What Does A Mortgage Broker Do?

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What Does A Mortgage Broker Do?

Luke Platt introduces the company and talks to us about the role of a mortgage broker.

What does a mortgage broker do?

Working with a mortgage broker is a bit like having your own personal assistant, specifically for the purpose of your mortgage – not for general things like clothes shopping or food shopping.

A broker will listen to your needs and your preferences and take note of these during what we call a Fact Find. We gather as much information as possible about your income, the level of deposit you have and how much you’re looking to borrow. We use this information to provide you with a mortgage tailored to your needs and requirements.

We’ll research the affordability criteria of multiple different lenders for you and, through a process of elimination, source the right mortgage that matches your preferences.

What’s the difference between going to a mortgage broker like Smiths Financial versus your local high street lender?

If you were to go direct to your local high street lender, you will only get access to their products. You’ll need to meet the affordability restrictions of that particular high street lender.

By using a broker like us, you have a wider scope of products. It means you’re getting access to all the available lenders that can help you with your mortgage needs and requirements.

It could also mean potential savings and scope to borrow more, all through using a mortgage broker.

What services does a mortgage broker offer?

Mortgage brokers can assist you by liaising with your estate agents or solicitors. We can put in offers for you. We can also help you get prepared for viewings you might have planned.

A mortgage broker works with solicitors day in and day out, so we have a good understanding of the conveyancers out there at any time to help you, especially if you’re a First Time Buyer or if you’re looking to remortgage.

We can get quotations from solicitors on the costs of conveyancing. We’d simply take down the property price and gather quotes for you.

Having worked within an estate agent field previously, I highly recommend having a Decision in Principle and solicitors instructed before you view any homes. It makes you what we call a ‘hot buyer’.

When you put an offer or on a property, both the estate agent and the current vendor of the property can see you are serious. They are more likely to go with you than somebody that isn’t prepared.

Speak To an Expert
We are award-winning brokers who will navigate the complex mortgage marketplace for you, looking at everything from your deposit to how long you want the mortgage for and how much you can realistically afford to repay.

Do you find people come back to you after you’ve sorted the mortgage?

Yes, and we’ll get back in touch with our existing clients six months before their current mortgage deal ends. We’re here for the whole journey of you owning your home.

With a remortgage, the questions are very similar to when you’re purchasing for the first time. We’ll also check with you whether anything has changed since you took out your mortgage. Perhaps you’ve changed jobs or there are now dependents in the household.

We spend time with you and note down any additional needs or preferences. It could be that nothing’s changed and you are happy to carry on for another two or five years – whatever you prefer. We check which lender and product is suited to your remortgage.

Can you help with Buy to Let mortgages as well?

With Buy to Let, you’re looking to purchase a property to rent it out to someone and create a new source of income.

With this type of mortgage, we’ll ask questions around the property and what rental income is achievable on it. We then work with you to get the right Buy to Let mortgage that will achieve your goals.

Can you help advise on mortgage protection?

Yes. We discuss with you how we can help you protect your home and family. Obviously, a mortgage is the biggest debt anyone takes out. If there’s ever a loss of income, you’d really want there to be some protection in place.

Lots of different policies are available such as life insurance,critical illness, family income benefit, income protection, accident, sickness and unemployment cover, home insurance, landlord insurance and more. We discuss these with you as part of arranging a mortgage.

If you’re doing the mortgage with a broker, we’ve got all the facts and figures and know your story inside out. It makes perfect sense for us to arrange the right level of protection for you.

When should I see a mortgage broker? At what stage in the process of buying a home?

It’s really whenever you start thinking about getting onto the property ladder. It’s crucial to speak to a mortgage broker in the first instance. We gather the initial information from you – your income, your deposit, any existing liabilities – and look at your affordability.

We give you an idea of what you can borrow and help you ascertain a realistic property purchase price. After all, there’s no point looking for a million pound property if your income isn’t going to support it.

Does it cost for an initial conversation with you?

Not at all, no. There is no cost for any initial consultation. Any fees or costs will be discussed with you prior to getting started, so you’re fully aware of them. We make sure that all costs are clear throughout the whole process.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.