Navigating the complex world of home financing can feel like a challenge at the best of times. In addition to the numerous mortgage options to choose from, there’s a whole host of criteria you need to meet in order to qualify for a loan. With the current economic climate meaning budgets need to stretch a little further, it’s a feat that’s becoming more difficult too.
Whether you're a first-time buyer or looking to refinance your existing deal, understanding the intricacies of the process is crucial to making informed decisions. Here, Applegate Properties’ independent mortgage advisor, Samuel Bull at JB Mortgages, sheds some light on his role within the market, and offers insight into the journey you might undertake…
What is a mortgage broker?
A mortgage broker is an intermediary between borrowers and mortgage lenders. Their primary objective is to assist clients in finding the most affordable mortgage, tailored to suit their specific needs.
A good broker will handle all aspects of arranging your dealtoo, from handling the paperwork to submitting a full application — removing the headache, streamlining the process, and increasing the chances of finding the bestfit.
Is it better to use a bank or an independent mortgage broker?
When it comes to getting a mortgage, you have the choice of working directly with your bank or engaging with a mortgage broker.
With in-depth knowledge of the market and access to an extensive network of lenders, Samuel at JB Mortgages can not only find a competitive interest rate and terms, but access exclusive deals that buyers might not otherwise find. He’ll also be able to find options that better suit your individual financial situation, now and in the future.
Depending on your own circumstances, you may decide to work directly with your bank or a mortgage broker.. Consider factors such as your credit score, financial situation, and the complexity of your mortgage requirements.
How much is it for a mortgage broker appointment?
Fees can vary significantly from one firm to the next, so the best way to determine the cost of an appointment is to contact your chosen firm or advisor directly. It's also advisable to discuss the fee structure upfront, to understand the costs involved and ensure complete transparency and clarity from the outset.
At JB Mortgages, we believe in building trust and providing value from the very beginning, as well as helping to remove the overwhelm many clients face when getting started on their mortgage journey. That’s why we’re pleased to offer a complimentary consultation, free of charge, to get to know one another better.
What happens in a mortgage broker appointment?
Your mortgage broker will complete a brief fact find in your initial appointment, which consists of your advisor collecting your three-years’ address history, credit history, employment details, and information on any financial commitments you may have. Your mortgage broker will then listen to your mortgage requirements — such as the desired loan amount, down payment, repayment terms, and more.
By the end of your appointment, you will know how much you can borrow and what your new mortgage will cost, including product information and fees. Your advisor will keep in touch to organise documentation, application submission, verification and underwriting, approval and offer, appraisal and inspection, and finalisation.
How much can I borrow?
Mortgage lenders will typically lend around four times your annual salary, with some even stretching to five and a half times that amount. The maximum loan you can borrow is determined by your income, existing debts, and general living expenses.
It is important to note that mortgage market regulation requires lenders to consider your personal expenses such as bills, debts, and childcare. This allows them to have a more accurate understanding of your affordability.
Can I get a mortgage with bad credit?
If you possess a low credit rating, getting a loan may be more difficult — especially if you have previously missed payments for loans, credit cards, or mortgages in the past — as this may indicate that you cannot afford a mortgage.
However, this does not automatically disqualify you. JB Mortgages has access to over 90 lenders who offer tailored mortgages for individuals with bad credit, meaning securing a mortgage with a poor credit history is possible with Samuel. However, it’s crucial to consider that these options may come with higher interest rates and fees.
The first step in securing a mortgage with bad credit would be to send a copy of your credit report to your mortgage broker. Samuel recommends using www.checkmyfile.com as this shows your Experian, Equifax, and Transunion credit reports in one central location.
As an award-winning mortgage broker, Samuel has been supporting clients with home financing for over 10 years. And, having been Applegate Properties’ independent mortgage advisor since 2018, he’s played a key role in supporting our customers in Holmfirth and surrounding areas with their bespoke requirements too.
Whether it’s a first-time buyer, someone looking to remortgage, or an experienced portfolio landlord with complex needs, Samuel is dedicated to finding the best solutions. If you’d like to book an appointment, simply contact the Applegate Properties team and we’ll put you in touch.
