Using a mortgage broker is one of the stepping stones to securing your new home.

Firstly, who or what is a mortgage broker? A mortgage broker is a middleman between you and the potential lender of your mortgage loan, 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 and it is worth it as this will often give you scope to a large market. Not everyone needs a mortgage to buy a property, some can afford to buy with cash, whereas others might use wholesale loans or bridging loans to finance the purchase.

They are there to get you the best deal on your new mortgage and refinance existing mortgages. Possibly saving you thousands of pounds over the term.

Using A Mortgage Broker

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 that 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 myself going to anyone else ever, 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 that’s right 7 days!

The mortgage process

When my mortgages are coming up for 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 told Karl that I wanted to take £10,000 out to renovate my kitchen. He then got me a renewal quote which added the amount I wanted to use onto my mortgage loan. Doing this is typically a more affordable way of borrowing money, rather than getting a personal 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

Mail     karl@yourmortgagesolutions.co

Web    www.yourmortgagesolutionsnorfolk.co.uk

Office  01328 822145
Mob     07891 610530

Disclaimer

I am not a financial advisor and I can’t advise you on what is right for you.

If you are outside of a fixed-term rate mortgage, 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 on your mortgage than you need to!

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