Why utilize a Mortgage Broker?

 Getting a meeting with a home loan bank can be exceptionally prohibitive. Home loan is and American phrase for what the English call a mortgage broker - see http://buytolet.over-blog.com/.

What is implied by that they for the most part have set times of work ie 9 – 5 Monday to Friday or every so often Saturday Mornings.

It has been evaluated that a meeting with a noteworthy high road moneylender can take upto 2 ½ hours which would typically mean utilized individuals would need to take off time of work spending occasions or an independently employed individual may need to lose ½ a days work which is then beginning to cost cash.

Another standard loan specialist who doesn't offer the office to go into a branch has as of late exhorted it is taking upto 2 weeks to acquire a phone arrangement which can then be 1 hour long or conceivably considerably more.

This can extremely baffling when you have found the house that you need to purchase or if remortgaging masterminding the money for extra getting for maybe home upgrades.

Utilizing an expert Mortgage Broker can take away all that disadvantage.

Most Mortgage Brokers will work around your working week understanding that 9-5 Monday to Friday is not generally helpful.

They may have an office which you can go to outside these hours, say in transit home from work.

They might have the capacity to offer an arrangement at your work environment or visit you at home to examine your home loan necessities.

Individuals today live bustling lives and there is alot of approach your time and managing associations who have set times of opening can be extremely troublesome.

Having the capacity to manage an association who will work around your bustling way of life can be a great deal less unpleasant.

Envision having the capacity to be sat in the solace of your home and have all the high road moneylenders and other authority loan specialists (as not everybodys circumstance is the same) come to you.

Ask you what is vital to you when organizing your home loan not let you know what is accessible from a constrained recommendation and trust your circumstances meet that specific moneylenders criteria.

This is the thing that a home loan intermediary can offer they can take a gander at what is accessible from the entire of the business sector not from a restricted reach, they can meet with you at once and spot helpful to you and take the time and push to take a gander at all alternatives accessible.

How do I remortgage my property ?

People may want to remortgage their property for a variety of reasons, Better interest rate, Borrow more money for home improvements or to consolidate existing credit commitments. If you are unsure of what a remortgage actually is, click this link for an explanation http://www.learnmoney.co.uk/mortgages/remortgage.html

If you are looking at just simply finding the best interest rate then approaching your existing lender is probably the best place to start.

If say for example your fixed rate has just ended and you want to fix the rate again for a period of time the lender will take into consideration the value of your house and the outstanding mortgage and generally offer you another rate as long as your mortgage account has been conducted satisfactorily and your income is still sufficient to service the mortgage.

You will then be offered a rate dependent on the loan to value.

What loan to value means is what percentage is the mortgage outstanding to the value of the property.

IE £150,000 mortgage and a £200,000 Property value would represent 75% loan to value.

The loan to value is quite important as this will determine the rate and product a lender would offer.

Dependent what lender you are currently with simply switching interest rate can either be time consuming or simple.

Lenders like the Halifax plc allow mortgage brokers to arrange the switch and this can be done very simply without having to have a 2/3 hour appointment in the branch.

However you may want to borrow more money than you currently have outstanding , so what happens then ?

This is the point when the services of a professional mortgage broker will assist you greatly in the process.

A mortgage broker like myself will be able to look at what your existing lender will offer you and what is also available from the rest of the market.

All lenders have varying criteria for additional borrowing depending on what that additional borrowing is for.

If it is more advantageous to switch lenders the mortgage broker will look at what are the best interest rates, what charges and costs are involved.

Lenders now offer incentives for people to switch their mortgage to them and in many cases can offer better rates than your existing lender.

So whatever your circumstances speaking to a trusted mortgage broker who is independent to your existing lender should be the first place to start because they will be able to look at the full mortgage range and match the correct product/lender to your personal circumstances.

Remember a mortgage is a long term commitment and by taking the correct advice when there are changes to the mortgage could save you £1000’s of pounds in unnecessary interest payments.


In order to better understand what we are talking about here, it is important we have an insight into what a mortgage is all about and some other relevant details.

What Is A Mortgage ?

A mortgage can be seen as a loan that is secured by property or real estate. It is a loan to finance a home. A mortgage is legally binding and gives the lender the right to the real estate property in case the borrower defaults. The lender retains ownership of the house and sells it to recover funds the borrower owes. Simply speaking, until the loan has been repaid, the property is owned by the lender but is operated by the borrower. A mortgage always involves a collateral security which is the home or real estate property. Repayment is always includes interest payments, taxes and insurance

Getting A Mortgage

Getting a mortgage is not really easy. It entails a lot of things which we shall examine later on. The day I got my first mortgage was a revelation. Obtaining the mortgage was not a straight walk through. It was hard and required accurate calculations and estimations. I shall walk you through my experience towards obtaining my mortgage loan. They can be viewed under:

Firstly, I had to make the decision of getting a home for myself. I had to make the decision of acquiring a home. This step was a matter of choice and decision. Next, I had to figure out how much I needed to borrow from the mortgage broker. I had to loan what I was able to afford. In order to estimate affordability, I put a lot of things into consideration so I create a worthwhile budget. I considered my income level and my debts. I had to make sure my income will be able to cover my common debts as well as finance the repayment of the mortgage. I also made sure I repaid as much of my debts as possible. I had to analyse my debt to income ratio. I also had to analyse my expenses. Make an estimated cost of my living expenses to make sure my mortgage choice and plan does not seriously counter act with my day to day living. I also had to save income for a deposit. A deposit is the initial amount paid at the time of purchase. Mortgage loans are of different types and vary depending on the type of mortgage you want. For example those seeking to acquire mansions should apply for a jumbo loan. As for me I was applying for a loan to get my first house I had to apply for a first time home-buyer loan. The conditions here were more favourable. Never go for a jumbo loan if you wish to acquire just a first time buyer home. The next thing I had to do was where to get my mortgage. I had a list of destinations from which to choose: mortgage broker, specialist mortgage provider (eg. the Halifax, Northern Rock etc), a retail bank (Barclays, HSBC etc). In the end, I had to go with a mortgage broker in order to facilitate the granting of my loan.

Choosing a Mortgage Broker

Choosing a mortgage broker was difficult because most of them seemed strange and charged extravagant prices. I had to keep searching thoroughly till I bumped into a certain broker (a lady) who fitted the bill so effectively and offered her services at a fee more affordable. Despite the difficulty I faced in finding a broker, the moment I got the right one everything went fair and smooth. First she did all the paper and legal work required when obtaining a mortgage, asked me what home plan I pursued. She then suggested me the right loan which was suited to my plan. I thank God for her. The advantage with getting a mortgage broker is that your work load and time is being reduced. This applies to a good broker. That is why you have to be careful when selecting a broker. With going solo it is good because you get to do all research alone and get some good knowledge. However it is very time consuming and confusing as it involves a longer and larger process. After getting in touch with a good broker, I had to go to my bank in order to verify my credit history to make sure my transactions where intact and do the necessary corrections. Luckily for me, everything was fine and void of errors. Evidently the process was extremely difficult and strenuous. However, everything went in my favour and I was financially sufficient to apply for the mortgage. What I had left was to compile the necessary documents. Below are the list of documents I compiled

  • Government Identification

  • Bank information

  • Credit history

  • Investment statements

  • Proof of income and source of income-proof of employment. This is to show I am able to finance the repayment of my loan within the time range.

  • Tax returns

  • Debts

  • Proof of assets.

Having gathered all of these documents, I was given a pre-approval document by my lender. A pre-approval document is not an approval for the mortgage. It is some kind of document which puts you in the waiting list. It puts your situation on hold, while the lender reviews your credit history capacity capability, financial statements and all other relevant documents at his disposal to determine your viability and capability.

Other people have different experiences when obtaining a mortgage. Some people fin theirs difficult and strenuous just like my experience for others it was simple as mastering the letters of the alphabet. Bottom line is difficult or easy, when approved we all wear smiles on our faces.