Mortgage Broker Mildenhall

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What does a Mortgage Broker do? 

A Mortgage Broker (or Mortgage Adviser) provides advice and support to potential mortgage applicants. Even experienced homeowners looking to buy their second or third property can benefit from speaking to a Mortgage Broker, given their comprehensive overview and up to date knowledge of the many different types of mortgage products and Mortgage Lenders available. 

Rather than you personally searching through the terms and conditions of hundreds of different mortgages, brokers will tailor their lender search to find those products that most closely match your personal circumstances. This not only saves you time, it can reduce the stress, financial loss and upset of rejected applications.

What information will a Mortgage Broker ask for?

In order to gauge the type of mortgage products that will suit you, your Mortgage Broker will need to establish your home ownership goals, as well as a clear idea of your financial situation. Here are some of the documents you are likely to need for our initial meeting, if you’re applying jointly, both applicants will need to provide these:

  • Proof of Identity (Passport)
  • Proof of your current address (usually a utility bill etc)
  • Details of your income – Employer details and payslips or Self-Employed equivalent
  • Three months worth of bank statements as a minimum
  • A comprehensive list of outgoings (loans, utility bills, family and travel costs)
  • Your credit score details if possible – they may also carry out an additional check, but never without your permission

What are the benefits of using a Mortgage Broker?

The main benefit is access to a wider variety of mortgage deals, it’s unlikely that you will be able to find the best mortgage option available to you by yourself, particularly if you stick to high street lenders. There are certain specialist independent Mortgage Lenders who predominantly or only work through Mortgage Brokers and offer deals that won’t be available elsewhere.  

Mortgage applications can be complex and time consuming. The availability of someone who’s intimately acquainted with the administrative aspects of your application, to share the burden with, can save you a huge amount of time and stress.

Mortgage Brokers vs. your bank

For many people, it seems like a logical step to approach their long trusted bank to borrow money to purchase their first home. An important thing to bear in mind, however, is that banks are acting as the lender in this situation and therefore, their advisers are not able to provide unbiased advice. Whilst they may offer you the most suited of their own mortgage products, what they certainly won’t do, is consider whether you might find better interest rates or terms and conditions elsewhere.

Another very important benefit of using Mortgage Brokers is their ability to offer impartial advice. They have access to both high street and independent market mortgages, neither of which are they affiliated with. You can therefore feel confident that if you use a Mortgage Broker to find a mortgage, they will be looking after your best interests.

Speak To An Expert

We’re able to tap into our local knowledge to guide you through your house purchase in your chosen area.

What services do Mortgage Brokers offer?

Each firm will offer a different range of services, with some specialising in specific mortgage types or catering to applicants in particular professions, but the majority offering the full range of mortgage products you might need. For example advice for:

  • First Time Buyers
  • Self-Employed applicants needing specialist products
  • Home Movers
  • Those looking for Remortgage advice
  • Buy to Let landlords

The Financial Conduct Authority does not regulate most Buy to Let Mortgages

Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it. 

On top of mortgage advice and support, many brokers offer wider ranging financial advice, mortgage protection policies and home insurance, as well as other insurance and pension services.

What are the benefits of using a local broker?

A major benefit of using a local Mortgage Broker, such as The Mortgage Centre Mildenhall, is having the ability to tap into their local knowledge of your chosen area. Familiarity with the build quality and value of the properties in Mildenhall, as well as an idea of what could come up in the property survey can be invaluable. As well as wider area knowledge, such as future construction plans and other issues that could affect your move to the area, which can give you more confidence in your home choice. They know the local banks and estate agents well and can this can improve the smooth facilitation of your application process. As well as knowing the sort of things to expect on your property searches in the Mildenhall and surrounding area, they can help you with accurate future financial planning. Knowledge of local council tax rates and insulation potential is going to provide a more accurate picture of your outgoings than a mortgage calculator can.

Why Choose Us?