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!

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

A quick guide to remortgaging

Most homeowners choose to remortgage their homes to reduce their monthly mortgage payment amounts, but other reasons include to raise capital, to pay off a mortgage sooner, to reduce the size of repayments, to access better interest rates, or to consolidate other more short term debts.

According to research carried out by MoneyExpert, nearly one in every three UK mortgages is a re-mortgage, so should you join this growing number?

Is it time to re-mortgage?

For the vast majority of people, a mortgage is the largest financial commitment they will ever have. Therefore, it makes sense to make sure you are benefitting from the best rates available to you.

If your mortgage is about to expire, then you could be on the verge of being charged your lender’s standard variable rate (SVR). This will usually result in an increase in your monthly repayments, so if you know that your initial mortgage rate is about to end, contact a mortgage broker to start looking for alternatives as soon as possible.

Choosing the wrong mortgage product could be an expensive mistake. A mortgage broker has access to thousands of deals and will know which ones are right for you.

If the value of your property has risen significantly since you took out your mortgage, it is also probably worth investigating whether the increased equity in your property allows you to benefit from better interest rates.

If you want to know more about re-mortgaging and what it could mean for you, speaking to an expert mortgage broker will ensure you get the best deals available for your circumstances. They will also handle the re-mortgage application and help you through the process.

Get in touch with us today to book your free, no obligation, 60 minute consultation for information on how Orange Frog Mortgages can help you re-mortgage.