How to Find the Right Mortgage Broker for Your Needs

When you want to buy a home in London you’ll come in contact with a few players who can make your dreams of home ownership come true. Besides your estate agent and lender, you’ll probably need the services of an adviser or broker who can guide you through the mortgage process successfully. In addition, you should hire both a solicitor and a surveyor so that the details of the property you are buying will be handled professionally and accurately. Choose a mortgage broker with an extensive knowledge of the housing market around London. Let’s take a look at some of the questions to ask the broker and some of the details associated with their services.

1Before you schedule any meeting with a mortgage broker, gather your personal financial information so that you will be prepared to answer any queries that the broker might have. Include information regarding all your outstanding debts and loans, income, monthly expenses, and the amount of money you have in savings. Once you are organised, meet with a few brokers so that you can compare their services and fees to find the one that will work best for you. As you meet with each broker, pose some of the following queries to get an idea of what each one can offer you.

  1. One of the first questions that you should cover with a London mortgage broker is the range of services that they provide. Along with this you should discuss any fees that will be charged so that you know from the onset of your professional relationship exactly what you will be paying. The cost of using a mortgage broker can range from no fee at all to a flat fee or charges that are a percentage of your total mortgage amount. Some brokers also receive a commission, so ask about what type of fee structure will apply.
  2. Is the broker regulated? You can check on website registers for the broker’s status; make sure that you only deal with a mortgage adviser that is qualified and registered with the FCA.
  3. Ask the mortgage adviser which mortgage they would recommend for you and the reasons behind this recommendation. You should be thoroughly familiar with the repayment methods, the interest rate that is being offered, and how long this offer will last.
  4. Securing residential development finance can be complicated and overwhelming unless you have a well-experienced broker guiding you through the process. Be sure to enquire about your monthly payments so that you can begin to calculate your budget and the affordability of the property that interests you. Ask about penalties for early payments as well as any late fees that will be assessed should you miss payment dates. Finally, ask the broker if there will be any arrangement fee, how much it is, and when it is due.