What does a mortgage broker do?
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What does a mortgage broker do?
Charlie Connolly explains what a mortgage broker does and how they can help you.
What does a mortgage broker do?
A mortgage broker assists in arranging a mortgage between you as the borrower and a lender. We basically get to know you as a customer to understand your circumstances from the initial consultation.
We can tailor our advice to you and manage everything from sending that initial application to the lender, all the way to receiving a mortgage offer and liaising with solicitors until we get the keys.
What’s the difference between going to a mortgage broker and your local high street lender?
There’s quite a bit! If you just go to a lender on the local high street, you’re restricted to their products and their criteria. Through a broker, you will have an array of lenders to pick from – which means there’s a much better chance of finding one that will fit your needs.
If you don’t quite meet the lending criteria for a high street bank and you’re a bit unsure about where to go next, that’s where we come into play. We know the market. We know the lenders’ criteria. We have an array of lenders to choose from, and we also know which lenders specialise in certain areas.
So, we can save you the time and stress to get the best possible deal for your circumstances.
What services does a mortgage broker offer?
We offer a broad range of services for First Time Buyers and home movers. We’ll arrange an Agreement in Principle or Decision in Principle – which basically lets you know what you’re able to borrow.
We pride ourselves on excellent, prompt service. We will deal with the transaction from the minute you walk through our door to the moment you get your keys. We liaise with the estate agents and solicitors and keep a hands-on approach. When the transaction moves into the legal phase, we check up on progress on a weekly basis and update you as frequently as we can.
We’re also able to help with remortgages – whether it’s a pound for pound remortgage, your fixed rate is coming to an end, or if you’re looking to raise capital for home improvements or debt consolidation. We can cover all this as well.
We also do Buy to Let mortgages and have specialist experience in portfolio landlord mortgages and limited company purchases. We also assist with holiday lets and have expertise to help you in that field.
Mortgage protection is a vital part of the advice process. We will tailor a protection plan to meet your needs and circumstances – so you can be assured that you and your family are protected moving forward. We can help with building insurance and landlord insurance too. There’s a wide range of services at Midas.
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When should someone see a mortgage broker?
For First Time Buyers, especially, I always advise you to see a mortgage broker before you start viewing properties.
A lot of people miss that step out and don’t really have an idea of what they’re able to borrow. They often haven’t been guided by a professional on their budget and plans. It’s much better to speak to a broker before you start viewing properties. See us as early as possible, really.
When was Midas founded and how long have you been in the industry?
Midas was founded back in 2003 and by a director called Marcus Price. He’s worked in financial services since 1994, and became a Financial Advisor in 2001.
As a Financial Advisor, we cover mortgages, protection, insurance, investments, ISAs and bonds.
I myself joined in 2013 as an administrator, and I fully qualified as a mortgage and protection advisor in 2016. I then qualified as a financial advisor in 2018.
Now I’m the office manager at Midas as well as dealing with mortgages and retirement planning clients.
Is there a cost for an initial consultation with you?
Typically, our advisors offer free mortgage advice, although a couple charge a fee on application or for an initial consultation. Pick up the phone and contact us with any questions. The advisor you speak with will discuss their terms of business in the initial conversation with you.
What else do we need to know about Midas?
We’re all about being trustworthy and providing open and honest advice. Essentially, we want to build a lasting, long-term relationship with you. We don’t want to just do your mortgage and never see or hear from you again.
We hope you will trust us to look after your mortgage and come back over and over again. The biggest compliment we can have as a broker is when you refer us to your friends or reuse us. It means you’re happy with the service we’ve provided and how we look after your finances.
Your home may be repossessed if you do not keep up with your mortgage repayments.