Being an unlimited mortgage broker means that we can offer products from a range of mortgage providers which is representative of what is available from the whole mortgage market. Put simply, this means that we as a mortgage broker in the UK, take all the hard work in terms of sourcing the most appropriate mortgage product for you.
Mortgage and Finance Brokers in the UK
We have been operating as mortgage brokers within the UK for well over 10 years and have a reputation that is second to none. We provide mortgage and insurance services from a vast array of lenders and our consultants and advisors are fully trained in obtaining the very best deals on mortgages and insurances for our clients.
- Open 9am – 9pm, 7 Days per Week, Including Bank Holidays
- Many Years of Local, Relevant Knowledge
- Whole of Market offering
- “One Stop Shop”
- Home visits available
- Handle the Whole Process, Start to Finish
- No Upfront Fees
- Staff Targeted on Customer Satisfaction
- Open, Honest and Efficient
- All Situations Considered
What is a mortgage broker?
A mortgage broker is a specialist finance provider that serves as an intermediary between borrower and lender. Although banks and building societies usually provide their own products, an independent broker can usually get a much better deal on behalf of the borrower by searching the whole market for an appropriate product.
Why use a mortgage broker?
One of the biggest benefits of working with a broker is the simplification of the market comparison and application processes. Once you have provided your broker with a few basic details, they will typically handle most of the subsequent complexities on your behalf.
Working with an independent broker also means gaining access to honest and impartial information, which is rarely available directly from a bank or lender. Brokers can also provide access to exclusive deals you won’t find on the High Street, often from lenders that do not work directly with the public.
Pros and Cons of mortgage brokers
The pros and cons that accompany working with a mortgage broker include the following:
- Simplicity – The job of the mortgage broker is to do most of the hard work on your behalf, comparing viable and competitive deals from as many lenders as possible to find your perfect mortgage.
- Expertise – An experienced and reputable broker can also help you choose from the various mortgage products and home loans available, ensuring you make the right decision to suit your requirements and your budget.
- Impartiality – With no direct ties or exclusive affiliations with major banks or lenders, independent brokers are free to offer 100% honest and impartial advice for the benefit of their clients.
- Costs – Some brokers impose fees or commissions on the services they provide, which may be chargeable to the applicant, the lender or both. It is therefore important to check the broker’s fee structure before going ahead.
- Limitations – Not all brokers provide access to all lenders on the UK market, when carrying out their mortgage comparisons. Again, it is therefore important to check the broker’s panel of partner lenders before getting started.
- Experience – Verifying the background, experience and track-record of any given broker is essential, in order to ensure that they are in a suitable position to provide you with the advice and support you need.
Understanding the process
Being Whole of Market mortgage brokers allows us to place business with the most appropriate lenders. We are not tied to offering products from a single or group of companies and can go to any lender who offers the best deal. This is without doubt the main advantage in using a Mortgage Broker.
The process starts with a brief chat with one of our fully trained CeMap qualified mortgage advisors who will firstly present a business card and regulatory form called an “Initial Disclosure Document” (IDD). This document has 7 sections, the first of which explains why it is required, then subsequently the range of products we offer in terms of insurance and mortgages, the fact that we will be advising you to take out a particular product, when any of the fees are payable and whether or not they are refundable, who is the regulatory body i.e. the FSA/FCA, how and where to make a complaint and the compensation that can be paid in the instance of a mistake.
We will then proceed to take your basic details via an initial “Fact Find” and from this we can source and supply mortgage figures in the form of a “Key Facts Illustration” (KFI).
The KFI has various parts and to avoid confusion and allow comparability is set out in the same manner whichever mortgage company or broker you visit. It confirms the basic details of the finance and how it has been derived i.e. whether or not the advisor is recommending a particular product, the loan amount required, property valuation, length or term of the quoted mortgage, whether the repayment method is interest only or capital and interest, chosen lender, product type, interest rate, overall amount repayable throughout the mortgage term, monthly payments before and after any preferential period, risk analysis showing the dangers if rates move up, fees being charged, insurances required, penalties payable if you make early repayments, additional features (such as a free valuation or cash back), fee received by the broker from the lender on successful arrangement of the mortgage and finally contact details of our company.
Our advisors will explain in depth each section of the required regulatory documents as mentioned above and will then follow your wishes and without any form of pressure either allow you to absorb and compare the information in your own time or if you would like to continue, will start to complete the mortgage application process on your behalf.
Your fact find details will be entered into our computerized sourcing system to create a more in-depth fact find and then an initialized Key Facts Illustration. This will formulate a record of suitability which will summarize the details of the product being offered and the information presented by you in the Fact Find. It will also be your opportunity to discuss protection requirements in the form of insurances.
Depending on your circumstances and chosen lender, varying amounts of additional documentation and information will be required, which will be listed to you at this stage. Once the outstanding information is received your advisor or their administration assistant will fully submit your details normally on line through to the chosen lender. Providing all the information given is correct, the application would usually be approved by the lender and a final list of any further outstanding information forwarded by them. This information will be submitted to the lender when available, and we will begin processing your case through to formal offer stage. A formal mortgage offer at this stage can take anything from a few days to weeks or even months depending on the lender chosen and when available a copy will be sent to you, your chosen solicitor and to us. We will then check the contents are correct and make any alterations.
The mortgage will subsequently complete in your required timeframe.