Can A Mortgage Broker Get Me A Bigger Mortgage?
Most buy-to-let mortgages are not regulated by the Financial Conduct Authority.
To answer this question up-front, potentially. If you’re looking to maximise the amount you can borrow – whether you’re a first-time buyer or you’re upgrading to a larger home – the majority of the work has to be done by you.
Lenders will be examining the following aspects of your financial situation, amongst others. First and foremost, it’s important to examine each of these areas and try to put yourself in the best possible financial position.
Credit score: If you have a bad credit score, this will be holding back the amount you can borrow. Try to keep up with paying bills regularly and improve your credit rating.
Outstanding debts: If you’re in debt, you’ll be identified as higher-risk by lenders, limiting the size of mortgage you can access. Paying off these debts will significantly boost the amount you can borrow.
Regular expenses: Try to reduce your monthly spending, as you’ll be viewed as more responsible by lenders, increasing how much you can borrow.
Earnings: Your debt to income ratio is a significant factor for lenders. If you can get yourself a pay rise as well as reducing your debts, that will help enormously.
With all of those factors in mind, this is where mortgage brokers come in. There are three types: tied, multi-tied or whole of market.
The first two types are, as you’d expect, tied to one or a handful of mortgage lenders. Derngate Wealth Management is a whole of market broker, however, which means we have access to an enormous range of lenders.
This means that, through us,This means that, through us, you’re able to access mortgages from the whole market and also exclusive deals through our network Quilter Financial Planning which aren’t available on the high street. Provided you’ve got your finances in order as best you can, our whole-market access will enable us to track down mortgage deals not accessible to tied brokers.
If you’re aiming to increase your borrowing power, speak to us at Derngate Wealth Management today to book a free initial consultation. Our knowledgeable and experienced team of advisors are on hand to offer you advice on all things mortgage-related, whether you’re a first-time buyer, buy-to-let investor or anything in between.