The Importance Of Using A Mortgage Broker

Firstly, who or what is a mortgage broker some of you might ask

A mortgage broker is ‘the middle man’ between you and the potential lender of your mortgage, the banks. They are the person that does all the research into the products on the market that might be suitable for your requirements

Some brokers charge for this facility usually a couple of hundred pounds,  but don’t let that put you off as that is their charge for doing all the hard work. They are getting you the best deal on your new mortgage, and possibly saving you thousands of pounds over the term

Brokers will also have a duty of care to ensure they advise you correctly and make sure that he new mortgage is firstly affordable and secondly the right product for your circumstances

It does also depend on the size of your mortgage as the broker gets their commission from the bank they place the mortgage with

If you have what’s classed as a ”small” mortgage you are more likely to have to pay a broker a fee for them to do the leg work for you, as their commission will be smaller from the bank

A broker also has insider knowledge of the market and of the banks, so if you need a mortgage which will be processed quickly as you have a deadline, they will know which bank to approach for you

If you are self-employed or had CCJ’s, the broker will only go to banks which they know are happy to provide mortgages for people in those circumstances


Applying For A Mortgage

When applying for any mortgage you need to prove your income by supplying at least 3 months payslips and bank statements along with proof of identification driving licence and proof of address a utility bill, if this is your 1st mortgage you may also be asked to prove you have a deposit which can be done by a bank statement, this is all the same information you need to provide to the banks

I have used the same broker now for about 10 years he has helped me mortgage and re-mortgage my residential and rental properties, I do not see me going to anyone else ever to be honest as I trust him entirely with my finances and I love efficiency and Karl is very much that, he once arranged a new mortgage and got me the offer in 7 days, yes thats right 7 days!

The Process

When my mortgages are coming up to renewal he contacts me and asks me what my plans are and whether I’m taking money out or just remortgaging at the same value, I don’t even need to think about it I rely on him entirely to sort everything for me, I just send over the necessary forms

I have just processed my mortgage renewal for my current residential property so where I live at the moment, and I said to Karl that I wanted to take £10,000 out renovate my kitchen. Which as long as you can afford the remortgage is a good way of borrowing money rather than getting a loan

Karl worked out what I wanted and as my house had increased in value my LTV (loan to value) ratio had decreased giving me better interest rates, so not only did I get £10,000 out of the value of my house to use to add more value to my house, my interest rate was less therefore my repayments decreased each month

Yes ultimately my mortgage is now £10,000 more however, I am not looking to retire any time soon so having ready available cash to renovate my kitchen is more important to me plus having a renovated kitchen will also add more value to my house


Contact My Broker For Mortgage Advise

I confidently and happily recommend Karl Vassallo of Your Mortgage Solutions



Office  01328 822145
Mob     07891 610530


I am not a financial advisor and I cant advise you on what is right for you. However, if you are outside of a fixed term rate mortgage or on a tracker or you are paying a high interest rate but have a high LTV, an email to Karl can save you money if he manages to help you replace your current mortgage

He has given me permission to use his name and pass on his information so feel free to mention that you read about him here

Don’t pay more interest than you need to


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Importance Of Using A Mortgage Broker

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