Mortgage Broker
As Whole of Market (unlimited) mortgage brokers, we have access to the best rates and products that are delivered at speed throughout the UK.
We offer products from a range of mortgage providers, which are representative of those available in the UK mortgage market. This means that we take all the hard work out of sourcing the most appropriate mortgage product.
*All rates quoted are subject to individual circumstances
We have been operating as mortgage brokers in the UK for over 20 years and have a reputation that is second to none.
- The best products – delivered without delay
- Open 9 a.m.–8.30 p.m., 7 days per week, including most bank holidays
- Many years of relevant experience
- Whole of market, multi-product offering
- “One-Stop Shop”
- Home visits are available
Mortgage eligibility
Contrary to popular belief, submitting your mortgage application isn’t the first step on the journey towards homeownership. Instead, it’s assessing your eligibility and determining how likely it is that you’ll qualify for a mortgage.
Using a uk mortgage calculator can be a great place to start, as can comparing mortgage deals to establish your budget and assess affordability.
It is important to factor a few essential eligibility considerations into the equation
The following 10 are the most important of all, each of which could stand in your way of qualifying for a mortgage:
1) Having multiple existing debts
All of your existing debts will be taken into consideration by the lenders you apply to. Debts are a normal part of everyday life, but you may be considered a high-risk applicant if you have multiple existing debts or debts with a high total combined value.
2) Imperfect credit
Most mainstream lenders continue to scrutinise applicants by way of their credit history. Even the slightest ‘slip-ups’ in your financial activities will be recorded on your credit report for the next six years. It is therefore important to check your credit score thoroughly before applying for a mortgage.
3) Having no credit history at all
The same also applies if you have no credit history. Major banks and lenders insist on seeing evidence of responsible financial behaviour from prospective borrowers before granting mortgages and other everyday loans. Some lenders and brokers will offer bad credit mortgages.
4) Electoral roll exclusion
Even today, banks and lenders continue to use electoral rolls to confirm the identities of those they do business with. Getting on the electoral roll is easy (check Gov. uk), but failing to do so could stand in your way of accessing a mortgage.
5) Purchasing ‘non-standard’ properties
Mortgage lenders also factor in the types of properties their applicants intend to buy. Most are willing to lend money for standard homes and commercial properties, but anything considered ‘non-standard’ can raise additional complications.
6) Self-employment
Self-employed individuals may find it more difficult than others to prove their income, depending on how many years of accounts are available or how many years of tax returns are available.
7) Applying for too much
The eligibility checks carried out by the lender will also factor in the amount you can comfortably afford to borrow. Policies and restrictions vary from one lender to the next, but attempting to borrow too much is guaranteed to result in your application being declined.
8) Major changes in your life
Most lenders also want to see evidence of stability in the lives of mortgage applicants. Hence, any major changes happening in your life, for example, divorce, starting a family, major relocation, starting a new job, etc., could potentially stand in the way of you qualifying for a mortgage.
9) Application errors
It is surprising how many mortgage applications are declined each day due to simple errors and omissions. Unfortunately, any application declined for even the simplest of mistakes could adversely affect your chances of qualifying next time around.
10) Applying to the wrong lender
Last but not least, the importance of targeting only the most appropriate lenders with your applications cannot be overstated. Particularly if you have an imperfect credit history or may struggle to provide proof of income, you will need to target specialist lenders rather than the usual high-street banks.
To discuss your eligibility for a competitive deal or for help with comparing mortgage deals, contact a member of the team at UK Property Finance at any time.
Mortgage broker fees
Searching for a competitive mortgage through a broker inevitably raises questions about additional fees, charges, and commissions. Every mortgage broker on the market imposes a charge for the services they provide, though fee structures and payment policies vary significantly from one broker to the next.
Fees from one broker to the next will vary; some brokers will offer their services 100% free of charge to borrowers. Instead, their payment will be collected from the lender once the loan agreement is finalised.
Some of the most common ways mortgage brokers impose fees and charges include:
- Fixed fees: The broker charges a set fee for finding the ideal lender and mortgage for the customer, which should be fixed and not subject to change later.
- Hourly rates: It is relatively rare for mortgage brokers to charge on an hourly basis, as doing so can cause concerns as to approximate overall fees.
- Commissions: This usually means that the broker doesn’t charge the applicant a penny but is instead paid by the lender when they successfully refer a borrower.
- Percentage: The broker’s fee is calculated by way of a percentage of the mortgage loan and is usually charged to the borrower.
Mortgage Broker vs. Bank
Applying for a mortgage of any kind means first deciding whether to take your business directly to a bank or to work with a broker. Different people have different opinions on which is best, as both options have their pros and cons.
In this guide, we’ll be taking a closer look at some advantages of broker support when applying for a mortgage.
Should I use a mortgage broker or go direct to a bank?
Technically speaking, it is perfectly possible to get a good deal with banks and brokers alike. The biggest difference with a broker is that you are not limiting yourself to the select products and services offered by one specific lender.
Working with an independent broker, a whole-of-market mortgage comparison means exactly that. The greater the number of loans and lenders you consider, the more likely you are to walk away with an unbeatable deal.
Some of the most important advantages of working with a qualified independent broker include the following:
- Access to the widest possible range of mortgage products
- Independent representation for negotiation purposes
- Assistance with paperwork and application submission
- Exclusive deals from ‘not on the High Street’ lenders
- Advice on alternative loan options, where applicable
- Support for poor credit or self-employed applicants
- A much faster and easier application process
It is only advisable to work directly with a bank if you already have the knowledge and experience necessary to negotiate a good deal.
Can mortgage brokers negotiate better deals?
It is worth remembering that mortgage brokers run businesses on a for-profit basis, just like the lenders they work with. As a result, it is in everyone’s best interest that the broker successfully refers borrowers who subsequently take out mortgages.
Therefore, it is also the job of the broker to negotiate the best possible deal on behalf of their clients. If the broker has an established relationship with any number of lenders across the UK, they are in a privileged position to negotiate more confidently and competently than any direct applicant.
Which of the options works out cheaper?
This will depend entirely on the broker you work with and their policies regarding payment. In most instances, working with a broker can work out exponentially cheaper, given their capacity to negotiate a much better deal on your mortgage rates. Even if additional fees are payable when agreeing to the loan, you could save a small fortune with a lower APR and/or reduced overall borrowing costs.
Working with a broker that imposes no fees or charges whatsoever for the applicant may sound like a win-win situation, but why is that broker willing to work for such a small amount of money? If all fees and commissions are payable by the lender, is there a reason for this?
Could I not just do my own online mortgage comparison?
Online mortgage comparison sites are not quite as comprehensive as they appear to be. They may compare deals from major lenders across the UK but are unlikely to incorporate the specialist lenders to an established broker who has access.
This means that even if you carry out a detailed online comparison on your own, you may overlook any number of deals. Working with an independent broker, you are guaranteed a whole-of-market comparison that takes all viable lenders into account.
All with the bonus of independent advice and support, ensuring you make the right decision to safeguard your financial future.
Do I need to speak to a financial adviser?
Speaking to a financial adviser is the way to go if you have questions or concerns regarding your current or future financial position in general. Financial advisers are great for discussing things like business loans, investments, pensions, debt management, trusts, and so on. You will also find some financial advisers that can provide expert support on mortgages and general consumer loans, but not all of them.
The services of expert financial advisers are usually significantly more expensive than those of a mortgage broker. In addition, an independent financial adviser is unlikely to carry out a focused whole-market mortgage comparison on your behalf.
Choosing a mortgage broker
After conducting a series of checks to establish the track record and reputation of a broker, arrange an obligation-free initial consultation to discuss the available options. You will have all the time you need to ask questions and assess whether they are the right type of broker for you.
If at any time you feel as if you are being pressured to go ahead or to move to the next stage faster than you are comfortable with, consider taking your business elsewhere.