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.

How much can I borrow?

Always a very common question that we hear. But not an easy one to answer because there are so many factors taken into consideration. The amount you can borrow will be determined by the purchase price of the property, your deposit you are putting down, your income and monthly expenses, your credit history, etc. All lenders are different and will take different things into consideration. You can always compare deals here for a guide or give our Bournemouth mortgage brokers a call to discuss further on 08081 551 807.


I have bad credit is this going to stop me from getting a mortgage?

Contrary to popular belief having bad credit will not stop you from getting a mortgage. With that being said, if you do have bad credit then the pool of lenders that will lend becomes smaller for customers. This is where a mortgage broker like Mortgage Squared comes in handy. We have built relationships with lenders throughout our time in the industry. We know lenders out there that are willing to take on clients that have had some trouble sourcing finance and.

Please ring us 08081 551 807 and we will have a chat about your circumstances and offer mortgage broker advice.


What is LTV?

LTV is used a lot when talking about mortgages. It is an acronym for Loan to Value ratio. This is used to describe the ratio of loan you are taking out to the value of the property purchased/sold.

For example – If you borrowed £270,000 to purchase a £300,000 property this would be a 90% Loan to Value. The remaining 10% will be the equity.