These blogs and the information contained in them is no longer current and therefore much of the information/figures quoted may be out of date and shouldn’t therefore be used as an indication of the current situation. If you require any further clarification please contact Derngate on the number above.
Finding the right mortgage can be a real challenge. With literally hundreds of mortgage products for buyers to choose from would you know where to start?
We all have a bank or building society that we are loyal to – one whom we have trusted with our money and our savings. However, that doesn’t mean they can offer you the best mortgage rate and terms. In order to find the right product you will need to search the whole of the market, and that’s where a mortgage broker comes in.
By using a mortgage broker you could have access to many more lenders than if you research the market yourself. You will receive unbiased advice on which mortgage is right for you, and will be able to choose from a wider range of lenders rather than being restricted to the limited range of one or two lenders.
A mortgage broker is on the side of the borrower, not the lender, and will give unbiased and impartial advice on what is the best deal based entirely on the individual circumstances of their clients.
A broker will take the time to find out about your individual circumstances, such as your income, savings and lifestyle, and will find out what you need to borrow and for how long. They will also find out what you have to put down on a property. They will use this knowledge to talk you through the deals available to you, and will explain the ins and outs of each mortgage product.
A mortgage broker will have in-depth knowledge of the background criteria that a lender has. This means that they can use this knowledge when advising you and processing your application. They will have knowledge of whether you will be successful in your application, so you won’t waste time or valuable points on your credit score as your application will be only submitted if you have a good chance of being successful.
A mortgage broker makes it their business to build up great relationships with lenders, to be aware of rate changes, administration fees and new deals that come onto the market on a daily basis. Because of these relationships, a mortgage broker may pass a lot of business to a particular lender and are then able to use their contacts and influence to chase things if there are any unforeseen hold ups. This in invaluable when you are in the process of buying a home.
Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
We do not charge for the initial consultation but there may be an administration fee payable when an application is submitted, this fee is usually £195 and we are also paid commission from the lender. Alternatively you could receive the commission from the lender and pay us a fee of an estimated £995.00.