are available to you and help with making an informed decision.
What happens to my mortgage when i move home?
When people move home they can port their mortgage which will allow them to take their current mortgage with them to the new property without paying any early repayment charges. If their current deal has expired they can simply apply for a nee mortgage on the new home.
How much deposit do i need for a mortgage?
The amount of deposit that you need for a mortgage will depend on a variety of factors. Some mortgage lenders and financial institutions offer as little as 5% mortgage, however, the deposit that you place down will affect the terms of your mortgage, potentially increasing monthly repayments & more.
Can I get a mortgage with bad credit?
You may think that you can’t get a mortgage if you have bad credit, this is not necessarily the case. It is important to be aware that bad credit mortgages typically have high rates of interest, may require guarantors in instances of non-payment and even other types of collateral. It is important to remember that defaulting on your mortgage could result in your home being repossessed.
How Long does a mortgage application take?
The length of time that a mortgage application can take will vary based on personal circumstances, mortgage terms & so on. A typical, estimated time frame for a mortgage application to be accepted is up to 6 weeks.