Mortgage Brokers Chester-le-street

0191 2633 786

Unbiased Independent Mortgage Advice

Whether you're a first time buyer, or looking for a better deal for your existing Mortgage, contact us for No obligation Professional advice.

We have access to the whole of the Market, with some exclusive deals not available on the High Street.

Paul Barron is our senior mortgage adviser who covers the Chester-le-Street area. His qualifications include FPC 1,2,3 and CF6 along with over 10 years experience in the Financial Services industry. The following article was written by Paul to answer some of the many questions you may have about mortgages. We hope you enjoy the read along with the rest of our website and please don't hesitate to contact us for a free consultation.

Free Initial Consultation - by Paul Barron

Some mortgage brokers are happy to provide a free initial consultation, which can be done over the phone or face to face. This is an excellent way of helping you choose a mortgage advisor, especially if you are a first time buyer or have some concerns about getting a mortgage. A simple relaxed chat will enable you to get to know the advisor on a personal level, while also using their qualified professional experience to help you better understand the mortgage process ahead.

Getting Some Answers
Talking to friends and family about your mortgage options is a very natural process, as well as reading magazine articles and looking at various finance websites etc. These activities are a great way to boost your general awareness of different types of mortgage options and the advantages / disadvantages associated with these choices, but it is likely this will also serve to raise more questions.

A good consultation will give you qualified professional answers to your questions and further your understanding very quickly. The FSA regulates mortgage brokers and requires proof of their knowledge and competency through professional qualifications and ongoing study, so you can place a good amount of trust on their answers and advice.

The simplest approach to getting the most from your initial consultation is to write down some questions and areas you would like to cover. Although this method is by no means necessary it can be extremely productive by helping focus on what you do and don't already know.

Knowing Your Position
Before searching for your ideal property it can be very helpful knowing the maximum amount that you can borrow, which will instantly define what you can and can't afford. Most estate agents will also want to qualify your purchasing ability before putting an offer forward to the vendor, which a simple email from your mortgage broker should satisfy.

Your financial position will influence and in some cases limit the mortgage choices available to you. There are various key aspects that your advisor should cover to get a good understanding of how strong your mortgage application is, which will include your income / expenses and deposit etc.

In some cases it is also possible to strengthen your financial position with a little forward planning, which is likely to be beneficial when it comes to actually searching for your best mortgage deal.

Independent & Whole of Market?
It is absolutely vital that you check your mortgage advisor's status... Does he / she have 'independent' status and classed as 'whole of market'? This should not be taken for granted as not all mortgage advisers are, which means you could easily be missing out on a better deal.

It is worth noting that a small difference in repayments can easily amount to thousands of pounds over the term of a mortgage. By reducing your monthly repayments by just £10 spread over 25 years would hypothetically save you a total of £3000... So be sure to check your advisor's status.

'Fixed Fee' or 'Fee Free' ???
Assuming that you do choose an independent, whole of market broker then the method of their remuneration should be discussed to see what will suit you the best. Some advisers are happy to work on a 'fee free' basis, which means they get paid by the lender. While some customers prefer to pay a 'fixed fee' and have any money paid by the lender returned to them. Either way your options should be explored during the consultation.

This article is not intended and does not in any way provide advice. If you require professional Independent, whole of market mortgage advice you must speak to a qualified mortgage broker.