Choosing A Mortgage Broker
Choosing a mortgage broker.
Whether you are moving home or a first time buyer, choosing a mortgage broker can be a daunting prospect. Here we explain 6 simple steps to consider when you are looking to instruct a mortgage broker.
1. Check the company is registered with the Financial Conduct Authority (FCA) and the firm’s mortgage advisors hold the relevant qualification to allow them offer advice and they are individually recognised by the FCA. It is simple to make these checks and can be done on the FCA website, the following link will take to the correct page to make these searches. register.fca.org.uk
2. Does the firm offer advice from the Whole of Market? Checking to see if they offer Whole of Market or if they work off a panel of limited lenders will ensure you will be offered the best mortgage to suit your personal needs and circumstances.
3. Most mortgage brokers charge a broker fee in addition to receiving commissions from the lender they place business with. Check what their fee is and how it is structured, this should all be clearly explains within the companies terms of business. Never be shy of requesting to see the terms of business or T&C’s before taking things further.
4. Lots of online mortgage brokers do not offer face to face meeting in the office, always check if you can go and see them if that is what you’d prefer. Since the pandemic many mortgage brokers now offer online meetings via Zoom and Teams etc. Online meetings are a great way of meeting your mortgage broker without the need to travel to their offices, freeing up more time for yourself. Obtaining a mortgage is one of the biggest financial commitments people make in their lifetime so making sure you are comfortable with the broker firm you choose is really important. Are you happy to be advised purely via email and telephone calls? Or do you want that more personal touch and actually meet with the person who will be finding your mortgage.
5. Most mortgage brokers have testimonials on their website which is great but ask if you can see evidence that the testimonials are genuine. Online platforms such as Trustpilot and Google allow people to leave reviews on their experiences with their mortgage broker. Another great way of checking is to see if the business has any social media activity such as Twitter, Facebook and Linkedin. However, always remember reviews are not 100% accurate, but they are a good guide to understanding a firm’s reputation.
6. Feeling comfortable with your broker is the most important thing, so once you have done your checks only instruct them if you are completely satisfied. They will hold a lot of personal and financial information about you so it’s really important you are happy with the company you have chosen.
Choosing a mortgage broker to work for you can make the whole process of moving house much smoother. They will liase with estate agents, solicitors and of course the lender on your behalf throughout the process. If you are a first time buyer the thought of getting a mortgage can be quite worrying. However having the right mortgage broker will make the process of owning your first home an enjoyable moment in your life.
Orange Frog Mortgages offer face to face appointments at their office in Abingdon and you can meet with the advisors online via Zoom. To get started just email or call them to arrange an initial free consultation and don’t be afraid to ask to see those genuine testimonials and terms of business. Call on 01235 555028 or email them on [email protected]
Happy house buying!
Is Your Mortgage Broker Local?
We have noticed lately that there appears to be more and more mortgage brokers advertising locally when in reality they are miles and miles from where they claim to be ‘local’.
Don’t get us wrong, we have no problem with competition, in fact we embrace competition, it keeps small businesses like Orange Frog Mortgages on our toes and helps us stay focused on delivering exceptional customer service.
What does slightly irk us is when a business states on their website that they are ‘local’ and go to the lengths of plastering websites with pictures of Abingdon and making false claims about helping clients in Abingdon for over 30 years. We believe statements like this to be untrue and misleading to potential clients. We also think it is grossly unfair on businesses like ours when this type of thing happens. As a business, we would never dream of advertising online in say Nottingham, stating we are local and have been helping clients in Nottingham for a million years etc etc.
One way of checking if a business is ‘local’ is to have a look at how the website reads. When businesses try to trick people into thinking they are local you will sometimes find that the websites are very badly written. They tend to try and stuff keywords on to the website which doesn’t make it read in a natural, flowing way. Also check if they have a local address and phone number, sometimes they will have a virtual local office and phone number, however, the easy way around that is to ask if you can pop in for a chat as you are in town.
Look, as we have stated, we do not have a problem with competition, we just think this is wrong and misleading to blatantly state you are local when in reality the business is based hundreds of miles away.
Here at Orange Frog Mortgages we have absolutely zero intention of advertising anywhere outside of Oxfordshire, 85% of our clients are from Abingdon and thats just how we like it. We are a local firm, providing a bespoke local service to fantastic local people.
Why It’s More Important Than Ever To Use The Services of Professional Mortgage Broker
Since March 23rd 2020 when lockdown was introduced we have seen big changes in the way the mortgage industry has had to adapt, both from a broker and lender perspective. Prior to lockdown we actively encouraged our clients to visit our offices for the free initial consultation we offer. The main reason for this was to ensure our clients can meet with the people/company who will be sourcing their mortgage, which we feel gives clients assurance that they have instructed the right company. The relationship we have with our clients is the single most important factor for our business.
Sadly we have had to change the way in which we work to ensure we play our part in slowing the spread of the virus. We now actively offer our free consultations via phone and video conferencing to ensure we are doing our bit when it comes to face to face contact. For clients who would still prefer to visit the office we have covid measures in place such as desk screens, clear floor markings and hand sanitisers to ensure the safety of our clients and us. We have found that seeing clients via video conferencing has been working extremely well and we will continue to offer this for the foreseeable future.
There has been a big change in the way lenders are dealing with and handling the current situation. One of the most frustrating for brokers such as us is the time it takes to get through to lenders to discuss cases. Most lenders are still working with a skeleton staff in their offices with lots of staff still working from home, it’s quite normal for us to be on hold for anything up to and over 1 hour, sometimes to ask the most simplest of questions.
Pre Covid, most lenders had mortgage products available for buyers with smaller deposits of 5% and 10%. There are now less than a handful of lenders who offer this and the criteria for acceptance is very strict. The rates offered by these lenders are considerably higher than you may wish to pay.
In light of this we are advising potential buyers that for a successful mortgage application a deposit if 15% is preferable.
It is now more important than ever to use the services of a professional mortgage broker during these uncertain times to ensure you get the best possible deal. Here is the top 4 reasons why you should instruct a mortgage broker during the pandemic:
1, Lenders criteria is changing more frequently than ever. When instructing a mortgage broker such as Orange Frog Mortgages clients can be sure we are aware of these changes which will not always be the case for the general public.
2, Mortgage Brokers are working harder than ever to ensure clients obtain the best rate available that suits their circumstances.
3, Hiring a mortgage brokers can unlock exclusive mortgage deals that are not openly available to members of the public.
4, Finding the right mortgage can be a stressful experience (more so in these Covid times) so by instructing a company like Orange Frog Mortgages you are freeing up time to do something more relaxing.
To find out more about how a mortgage adviser can help you during these unprecedented times and to book a free, no obligation consultation call 01235 555028
Using a Local Oxfordshire Mortgage Broker
Studies have found that over 70% of people looking to obtain a mortgage prefer to use the services of a mortgage broker (1). Just why do more people steer towards using mortgage brokers than their own bank? Here are some of the top benefits of using a locally based Oxfordshire mortgage broker.
Wider choice
Stick to your own bank for mortgage advice and chances are you’ll only be provided with a limited amount of information. Banks are often geared towards promoting their own products or those products that gain them the most commission. This may not necessarily work out the most cost-effective choice for you.
An independent Oxfordshire mortgage broker, on the other hand, has access to a much wider range of mortgage options and does not take a biased approach. The broker will take a good look at your financial situation and present the options to you that suit your circumstances the best, not what works out financially better for the broker. In some cases, the broker may even have access to special broker-only deals that you wouldn’t be able to obtain elsewhere.
As well as providing mortgage advice, mortgage brokers have extensive know-how to be able to advise you on a whole range of other financial aspects, as well as specialist areas of mortgaging.
Save time
If you want to find a good deal on a mortgage, inevitably, it pays to shop around. But, this would include conducting a lot of research and visiting different banks or lenders to get an idea of what options are available. The beauty of using a mortgage broker is that they can save you a lot of time and hassle, by doing all the research for you.
Naturally, mortgage brokers will be able to complete the relevant paperwork for you, too, so that you don’t need to spend time filling documents in.
Speed up the process
A mortgage broker has vast experience working with numerous different lenders, so they will understand how each one operates and what strings to pull to chase up any mortgage applications. Indeed, for those applicants looking to get a mortgage in a hurry, a broker will know which lender is the best to turn to for a speedy outcome. This might not be the case if you decide to use your bank as a lender.
As an Oxfordshire mortgage broker providing a range of market services to clients, why not experience the many benefits of using a mortgage broker by getting in touch with us today?
Call 01235 555028 or email [email protected]
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