What Does A Mortgage Broker Do?
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What Does A Mortgage Broker Do?
Paul Manns introduces My Mortgage and Protection Experts and explains the role of a mortgage broker.
What does a mortgage broker do?
It very much depends what type of mortgage broker you go to. I am a whole-of-market mortgage broker, which means I have an extensive range of different lenders I can approach.
We really help as a go-between for clients with circumstances that might make it harder to be approved for a mortgage on the high street.
My role as a mortgage broker is to help you find the best deal achievable based on your individual circumstances. ‘Best’ can mean lots of different things – not necessarily the cheapest.
Each of us will have our own individual set of circumstances. It could be you have complex income or adverse credit from the past. Lots of different things make up whether you’ll be successful when applying for a mortgage. A broker uses their experience to understand your needs and financial circumstances, and researches a wide range of products available to you.
We give advice as to which particular route may be best for you. Most importantly, I act as a helping hand to guide you through – we can face problems together and make it as smooth as it can possibly be.
This even goes as far as liaising with estate agents, the lender and legal providers, as well. We make sure you consider related insurance products such as buildings cover to comply with lenders rules, or to a policy to protect your family.
What is the difference between going to a mortgage broker or advisor versus your local high street lender?
It could be that your situation is very straightforward and you have a strong relationship with a lender you bank with. You might be confident in your own ability to research things. You may want to avoid having too many people involved in the process.
However, when you’re not a professional in this world, you might not have much idea of what is out there and how wide the range of options is. It could be that you’ve done a bit of research online and found you can’t quite achieve what you hoped.
A mortgage broker would access things you might not even be aware of. It could be that you could borrow more than you thought. We deal with this day in, day out, and have relationships with all the different lenders. It’s all about the time, knowledge and research you would save by coming to somebody like me.
I’ve done hundreds of applications on all different sides of the equation and we’ve got a good reputation for that. We’ve got more than 400 five-star reviews. I get so much fulfillment in helping people achieve that big dream – buying a first house, or the next house as their family expands. You might need to relocate… I love getting involved in that
It sounds like you offer a tailor-made service – what does that involve?
Something people really value is that we can manage all the conversations with estate agents, lenders and solicitors. That can really change the dynamic. Perhaps you’re not confident in making an offer to buy a house, or perhaps you just dislike talking to all the different contacts.
I’ve spoken to hundreds of estate agents over the years and lots of different legal firms. I understand the jargon and how the process works, so I can help push things along. I want to make sure that you succeed.
Sometimes things go wrong – that’s just the harsh reality of it. But somebody fighting your corner, that knows this world, helps get you where you want to be.
Can you help me get an Agreement in Principle as a First Time Buyer or home mover?
Yes. So an Agreement in Principle (AIP) or Decision in Principle (DIP) is essentially a lender stating, from a basic check of your details and credit, how much they could potentially lend.
There can be quite some movement on that, depending on what was conveyed to the lender.
It comes back to why you should use a broker instead of going to a lender direct. There’s a danger when you go online and punch in the information that you accidently state you earn more than what can be proven.
Somebody like us will make sure we’re opening the right doors and not getting them swiftly slammed in our face later down the line. I’ve seen many people be disappointed when they thought they did everything correctly, but on supplying the lender with pay slips and tax returns, they can’t borrow as much as they thought.
That can disrupt it all. So if you’re moving home or you’re a First Time Buyer, getting your Agreement in Principle in place as early as you can will help. Quite a lot of agents won’t even take you seriously without it. We look to get that for you as soon as we can, to put you in the driving seat.
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Do clients or customers come back to you for remortgages or when looking into a Buy to Let property?
Yes, indeed. I’ve established many great relationships that have lasted for years. When I came from another banking institution years ago, someone even tracked me down on LinkedIn – we still have a relationship now.
I really enjoy that. It might be that we look at remortgaging a client’s home, and then as their circumstances improve or things change, I’m there and I know them. That saves a lot of time. Instead of constantly explaining yourself, we can just pick up where we left off.
How important is mortgage protection, and can you advise on this?
Mortgage protection is often overlooked. I understand why – it can seem quite cost prohibitive and you might feel it’s a luxury. But what I would prompt anybody to do when buying a house, is consider that things can change.
Circumstances can change, and it could be in a negative way. As a broker we don’t want to help you buy a house and then find that circumstances take it away from you. Protection is there to avoid that, with different types of products – for example, critical illness protection or income protection. They all have different purposes.
We’re there to help you understand which, if any, are important to consider, the potential cost and the different routes available. We work with a number of different insurers, some of which are more comprehensive and could cost more.
It could be that you can only afford a certain amount of protection. It might be that your employer already offers you some coverage. We’ll talk through the options and it’s always your choice whether to do it. A lender does not stipulate that you have to have life insurance and related products
We’ve all got different health circumstances. Perhaps you have a health condition that means you can’t get cover. But we’re there to talk it through, make you aware of the options, and recommend what we believe is the best route for you. We also make sure that the protection you’ve got stays relevant over the years and you’re not paying over the odds.
When should I see a mortgage broker? At what stage in the process?
Speak to a mortgage broker as early as you possibly can, because it will help set that timeline. I’ve spoken to prospective First Time Buyers a year or two before we’ve eventually applied for a mortgage. It’s helped them gear up to buy a home, understand the requirements and what they could borrow.
It might be that you can’t quite achieve what you need – establishing that early on means you’ve got time to improve those circumstances. That promotion you’re expecting at work in three months time could prove to be crucial. Or, perhaps clearing off your car finance agreement or a loan could get you that dream house.
Obviously, we do have clients who have just found a house and are looking to apply for a mortgage. We can get things done quickly, but it’s never a waste of time to have a chat and get best prepared. It always helps to know where you stand.
Does it cost for an initial conversation with you?
No. I take pride in making sure there’s something we can achieve before we go ahead. Any fees will be charged at the application stage. I’ll be very transparent with what that means.
At the point where you’ve found the house and you’re ready to put that mortgage application into a lender, we charge a fee of typically £395. All the research, advice and assessment of your circumstances, none of that bears a cost.
For returning customers, where I’ve already established a lot about them, I tend not to charge again, depending on what they are doing. That fee just covers the time and the resources it takes for the assessment.
There are brokers out there that don’t charge fees. But you tend not to get the same level of attention from them. They could end up being swamped with lots of people to talk to and cannot give you their attention and time.
I prefer to speak to fewer people and do my job as best as I possibly can. I devote my time to make sure things run as smoothly as they can.
What else do we need to know about working with a mortgage broker?
If you have a mortgage already and your deal is coming to an end; or you’re looking to buy for the first time; you’re looking to move… whatever it is, please feel free to drop me an email or pick up the phone. I would love to steer you in the right direction as early as I can.
I’ve been in this for 11 years and I love this job. It’s really rewarding when it all goes right. Occasionally things don’t quite go to plan, but there’s always a backup option. I would love to speak to you and see if I can help you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.