Liverpool mortgage brokers, there are plenty to choose from but your mortgage is one of the biggest financial investments you are likely to make in your whole life and it’s important to get it right. Liverpool offers a range of brokerage services but it is important that you choose the right provider, after all it’s not a decision you will have to literally live with for years.
Mortgage Brokers Liverpool: Finding The Deal Which Is Right For You
The reason you should pick a broker carefully is because not all brokerage services or mortgages are created equally. Some providers have whole of the market access while others deal with particular lenders or only deal with a particular niche. If you have a preference to using a Liverpool mortgage brokerage company then the following information will serve as a guide.
The diagram above shows the rough outline of the whole process start to finish, but know that no two people’s circumstances are ever going to be the same; but it still gives you an idea of the process flow.
Any Liverpool broker will be able to answer your questions up front about their service and tell you pertinent information such as if they charge a fee, which lenders they deal with and if they are able to assist with your particular requirements, so it is important to ask the right questions before proceeding.
Which Questions Should I Ask?
Roughly speaking you should be looking for a service where the company can access the whole of the market or at the very least have access to multiple lenders who will cater to your life circumstances, here’s some basic starter questions to ask your brokers:
- Do you charge a fee or take commission?
- Do you have access to the whole of the market?
- Here’s my situation, are you able to help?
- How are mortgages worked out and am I eligible?
- What evidence do I need to provide?
- Will I be dealing with the same person in your company each time?
- How quickly can I be approved?
- What happens if I fail my application?
- If I am made an offer how long will it last?
- Are you based in Liverpool?
Not Every Deal Is The Same
Once upon a time mortgages where actually pretty simple, it was a choice between an interest only or capital repayment mortgage. These days the amount of deals are vast and suited for many situations so there is usually bound to be a deal for you and your brokers will find it.
What Types Of Deal Are There?
Everybody at some point is a first time buyer and there are plenty of mortgages for you if this is your first purchase. But what if you have bad credit? What if you don’t have a big enough deposit? What if you are interested in one of the Government schemes? What if you are self employed? There are so many different types of mortgage out there (see our post).
Getting The Right Advice
Getting the right advice for your circumstances is the key to getting the deal which suits you best.
|First time buyer||First time buyer with Bad Credit||Self employed first time buyer|
|Remortgaging||Remortgaging for retirement||Remortgaging for a better deal|
|Buy to let||Second property|
|Good income bad credit||Small deposit than required||Equity release|
|Remortgaging for equity release||Remortgaging for downsizing||Help To Buy|
The tables above are just some of the examples. For example you may be retired and wondering if you can still get a mortgage, the reasons are your own but you may be down sizing, looking to release equity for a pension, looking to buy a second property to help with your pension fund. Everybody is different.
But what if you are a first time buyer who is self employed?
First time buyers
All brokers love a first time buyer because on the whole you are easy to get a mortgage for. Every lender under the son has a deal for a first time buyer providing you have a good credit history, a steady and provable income and a lump sum of money for a deposit.
Buy to Let
A buy to let mortgage is for people wanting to invest into property, the lending criteria is different because the the figures are worked out on the projected rental income of the property rather than your own own personal income as with a standard mortgage.
Not only will a buy to let agreement allow you to receive a regular income from the property but it will also open doors for equity release as the housing market improves, it also holds the possibility of you either cashing out at retirement or counting the income into your personal finances meaning it can count toward a mortgage application in retirement, it’s also a great nest egg to pass on in your will too.
What Do They Look For?
It can all be summed with the following: a lender will assess their risk in lending you their money when you apply with them.
The less risk you are deemed to be then the more options and deals there are open to you. The more restrictions you place on your application checking all of their points the smaller the type of deal is then open to you.
Good Income but Bad Credit
Having a good income but bad credit comes up a lot when we speak to people. Not everybody is fortunate enough to have a great credit score but that doesn’t mean to say you cannot afford to repay a mortgage and this is taken into account by lenders.
As long as you have the proven ability to repay each month and not put your property at risk from repossession then a lender will risk assess your application when considering your application. If you have a deposit and provable income then you may be able to supply additional evidence as to why you think your credit score is low.
Why You Shouldn’t Use Online Comparison Sites
What are the benefits of using a broker? If you have read the rest of this article then you will probably realise that a check in a box and an income slider bar does not react the same way that a human does and lacks the element that allows a brain to dismiss some negative points on an application form.
It is also does not have the relationship with the lender that a broker does.
Having somebody with inside market knowledge and years of experience fighting your corner cannot be compared to a computer searching through a database. A human can read that same database and pick up the phone to chat to the adviser on your behalf and come up with a solution. We’re not a fan of mortgage comparison sites here at Your Local Broker. See our recommended Liverpool mortgage brokers to take the next step on your journey.Mortgage Brokers Newcastle
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