Mortgage Broker Leicester – Graham Kirton

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Mortgage Broker Leicester – Graham Kirton

Listen to Graham explain what a mortgage broker does for you

Listen to the podcast episode below featuring your local mortgage broker Graham Kirton on what to expect if you call for advice.

If you’re a first time buyer venturing into the property world, it’s very easy to go straight to your high street bank when you’re looking to secure a mortgage deal. Even if you aren’t a first time buyer, you may have always gone to the bank for mortgage advice without even thinking about another option.

A lot of people, particularly those who are first time buyers, aren’t aware of mortgage brokers and that the service we provide will often stand you in better stead compared to high street banks.

What is a mortgage broker and why should you use one?

A mortgage broker is someone who can be used to help get the right deal available to their clients. Most mortgage brokers, including us, have access to a large number of lenders whereas if a person goes to a bank or building society, they can tell them about what they have in store or on offer, but they can’t tell them to go around the corner to a competitor who happens to be offering far better deals – we essentially do all the leg work for our clients in order to find them the right mortgage deal.

How do we do this? Firstly, we find out what our client is looking to achieve. We find out about their circumstances and about their plans for the future, because that can influence our advice. We will come up with a solution that fits their criteria in order to get them the right, cost effective package – from the right interest rates and most efficient set up costs. If speed of completion is important, we will also help find a suitable lender.

Mortgage brokers do a lot of the work a client would usually have to do if they approached a high street bank. What’s more, a mortgage broker knows the market and knows what to look out for, whereas, particularly first time buyers, can be very new to it and approaching mortgages alone can be extremely overwhelming.

How many products and lenders do we have access to?

One of the many reasons approaching a mortgage broker will stand you in good stead is the number of mortgage products and lenders we have access to.

Any one lender will have several deals, different lending terms and different products for different loan values, in other words, for people borrowing different proportions of the properties value. Any of them might have between 30 and 40 products and we have access to around 60 lenders at any one time, so we could be looking at a lot of different deals depending on a client’s circumstances.

We don’t just look for the cheapest rates

People tend to focus on the cheapest rates and we occasionally get clients who say, “Well, you’ve given me ‘x’  rate but I’ve seen that the same lender’s offering a slightly better deal.”

What lenders tend to do is charge the cheapest rates and add fees on top of this, or they’ll have slightly more expensive rates with lower or no fees at all. We would only tend to recommend a deal to our client that had fees if the savings they were going to make as a result of the lower rate were going to outweigh the fees.

Interest rates are an important consideration and shouldn’t be skipped over, but you need to look at the full picture. There’s no point in saving £500 by getting a lower rate if it’s going to cost £1000 to get that rate in the first place, because they’re then going to be £500 worse off.

If you’ve been declined by a highstreet bank or lender, we can help!

Different lenders have different lending criteria. We know the criteria, or if in doubt, we have direct access to the lenders. If we aren’t sure about whether something in a client’s circumstances meets the lender’s criteria, we can always pick the phone up and say, “We have this situation, is this something you’d be happy to consider?”.

Even with high street lenders, some will lend in certain circumstances where others might not. And part of a brokers armoury is knowing who’s most likely to do things and who isn’t. We also have access to what they call the subprime market, if people have had poor credit that the high street banks wouldn’t consider, we can often find lenders who would be able to help our clients and still frequently get them better deals.

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Get Advice From Graham

  • Specialist Mortgage Adviser
  • Thousands of Mortgage Products Available
  • See if we can help you find the right deal 

 

Get in touch for a free, no-obligation chat about how we might be able to help you. 

When is the best time to speak to a mortgage advisor?

It’s always worth having a chat with your mortgage advisor before you start looking at houses, because there’s no point in looking at a property if you can’t afford the mortgage. Equally, you might be underselling yourselves, you might ideally like a four bedroom house, but you think it could be unaffordable so you look at three bedrooms. By having a chat with the advisor when you’re looking, or in the planning stage, before you even start to look, it sets your parameters. We can then pinpoint or give you some idea as to what you can afford so you don’t waste time and energy looking at deals you’re not going to qualify for, or looking at houses that you can’t afford.

Additionally, one of the first things an estate agent will ask if you make an offer is “Have you got the money to buy the property?” part of that might be your deposit, but they will want a decision in principle from a lender so they know the mortgage money is likely to be available.

It’s only when they’ve got this, they will take the house off the market. So, if you’ve had a chat before the offer is accepted you can at least make the offer with some confidence and without the risk of losing your dream property.

Is your mortgage deal coming to an end?

Even though you might not be looking to purchase another house, you could have been informed by your bank that your current mortgage deal is coming to an end and you’re going to be moved onto the standard variable rate, which will more than likely be higher than the rate you’re currently paying.

If this is the case, you have the option to talk to a mortgage broker in advance of this happening, to see what other deals might be available and avoid the higher monthly payments of a standard variable rate.

As a broker, we would normally contact our clients about three months before the end of their fixed deal, we would then offer a review of their circumstances and look at alternative deals, either being offered by the same lender or by different lenders to see whether we can get them into another special rate.

As an example, we can get deals of around 1% – 1.5% on short term fixed deals. The standard rate may be somewhere in the region of 4% – 4.5% depending on the lender. We’re talking about the interest possibly tripling – so you can imagine what effect that has on the monthly payments.

How much does our service cost?

We offer an initial fee free consultation where we get to know our clients and their circumstances and they can get to know us and what we can offer them. Once we gather this initial information, it’s our job to go away and do some fact finding.

If you’re happy to go ahead, we would then meet again to go through the paperwork. We only charge a fee when we get a full offer of mortgage, which is once all the paperwork and  supporting documentation that the lender requires has been requested and processed. It’s only at that stage and assuming we’ve got the decision, that we take a fee (subject to legal formalities).

If we don’t deliver, or for some reason the lender doesn’t agree to the deal we’ve recommended, there’s no fee to the client.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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