What does a Mortgage Broker do?
Mortgage Brokers are a pivotal piece of the puzzle when looking for the right mortgage for your circumstances. They take the stress out of comparing an array of different lenders across the market that could be a good match for your needs. They look for a suitable mortgage product on your behalf in order to make sure you are getting the best possible deal. Recommendations of a reputable mortgage broker is always a good idea.
You can of course go to all the banks/lenders yourself with your documents, but most people run into issues when trying to get a few different quotes to compare as each bank will have different criteria and required documents. We offer expert mortgage advice in Bournemouth and nationwide.
What different types of mortgages are there?
There are two main types of mortgages to choose from. A Fixed Rate Mortgage and a Variable Rate Mortgage. A Fixed Rate Mortgage means that the interest you pay on your loan is fixed for a period of time. This means that your repayments will not change over this time. With a Variable Rate Mortgage the amount of interest that you pay can change, which means so can your repayments. We can help with mortgage broker advice in Bournemouth and nationwide.
How exactly does a mortgage work?
The easiest way to explain is this that a Bank or Lender gives you a loan that you pay interest on. In return the loan will be secured against the value of your property. The loan details are registered against the title of the property.