Mortgage Broker Wolverhampton
Like many in the UK, you want to realise your dream and buy your first home in Wolverhampton, but you don’t know where to begin. Climbing onto the property ladder as a first-time buyer isn’t easy, but rest assured, you don’t have to do it alone. Specialist mortgage brokers and advisors can help make your dream a reality by taking care of the daunting mortgage application process for you.
Signing up for your first mortgage is perhaps the most significant financial decision you will make in your entire life, and getting it right will set the tone for your future. Getting it wrong could spell disaster, which is why it’s so important to get advice from a qualified, experienced mortgage broker or advisor right at the start of your mortgage journey before you jump in with a decision.
An experienced mortgage broker will spend time getting to know you and will seek to understand your financial past, present, and future. Mortgage brokers and advisors will consider things like your income, your monthly outgoings, your debts, your age, your credit history, what type of property you want to buy, and what area of Wolverhampton you would like to live in. These will all help mortgage brokers create an accurate profile of you as a first-time buyer and use it to ascertain how much you need to borrow.
Once they have developed a profile, your mortgage broker or advisor will use their industry experience and expertise to search for quotes from lenders that meet your criteria and are suitable for your requirements. Of course, it is possible to do this yourself, as many lenders publish details of their offers on their websites, and they can be accessed via a simple Google search. However, by doing it yourself, you won’t be able to access broker-to-broker deals, often where the best deals can be found.
Moreover, by heading directly to your bank or building society online, you will miss out on the whole world of specialised mortgage companies that cater to first-time buyers with low income, low deposits, and a history of adverse credit. In certain areas in Wolverhampton, this profile of buyers makes up a significant proportion of the market, and they wouldn’t qualify for a mortgage if they went straight to their bank. By hiring the services of a mortgage broker or advisor, you will be able to find the perfect deal for you at a reasonable rate, regardless of your socio-economic situation, as brokers have access to the whole market and can utilise their relationships within the industry to broker you the best deal.
Mortgage brokers don’t just find you the best deal; they are there to hold your hand throughout the whole process and make the process of moving into your dream home in Wolverhampton just a little less daunting. From arranging your first viewing to collecting your keys, a mortgage broker is with you every step of the way and is a great support when making the most significant financial decision of your life.
If you’re a first-time buyer in Wolverhampton, Stafford, Cannock, Walsall, Birmingham, or London, get in touch with us now, and we would be delighted to support you to buy your first home. Contact Paul on 01902 213201
Why Use a Mortgage Broker?
As a first-time buyer, there are so many things to consider when trying to get onto the property ladder. The world of mortgages can be incredibly daunting for new buyers, as there are so many varieties and clauses to understand to find the best mortgage for you. Employing the services of a mortgage broker Wolverhampton or midlands based can help you find the perfect mortgage for your first home.
A mortgage broker helps you find lenders who will offer you a mortgage to fit your needs and requirements. Mortgage brokers are qualified to provide you with advice. They can recommend mortgages most suitable to you, explaining complicated jargon in layman’s terms and helping you make sense of repayment options and lender’s fees. Reputable mortgage brokers are regulated by the Financial Conduct Authority and are qualified to manage and complete your mortgage application on your behalf.
Perhaps the most significant benefit of using a mortgage broker to find the right mortgage for you is peace of mind. When you are buying your first home, you are entering an unknown world, and it isn’t easy to know where to begin your research. Mortgage brokers have an intimate knowledge of the lender’s priorities and current offers. They can even bring you deals that are not available to the general public due to their relationships within the market. By employing a mortgage broker’s services, you have an expert working on your behalf, which can save you a significant amount of money in the long run by finding you the best deal at the start.
Moreover, many people seek out the services of a mortgage broker for convenience. First-time buyers are often overwhelmed by the sheer volume of legal documents they have to complete when purchasing their first home. As mortgage brokers are experienced to work on your behalf, they take away a lot of the stress associated with a first-time purchase and complete the complicated paperwork on your behalf. For many, knowing that an experienced broker is looking after their mortgage application is a massive weight off their mind.
Working with a mortgage broker will not only help you secure an appropriate mortgage, but they will also offer their expertise in related fields and consider your mortgage alongside other critical aspects of your life. For example, a mortgage broker will advise you on building and contents insurance for your new home, as well as payment protection and other related aspects associated with purchasing a house. Mortgage brokers also recommend insurance that will ensure you are protected in case of illness or redundancy, two fundamental aspects of life that can cause issues in the future for mortgage repayments.
Overall, employing a mortgage broker’s services can help take a lot of the stress away from completing your first house purchase. First-time buyers already face many challenges, and mortgage brokers are industry experts who help match buyers with the most appropriate lenders who will provide them the best mortgage for their needs, considering a vast array of criteria.
Buy to Let Mortgage Broker
Acquiring any mortgage is a daunting process, with so many products available from different lenders. Buy to let mortgages in particular, however, seem even more complicated with changing lender criteria and a never-ending paperwork trail. One way to lighten the load and relieve some of the stress of finding the most suitable buy-to-let mortgage to meet your needs is by hiring the services of a buy-to-let mortgage broker Wolverhampton or west midlands based.
With the buy to let mortgage industry becoming ever more complex, it’s no real surprise that approximately three-quarters of all mortgages are now arranged through brokers. Because around three-quarters of lenders only offer their buy to let mortgages through a broker, if, as a landlord, you are approaching lenders directly, then you are only able to access approximately 25% of buy to let mortgages on the market. It’s safe to say that mortgage brokers are likely to find you a better deal than you could find yourself. Even a small percentage saving in the short term could be worth thousands throughout a mortgage.
Although arranging a buy to let mortgage is similar in many respects to any other mortgage, the fundamental difference is that you plan to rent the property out. Lenders will consider many factors when deciding on what to offer you, but it can be challenging to communicate your whole financial situation to a lender directly. Therefore, utilising a mortgage broker’s expertise when searching the market for a buy to let mortgage can save you time and hassle in the short term and money in the long term.
Moreover, you must understand all of the additional associated costs that come with a buy to let mortgage, many of which a broker can help you factor into your cost projections and manage with your income. For example, landlords need to plan for Stamp Duty Land Tax, which is a variable cost depending on the property’s price, and factor Income Tax and accountant fees into their projected costs. While it’s not impossible to budget this yourself, mortgage brokers who specialise in buy to let mortgages are experienced in the industry and can ensure that you won’t be met with any hidden costs further down the line.
Employing a broker’s services to find your buy to let mortgage is also an added layer of security. As brokers are duty-bound to provide you with the best deal for your circumstances, they will only offer a deal in your best interests. Also, brokers are regulated by the Financial Conduct Authority, and if you feel that you have been ill-advised and mis-sold a mortgage by your broker, you can complain to the FCA and apply for compensation.
Due to the complexity of the buy to let mortgage market, and with so many lenders offers being available to mortgage brokers only, it’s undoubtedly a good idea to utilise the expertise of brokers when trying to acquire a buy to let mortgage, particularly if it’s for your first buy to let property. As with all mortgages, brokers offer added peace of mind, security, and expertise and can help you earn money in the long term from your rental property.
If you’re a first-time buyer in Wolverhampton, Stafford, Cannock, Walsall, Birmingham, or London, get in touch with us now, and we would be delighted to support you to buy your first buy to let property.