Mortgage Brokers Newcastle

There are quite a lot of mortgage brokers Newcastle have to offer can be quite confusing when it comes to making a decision. Depending on if you have prior experience of buying a property you may not even know what a mortgage broker is!

A Newcastle mortgage broker should be able to inform and guide you to making the best decision when buying a property, not only that but a really good mortgage broker will work with you for years to come to ensure that you really do continue to get the best deals, you don’t have to pick one and stick with it for the rest of your life!

Mortgage Brokers Newcastle: How To Pick A Good One

Mortgage broker Newcastle

Wants To Form A Long Term Relationship

Newcastle mortgage relationship with your brokers

As life progresses so does the mortgage market along with the deals that are released by mortgage lenders. A good mortgage broker will want to be by your side for many years to come. You don’t have to pick a mortgage and stick with it for life, you can change it and get a better deal when one becomes available.

As your life progresses and your needs change so does your mortgage requirements and this is when you need a trusted expert on mortgages by your side.

So it is in the interest of a mortgage broker to do right by you from the start.

Recommend Appropriate Protection To You

mortgage protection Newcastle

Most people don’t trust a bank or building society who want to you to take out their insurance protection because you probably realise there are cheaper and better protection deals elsewhere, or as with the PPI scandal they could be selling you something that you just don’t need, people mistrusting banks less than before PPI became a buzz word. This is one advantage to using a mortgage broker rather than approaching a lender yourself. They are more often than not impartial when it comes to a particular protection product and will source the best one for you without the pressure sell.

Access To The Whole of the Market

Newcastle mortgages and Whole of the market access

A good mortgage broker will not be tied to a particular lender or type of deal. If you use a comparison website for your mortgage quote or approach a lender yourself directly then you are likely to have a restricted range of lending options in front of you. A mortgage broker with full market access does not have this restriction and can find a solution that fits your requirements.

Straight Talking Mortgage Advice

straight talking mortgage advice in Newcastle

Do you really understand all of the mortgage industry jargon? Does your head live in figures all day long and are you able to predict what will happen to mortgage products over the years? Probably not, most people wouldn’t. It’s up to you if you decide to visit a local Newcastle mortgage broker or deal with one from afar but every single time you should be able to understand clearly what their message is to you. Any jargon should be easy to interpret into plain English so that it just makes sense on a level that you understand.

Communication Is Super Important

Great communication and advice Newcastle

Moving house or buying for the first time? Regardless of your reasons for moving it is going to be stressful! In fact statistically speaking it is one of those big things in life that stress most people out. That’s why the last thing you want is a mortgage company who don’t keep you informed of where things are up to.

You shouldn’t have to do the chasing, a good mortgage broker will ensure that you know exactly what and when things will happen and what is required of you. Yes, communication is important!

Professional & Friendly People

Professional and friendly mortgage company

As we’ve already mentioned you should take advice from a good mortgage company for years to come. Can you imagine dealing with an individual who is great at their job but a horror to be around! Professional and yet down to earth and friendly let’s you go far in this life and the same should be true of the broker you pick too. Newcastle is full of lovely friendly people including your local mortgage brokers, you just have to pick one.

Testimonials

Fantastic Newcastle testimonials

Testimonials and reviews are the life blood of business. Bad reviews are not always fair but if they are consistent and justified then it is worth steering clear of that company. On the other hand good reviews and happy customers show that a company is worth checking out yourself.

There are plenty of review websites around the internet a simple Google search for <company name> reviews will show you what you need to know. Make your own choices but make informed ones.

Why You Need Mortgage Advice

The world of mortgages is complex, gone are the days of the simple interest only or capital repayment mortgage; the choice is vast and if you don’t believe us then speak to a broker to find out just how big the marketplace is. Here are some suggestions (certainly not extensive) as to your own position and why you should take the advice of a mortgage broker.

Your Position Why
First Time Buyer For the first time buyer obtaining a mortgage can seem incredibly complex. The process itself is bad enough but to find out just how many deals there are for first time buyers is just immense. You will benefit from an impartial mortgage broker who lives and breaths the mortgage market and who can sort everything out on your behalf.
Buy To Let / Investment If you are looking to invest in property then the chances are you have bought before so you probably have some insight into the mortgage market. But like all good business decisions you should factor your time into your decision, you should also bare in mind that a good broker will be working with you for years to come finding you the best deals. So let the experts do the leg work for you and find someone who will fight your business corner to get the best deals for years to come on your behalf.
Remortgaging There are lots of reasons why people remortgage. Whether it is to find a better deal or to release equity built up there are such a huge range of mortgages that it makes sense to get the advice from a broker with whole of the market access so that when you remortgage you get a better deal than the one you currently have.
Home Movers Most people enter the housing chain at some point in their lives. Home movers will benefit from the services of a mortgage broker by letting them sort out all of the nitty gritty details and help relieve the stress of moving for you.

There are other things that a mortgage broker can help with too such as:

  • Insurance protection for your mortgage
  • Help with bad credit and obtaining a mortgage
  • Work with you if you are self employed
  • Knowledge of government schemes such as Help To Buy

What Should You Ask? Here’s Some Examples:

  • Do you take commission or charge a fee?
  • Are you able to access the whole of the market or do you work with particular lenders?
  • I have bad credit can you help?
  • I am self employed can you help?
  • What evidence do I need to give you to proceed?
  • Will I be assigned a dedicated broker to my case?
  • What is the likely turn around time to approval?
  • What can I do if my application is not approved?
  • How long will my mortgage offer last once made?
  • Are you based in Newcastle?

Mortgage Deals Are Complex

You should know that mortgage go beyond the simplistic interest only or capital repayment. There are actually a vast range of products for the many variety of situations that people find themselves in throughout life. Lenders understand that people and their circumstances are unique and most have a product suited to you.

Why You Shouldn’t Rely Upon Mortgage Comparison Websites

In short, they are not human. A mortgage broker with years of industry experience and whole of the market access cannot be substituted with a few slider bars that tap into a database with your variables which then spits back what it has been told is currently available.

The truth is mortgage products come and go, they don’t hang around. A mortgage broker often has a relationship with the lender and can pick the phone up to talk to a real person who can then make a personal judgement on why you may be suitable for that deal even though you have a good income but bad credit for example. A computer can’t really do that.

 

FAQ

Should I go with a local broker?

Mortgage Brokers Newcastle Vs Nationwide

The truth is there are pro’s and cons of each. You may be able to source a good mortgage broker in another part of the country that does a great job and is friendly and just what you want.

On the other hand you may prefer to speak to somebody face to face, there are lots of Newcastle mortgage brokers who will visit you at home or at a mutually convenient location to go through things, the choice is yours.

Some local Newcastle Areas Commonly Covered Are (for example):

Birtley
Blaydon on tyne
Cullercoats
Darsley Park
Dunston
Gateshead
Hetton
Houghton le Spring
Howdon
Jarrow
Killingworth
Little Benton
Longbenton
Low Fell
Newcastle upon Tyne
North Shields
Ryton
Sheriff Hill
South Shields
Sunderland
Tynemouth
Wallsend
Washington
Whitley Bay
Willington Quay
Windy Nook

Can I get a mortgage with no deposit?

There are options open to you but 100% mortgages are very hard to come by these days. Lenders like to look at the risk in their transaction before proceeding and you will be assessed as such. We have written a blog post how to get a mortgage with no deposit here which answers the question in more detail.

How Much Do You Pay A Mortgage Broker?

It varies. An independent broker typcially may charge around £300 for their services but some do work on a commission basis so there is no straight answer unfortunately. We do feature mortgage brokers in Newcastle on this website and you should ask them before proceeding. We wrote a blog entitled how much do you pay a mortgage broker which you can find by clicking that link.

How are mortgages worked out?

It used to be that mortgage were worked out on a multiplier of your income but those days are mostly gone. Nowadays it is usually worked on affordability. You will be assessed for things like your regular payments such as credit cards, bills, child maintenance etc. Your credit score is also a big factor too. So you will be “stress tested” to find out what will happen if these circumstances took a turn for the worse…would you still be able to make those mortgage repayments? We covered this in more detail in our post how are mortgages worked out here.

We answer these and many more questions that people frequently ask in our mortgages FAQ section here.