Mortgage Broker London

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Mortgage Broker London

Mortgage Broker London

Errol Hall from Mortgage Broker Services, based in London, discusses the role of a Mortgage Broker.

What is the role of a mortgage broker?

A Mortgage Broker is a professional that you go to to arrange a mortgage to buy a property. We save you the job of visiting lots of different providers to compare their products. A mortgage broker has links to most, if not all, the mortgage lenders, and can compare and recommend mortgages for you.

What is the difference between going to a mortgage broker and your local high street bank?

If you go to your personal bank, you will only be offered deals from that lender. They might have a few products to choose from, but you won’t know how they compare with mortgages from other providers, and whether they are the right choice for your situation.

Meanwhile a mortgage broker can access deals from across the market and point out the lowest rates and fees for mortgages where you will fit the criteria.

What services does a mortgage broker offer?

Most mortgage brokers will arrange a mortgage for you, but they can do a lot more too. We can arrange insurance products to protect your mortgage, organise your life insurance, critical illness cover or income protection cover. A mortgage obviously is a very large investment and you need to make sure you can keep your home if something unexpected happens.

Some mortgage brokers also have links with solicitors to cover the legal side of the mortgage. A mortgage broker will gather all the information that’s required, then go away and search many mortgage lender products to find one that’s suitable for you.

Once they’ve provided you with a mortgage quote for a suitable product, and you agree, the broker will submit the application on your behalf and continue to support you at every step right through to completion.

We support anyone who’s looking to get property finance: First Time Buyers, home movers, remortgages, anyone that is interested in secured lending.

At what stage of buying a home should I contact a mortgage broker?

It’s actually best to talk to a mortgage broker right at the beginning of the process, so that you know what your borrowing capacity is. We’ll explain exactly what your situation is, how much you can borrow and the types of mortgage to look at. That then sets your property budget so you can start looking for a home.

In addition, when you want to put in an offer on a home, a lot of estate agents require what’s called a Mortgage Decision in Principle. This is where you’re credit-scored by a lender and provisionally approved for a mortgage loan amount. This is an important part of how a broker can help.

The Decision in Principle tells the estate agent that you are serious, can get a mortgage and are a credible buyer. Sometimes the estate agent will send you straight to a mortgage broker before you can even view a property.

Why is London such a popular location to buy property?

London’s just so vibrant. It’s multicultural. It appeals to a lot of people. If you buy in the London area, the property market is quite robust. It’s just a really lively place to be. Obviously the job market is huge in London, there are lots of career opportunities, and all kinds of options for properties to buy – including a lot of homes that are part of government schemes.

There’s a wide range of types of properties, and different people and cultures, and so much to do in your free time. Transport links are amazing – you can get anywhere you want to go with buses, trains, tubes, boats… There’s a reason why London is our biggest city.

Tell us about Mortgage Broker Services and how you got started.

I am a senior broker at Mortgage Broker Services, which is part of a larger firm of financial advisers. I’ve been a qualified mortgage broker for over 11 years and worked in mortgage introduction before that – so I know the industry pretty well!

I started Mortgage Broker Services in 2020 and we’re here to help anyone that’s looking to buy a home or get a mortgage. We find suitable deals and take all the stress out of buying a home.

Is there a fee to talk to a Mortgage Broker?

An initial consultation with myself or with any other broker at MB Services is free. It’s your opportunity to get initial advice and recommendations to help you achieve your plans.

Once you go past that stage, and the broker starts working on your behalf, there will be a fee – but never before the point when we have recommended a suitable mortgage product (providing you with a detailed quote) and you are ready to apply. We’ll be really clear about what the cost will be and when it becomes payable – so there are no surprises.

Your property may be repossessed if you do not keep up repayments on your mortgage