Mortgage Broker Southampton – A Local Touch

  • Specialist Mortgage Advisers
  • 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. 

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If you’re thinking about buying a home in the Southampton area, you no doubt have money on your mind. Houses are expensive and putting together enough money can seem like an impossible task. Rarely will first-time homeowners be able to afford a home outright, so you will most likely need to take out a mortgage.

The advantages of using a mortgage broker:

  • Options: A mortgage broker offers a wide range of mortgage loans from a number of different lenders because they are not just tied to one product, they can search their network to find you the loan product and the interest rate that best suits your needs.
  • The right deal: A mortgage broker represents your interests rather than that of the lenders. They act not only as your agent but a problem solver. They are able to offer great value in terms of interest rates, repayment amounts and loan products. Innovative mortgage strategies and solutions are a major advantage.
  • A mortgage broker can navigate you through any mortgage process situation. Any bumps along the way they have experience of dealing with. E.g. If you have credit issues, the broker will know which lenders offer the right products for your needs.
  • One Application: With a mortgage broker you only need one application, rather than multiple forms for each individual lender, reducing the paperwork. They can also guide you through the hard/soft credit applications meaning the process will not have a negative effect on your credit rating.
  • Save you money:  Brokers calculate the total cost of the loan including any fees and charges you may not have considered. Lowest interest rate may not be the only thing to consider.
  • Personal Service: Using a broker makes the journey much easier and they can advise and guide you throughout the application process. They have local knowledge of estate agents and legal services and most of all experience of the various options available.

How do mortgages work?

Houses usually cost hundreds of thousands of pounds. Few people have the money available to buy them outright, so the alternative is to take out a loan. This loan is secured against the value of your property, and you must then pay it back over a period of around 25 years.

Because you have to pay interest on the loan, the total amount you pay will be more than the initial value of the house. However, splitting your payments up over 25 years allows you to have a manageable payment plan that fits in with your current financial and professional circumstances. You can usually reduce the interest rate by paying a larger deposit upfront.

How do you apply for a mortgage?

When considering your finances, a lender will need to know how much you earn, your outgoings, and your savings. They will most likely look at documents like bank statements, invoices, P60s, payslips, credit history and bills to get a clearer picture of what your repayments on your mortgage would look like and what mortgage products would be right for you. This is where a mortgage broker can save you time and effort and money, because they know the market and products to get you the right mortgage offer.

How to improve your chances of being accepted

You are not guaranteed to be accepted. If you have bad credit or are in unstable employment, this won’t work in your favour. There are several things you can do to improve your eligibility and affordability, so it is a good idea to prepare before meeting with a broker:

  • Save a big deposit.
    The more money you can offer towards an initial down payment, the more likely you are to be successful. It also means you will receive a better deal on your repayment plan.
  • Improve your credit.
    Your credit score is one of the most important influencing factors on a lender’s decision about whether or not to accept you. If you have outstanding debts or a history of overspending, this won’t look good.
  • Be prepared with evidence.
    The more documentation you have, the more evidence you can provide in your favour. Come to your initial consultation prepared with identity documents, proof of earnings, financial statements, expenses and budgets. If you are self-employed you will need even more evidence of your earnings, so bring as much evidence as you can accumulate.
  • Do your research.
    Before meeting with a broker, do some research about different types of mortgage and repayment plans.

Why speak to a mortgage broker?

At PIA we don’t just help first time buyers achieve their dream home, we are also here to help with other mortgage and loan applications.

Buy to Let (BTL) – finding the right BTL mortgage will ensure you get an appropriate deal for you and your investment. Navigating through the higher fees, interest rates and minimum deposits to ensure you still have the best available deal on the market. Although not all are, most BTL mortgages are interest only, meaning you are paying the interest but not the capital each month. At the end of the mortgage term you repay the loan in full, we can help you plan for this.

Remortgaging – you may be looking to remortgage your home for a number of reasons, your fixed rate could be coming to an end and you want to secure a better rate than the Standard Variable Rate (SVR). You may wish to undertake some much needed home improvements that may also increase the value of your home and investment. You may be investigating options for debt consolidation or releasing equity. Whatever your reasons we are here to assist you

Think carefully before you secure other debts against your property. Your property may be repossessed if you do not keep up repayments on your mortgage.

Some buy to let mortgages are not regulated by the Financial Conduct Authority

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