What Does A Mortgage Broker Do?

Straightforward mortgage advice from expert brokers. Finding the perfect mortgage just for you without the jargon. 

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Straightforward mortgage advice from expert brokers. Finding the perfect mortgage just for you without the jargon. 

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What Does A Mortgage Broker Do?, Vantage Mortgages

What Does A Mortgage Broker Do?

Adam Messer introduces the company and talks us through the services offered by a mortgage broker. Podcast recorded in September 2023.

What does a mortgage broker do?

What don’t we do, these days?! We are the link between you and the mortgage lender, really. It’s our job to look at your situation and see what kind of mortgage is going to be the most suitable for you.

We look at interest rates, how you will repay the loan and make a recommendation about the most appropriate lender for you. I don’t say ‘the cheapest’ because that means different things to different people. Low cost is important, but lenders all have different criteria and so not every bank will be right for you.

It’s our job to take your individual circumstances and connect that up with the lender that’s going to offer the most cost-effective solutions.

What is the difference between going to a mortgage broker like Vantage Mortgages versus your local high-street lender?

Your bank or building society is only ever going to tell you about their products and their services. If they don’t have the best rate, they’re not going to tell you that.

They can only offer what they have. If they can’t help you because your situation and their criteria don’t match up, they can’t suggest anything else.

To make sure you have a deal that works for you and your situation, you need to go to someone that can access many different lenders – a mortgage broker.

People often think they’ll get the best deal or will be looked after by whoever they bank with – and that’s absolutely not the case. Loyalty isn’t rewarded these days. So always speak to a mortgage broker for advice.

What services does a mortgage broker offer?

First of all, we will guide you through the process – no one else is really going to do that. An estate agent is not there to hold your hand through the process, because they work for the vendor of the property.

If you’re a First Time Buyer you won’t get much advice from the estate agent and if you’re remortgaging, there’s no estate agent involved. It’s not the solicitor’s job to guide you through either – they’re going to talk to you about the legalities of the process but won’t give you practical tips. If you’re remortgaging, the solicitor is very much working for the lender – not to give you advice.

So a good mortgage broker will support you all the way through the process. We liaise with the estate agents and solicitors, as well, to connect all the dots.

With a lot of solicitors the approach is “why pick up the phone when you could send a letter?” That’s never going to get the job done as efficiently as possible. We can be the link between the two.

If you’re a First Time Buyer or moving home, it’s important that you have checked your financial situation before you start looking for properties. We will make sure you’ve got a lender lined up and get an Agreement in Principle for you. That’s your ticket to go and view properties and let everyone know that you’re good to go.

If you’re not buying but remortgaging, it’s often a case of comparing your existing lender with other lenders. Generally your existing lender will offer you products to stay with them, which we will compare that with the wider marketplace.

A really important part of a mortgage broker’s journey is also protecting you for the future. We’re going to line up a big debt for you, and once we’ve got you in the house, we want to make sure you stay there. It’s really important to us that everyone that we help will be OK in the worst case scenario – if they have an accident or they’re ill or someone dies – so that the mortgage can always be paid each month or paid off in full.

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Our highly knowledgable advisers are ready to help and answer any questions you may have around your first time buyers mortgage.

When should I see a mortgage broker? At what stage in that process?

As early as possible, right at the start of the process. Let’s talk about remortgaging for a second. If you’ve got a mortgage now and it’s coming to the end of your fixed rate, we should be talking about six months before your rate ends. We can secure a new deal six months early – which is a surprise for a lot of people but it’s been really important of late, with rates being so volatile. [podcast recorded in September 2023]

If we do something six months early and rates come down, we can always change it. But if rates go up, we’ll be glad that we got in there as early as we possibly could.

If you’re buying a property, before you even set foot in an estate agent’s door, speak to a mortgage broker. Even before you start looking on Rightmove. Because without knowing exactly what you can afford, you can’t really go and go and look at properties.

I see people all the time that have found a property and want to put an offer in – but actually they can’t afford that one, or they could afford more. So the very first thing you should do is speak to your mortgage broker to see exactly what your situation is.

When was Vantage Mortgages founded and how long have you been in the industry?

Vantage was set up in 2019, so just over four years ago now. I’ve been a mortgage broker since the recession of 2008 – I just started when everything went all funny back in those days, for anyone that remembers. We’d been through a recession and had come out the other side.

We’ve just been through some equally funny times now, and who knows what the future holds. I’ve been doing this for a long time and I’ve seen ups and downs, high rates, low rates and everything in between. Whatever your situation is, I’ll have seen it before, I’m sure.

I always say to my clients that there’s no such thing as a silly question, because it’s all new to you. I do this all day, every day but if this is the first time someone’s getting a mortgage, everything is new and unfamiliar.

Most people have the same kind of questions – how much they can borrow and how much it’s going to cost. They’re the big ones. There’s lots of other things to talk about and to consider. So never be afraid to ask any questions.

Does it cost for an initial consultation with you?

No, it doesn’t. We don’t charge anything until we actually do something. We have a small fee but it only applies once we’ve actually submitted a mortgage application for you. There’s no charge for all the initial research, legwork and question answering. So don’t worry, pick up the phone or drop us an email and we’ll take it from there.

What else do we need to know about working with a mortgage broker?

I’d just like to re-emphasise that you should always use a mortgage broker – hopefully us, but if you don’t choose to use us that’s cool, too. But a broker is a better choice than going to your bank or building society.

Sometimes an estate agent will have a broker in-house, but they don’t necessarily have the same access to lenders that we will have. So always use a mortgage broker.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up with your mortgage repayments.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Most Buy-to-Let Mortgages are not regulated by the Financial Conduct Authority.

Why Vantage?