The Importance Of Using A Mortgage Broker

Firstly, who or what is a mortgage broker?

A mortgage broker is ‘the middle man’ between you and the potential lender of your mortgage, the banks

They do 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

Don’t let that put you off, their charge for doing all the hard work

They are there to get you the best deal on your new mortgage

Possibly saving you thousands of pounds over the term


Broker Knowledge

Brokers will also have a duty of care to ensure they advise you correctly

Your new mortgage needs to be affordable and the right product for you

Your broker will get paid a commission from the bank they place your mortgage with

A broker also has insider knowledge of the market and of the banks

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. This is by supplying at least 3 months payslips and bank statements. You will also need proof of identification, and proof of address

If this is your 1st mortgage, you may also be asked to prove you have a deposit. You can do this with a bank statement

This is all the same information they need to provide the banks when placing your mortgage

I have used the same broker 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, I trust him entirely with my finances

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

Asking me what my plans are, and whether I’m taking money out or just remortgaging at the same value

He does all the leg work, 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

I told Karl that I wanted to take £10,000 out renovate my kitchen

Doing this is typically a more affordable 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

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. Having readily available cash to renovate my kitchen, is more important to me

Plus having a newly renovated kitchen will also add more value to my house, thus increasing my LTV even more for my next mortgage renewal

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

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 could save you money

He has given me permission to use his name and pass on his information, 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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