Mortgage Broker Alfreton
Mortgage Broker Alfreton
If you’re looking for a mortgage broker in Alfreton then you’re in the right place.
We’re a family business here to help people buy a home and keep them on the right mortgage.
This page should answer some simple questions but for more information just give us a call or drop us a message below.
What does a mortgage broker do?
If you’re looking for a mortgage broker in Alfreton then you’re in the right place.
We’re a family business here to help people buy a home and keep them on the right mortgage.
This page should answer some simple questions but for more information just give us a call or drop us a message below.
How much can I borrow?
It can be possible to borrow up to 5 and a half times your income. There are some specific circumstances needed for this though.
Most lenders will consider lending up to 4.5 times household income but there are a few things that could reduce this.
Credit card debt and loans may reduce what you can borrow, as can the number of children.
Ultimately the best way to find out how much you can borrow is to get in touch with a mortgage broker. We know which lenders are more likely to lend what you need given your circumstances. Two different high street lenders could lend tens or even hundreds of thousands of pounds in diffent amounts.
What deposit do I need?
The minimum deposit today is 5%. This is true if you are buying your first home or moving. Again, different lenders may require different minimum deposit sizes.
A mortgage broker will likely know which ones will consider a smaller deposit.
New builds & Flats
Lots of lenders require larger deposits for new builds and flats, typically 15%. However, if you are looking for a new build mortgage in Alfreton or a flat we work with a few lenders who will consider 5% deposits on both.
Finding the best mortgage for you
The best mortgage for you is going to be the lowest cost one that you qualify for and meets all of your needs.
A common mistake that people make is to simply apply to the one with the lowest interest rate. This can be an error if they have overlooked other fees. A mortgage with a slightly lower interest rate saving £10 per month is not cheaper if it comes with a £995 arrangement fee to set up.
Not to mention applying for a mortgage with a lender you don’t even qualify with is a complete waste of time.
How to choose a mortgage broker in Alfreton
Here are things I think you should consider when choosing a mortgage broker in Alfreton.
Availability
When picking a mortgage broker in Alfreton make sure they are accessible when you need them.
Think about what times work best for you. Are you going to be able to contact the broker who only works the traditional 9 AM to 5 PM working day? We’re happy to have evening appointments and will keep you up to date via WhatsApp.
Decide how you want to carry out your appointments, would you like to get everything sorted by email and phone or would you like a more personal approach to seeing your broker? We can tailor this to you, and find that everything can be done over Zoom, phone, and email. If you are local to Alfreton I will happily come and visit you at home.
Reviews
When you are on the hunt for your mortgage broker in Alfreton check out their reviews.
One of the key factors on this, pick the broker that you feel has your interests at heart! You want someone working for you that you will enjoy contacting. They’re going to be learning a lot about you so make sure they are trustworthy.
Don’t just look at the number and ratings (even though we have over 250 five star reviews!). Check what the comments say too to be sure they actually help people in your situation. It’s pointless using five-star services for a holiday let mortgage if non of their client reviews mention they are good at this.
Do you have to use a mortgage broker?
No. You are completely free to not use a mortgage broker. People use mortgage brokers because of the help and support they bring, not because they have to.
Sometimes mortgage brokers have access to mortgages not available to the wider public, but ultimately we help the whole process of getting a mortgage run smoother and with more success.
How much do mortgage brokers in Alfreton cost?
This varies from broker to broker, and sometimes even case to case.
If your case is relatively straight forward I will be able to help you without charging you anything at all. This includes employed and self-employed cases, first time buyers, remortgages, and home movers. Just give us a call to confirm.
For complicated cases, we’ll get to know about you first to make sure we can help before charging you anything.
How do mortgage brokers get paid?
We’re able to charge most of our clients nothing as when a mortgage broker arranges a mortgage they are paid a set amount by the lender. This is usually about £350 for every hundred thousand pounds you borrow.
As we don’t have expensive offices to run as we work from home, or buy leads from estate agents we can keep our costs low and pass these savings on to you. Hopefully, this makes professional mortgage advice accessible to everyone in Alfreton and beyond.
Does your mortgage broker need to be local to Alfreton?
A mortgage broker can work anywhere within the UK and don’t have to be local to you in Alfreton. These days the process can be done entirely remotely, allowing you to choose anyone you’d like really. A lot of my customers are in the areas surrounding Belper, Duffield, Ripley, Swanwick & of course Alfreton, I’ve built this up mainly from word of mouth by my clients.
It’s certainly nicer to help people locally to us and we keep a close eye on the local property market.
One benefit to using a local broker might be that there are some types of property that lenders don’t lend on, or have extra rules for. Around here old mines can be an issue and some properties are made of precast concrete which some lenders, but not all, require a larger deposit on.