Mortgage Broker Near Me

Find Mortgage Brokers Near You

Welcome to Mortgage Broker Near Me .co.uk, the place-to-be for people who need a local mortgage broker in the United Kingdom.

Looking for an independent mortgage broker?

We maintain a comprehensive list of mortgage brokers based in the UK. Whether you’re looking for a commercial mortgage, home mortgage or home loan, we’re great at finding which mortgage broker is the right choice for you.

So – just what is a mortgage broker?

What does a mortgage broker do?

A Mortgage Application FormIn a nutshell, the job of a mortgage broker is to act as an intermediary between individuals (or businesses) and lending institutions, such as banks. When you use a loan broker, you get advice that is tailored to your financial situation, and the chances are you will get a better deal. Some people choose to take out a mortgage with the help of a broker – others prefer to go it alone. The choice is of course up to you. There are specialist financial brokers available who work with clients with bad credit, as well as those who specialise in large mortgages.

Once a borrower decides to work with a mortgage broker, the broker will go out and gather all the information required to assess their financial background. From this, they can then work out the best routes available for the borrower to pursue. Essentially, the broker is there to help you make the right decision. After all, choosing the right mortgage is one of the biggest decisions you can make. All correspondence with the bank is managed by them – so you don’t need to do it yourself.

So what’s in it for them?

Mortgage broker fees

It’s a commonly asked question: are mortgage brokers free? Just how does a mortgage broker get paid?

Essentially, registered mortgage brokers make their money either by charging broker fees upfront, or through a loan origination fee. The key advantage is that you could well save money in the long-run, even with the upfront cost of hiring a mortgage broker. The other way is to opt for a no-cost loan that works off lender credit – increasing your interest rate but reducing the amount you need to pay to start off with.

Mortgage broker fees vary widely, so its worth doing your research to find the best local broker for you. Luckily, that’s something we can help with here at Mortgage Broker Near Me.

Working with an online mortgage broker

As with so many things nowadays – online shopping, online therapists, online banking – it is possible to work with an online mortgage broker. Save yourself time and hassle and find yourself the best mortgage deal from the comfort of your home, knowing that it’s all in the hands of a professional. Cheap mortgages are hard to come by at the best of times. With a online mortgage broker, you benefit from invaluable mortgage advice and industry knowledge that will help to guide you as you navigate the complicated world of obtaining a home loan.

So is all this legit? Are mortgage brokers regulated?

Who regulates mortgage brokers?

The answer is yes: the Financial Conduct Authority (FCA) covers the regulation of all UK mortgage brokers, and has done since it took over from the Financial Services Authority in 2004. All mortgage brokers must be FCA registered, or else they cannot act as appointed representatives – and therefore cannot do their jobs. So when you choose to appoint a registered mortgage broker to act on your behalf, you know that they’re the real deal.

That’s all very well, but where does one find a mortgage broker in the first place?

Where to find a mortgage broker

Mortgage brokers are real people, just like you and I. They do not hide away in caves. When you’re considering which mortgage broker to use (and there are a lot of them) it’s a good idea to consult a comparison site. And it just so happens that you found one. Congratulations!

Using Mortgage Broker Near Me, you can search for the best mortgage broker to suit your needs, based on your location and the kind of mortgage you are looking for. Whether you’re in London, Manchester, Edinburgh or Belfast, we’ve got connections with safe and reputable mortgage brokers from all over the place.

So can anyone work with a mortgage broker? What if you have bad credit?

Do mortgage brokers do credit checks?

Naturally, a broker will ask about your credit history in order to do their job. They must be able to establish how much money you can reasonably borrow, based on your financial situation. You will probably be asked to provide records of your income and outgoings, your payslips, bank statements, P60s and so on. It’s important for your mortgage broker to have a clear idea of what you can afford before they start negotiating on your behalf. Lenders will request a credit check anyway, before a deal can be made.

If you have bad credit, it’s unfortunate. But that doesn’t mean it’s over. It definitely makes it tough to get a mortgage – but not impossible. One thing is for sure: having a mortgage broker to do the sweet talking for you really helps.

If you’re looking to get a mortgage but you have a bad credit history, you will likely end up having to go with a specialist lender and paying higher-than-average interest rates. Naturally, banks and lenders are more cautious with borrowers who have proven themselves to be bad at handling their finances. Having a higher deposit will help.

But remember – your mortgage broker is on your side. Finding the right deal is perhaps even more important if your credit rating is bad, as you could end up approaching the wrong lenders or getting saddled with high repayments.

Still not convinced?

Are mortgage brokers worth it?

Naturally, we’re biased. We work with some of the best mortgage brokers around the UK, and we know how much a good mortgage broker can save their clients on the biggest loan they are ever likely to take out. All of our registered mortgage brokers come highly recommended: we will never recommend anyone with a less than squeaky-clean reputation. Until you sign with a financial broker, you are not obliged to work with them, so it’s certainly worth finding out what they can do for you before you make your decision either way.

Of course, people have a lot of questions about mortgage brokers. You want to know that they will be worth the fees you’re paying them. We’ve answered some of the most commonly asked questions about mortgage brokers below.

Mortgage broker FAQs

Are mortgage broker fees tax deductible?

Yes – the cost of arranging finance (such as an arrangement fee or broker fee) is an allowable expensive when it comes to obtaining a mortgage or remortgage. If the amount is small compared to the interest of the loan, which it often is, then HMRC will allow the whole fee to be expensed in the same tax year that it is incurred. Likewise, finance costs incurred for the purchase of a buy-to-let property are also an allowable deduction.

Are mortgage brokers better than banks?

So let’s talk about mortgage brokers vs. banks. Mortgage brokers are essentially middlemen who go between the bank and the borrower, working to secure the right level of financing for the new homeowners. Then you also have banks and lenders who will work directly with the borrowers – removing the middleman altogether.

Mortgage brokers account for around 10 percent of all home loan negotiations, and they serve a valuable role in the industry as intermediaries. They are particularly beneficial to prospective homeowners, as they have more knowledge of the industry, and it is not in their interests to fix you up with a mortgage that is going to rip you off.

Using a mortgage broker is a good option for those with poor credit ratings, who will likely be turned away if they go straight to the bank. One benefit of working with a bank can be that you already have an existing relationship with them – so they know your credit history. The downside is that the process can be lengthy and complicated (especially for first-time buyers) and you may not get the best possible deal for your circumstances.

On the other hand, a mortgage broker does all the legwork for you, and they compare rates from a range of lenders all at once – much like a mortgage comparison service.

Can mortgage brokers sell insurance?

Mortgage brokers will sometimes offer further add-ons to their service, such as insurance policies. Whether or not you choose to accept these add-ons is up to you. Mortgage brokers can offer insurance, but you may still want to shop around to make sure you are getting the best insurance deal from them. Mortgage insurance is certainly a good thing to have, should you ever be at risk of your home being repossessed.

Do mortgage brokers work from home?

Mortgage brokers can work from home: some do and some don’t. It is certainly an option that is open to people in this career path, though it may vary depending on whether they work solo or as part of a collective. Brokers work closely with their loan applicants, and likewise with lenders, so even if they do work from home, they will still be out and about a lot of the time (unless they operate online).

Why does a mortgage broker need bank statements?

Mortgage brokers need to see your bank statements so they know what they’re working with when they negotiate with lenders on your behalf. Lenders will want to know where your money is coming from, as well as your regular outgoings. You will probably find that they request to see your ‘sourced and seasoned’ assets. It is also a form of verification that you are who you say you are.

What is a mortgage broker’s commission?

If you work with a mortgage broker who charges by commission (or loan origination fee) then you will probably find that the average rate is approximately 1 percent of the amount you intend to borrow. This is usually paid once the mortgage deal is closed. So if you intend to borrow £300,000 for your mortgage, you should expect your mortgage broker to charge a fee of around £3,000. This is how mortgage brokers make their money.

Are mortgage brokers safe?

So can mortgage brokers be trusted? We certainly trust the mortgage brokers we work with – and we wouldn’t recommend them if we didn’t. Remember, to do their jobs, all mortgage brokers have to be registered with the Financial Conduct Authority. It is not open to fraudsters here there and everywhere to become loan brokers without some serious screening and testing. Good mortgage brokers really have to know their stuff to find the best deals out there for their customers, and they earn a fair commission for handling that side of the process so the borrower doesn’t have to. If you have any concerns, check their registration credentials and try to speak with some of their previous customers.

Can mortgage brokers order appraisals?

Yes they can. In fact, mortgage brokers currently order just over half of all appraisals. However, this may change as new rules intended to reduce appraisal fraud are put into effect. Some argue that mortgage brokers shouldn’t be able to order appraisals, as they earn their commission only if the appraisal is good enough for the lender to approve the loan. Mortgage brokers, of course, want to earn that commission. But many brokers argue that these new rules will impede consumers’ ability to comparison shop when it comes to loan products, resulting in fewer choices and higher costs.

Thanks for visiting Mortgage Broker Near Me. We hope that we can find you the perfect local or online mortgage broker to help you get the best possible deal on your home loan. If you have any questions, please get in touch. And in the meantime, happy house-hunting!