Mortgage Broker Grimsby

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Home » Mortgage Broker Grimsby

Meet The Mortgage Store Grimsby

Rachel Davidson from The Mortgage Store introduces the Grimsby-based branch.

What is the role of a Mortgage Broker?

The role of a Mortgage Broker is to help you get the most suitable mortgage deal for you. That’s a combination of rates and criteria, whatever best fits your circumstances.

What is the difference between going to a Mortgage Broker versus your local high street bank?

Banks only have their own set deals, rates and criteria. If you don’t fit some of their criteria or you don’t fit their affordability, they can’t give you a mortgage and don’t have any other options for you.

A broker has access to many more lenders, including high street lenders, so there’s a lot more choice. Rather than going to all the different banks, we find a mortgage on your behalf.

What services do Mortgage Brokers offer?

For First Time Buyers it can all be really scary, so we can liaise on the client’s behalf with the estate agents and solicitors. We can help them with the paperwork, and anywhere along the chain from start to finish.

We always keep in contact with clients after their first purchase, so they never get to the end of their deal. We’ll warn them when the deal is coming to an end and get them back in for a Remortgage, if that’s what they want.

Can you help with Mortgage Protection products?

Yes, we can do exactly the same from a smaller panel of the top providers. We can recommend and arrange Life Insurance, Critical Illness Cover, and Income Protection.

When should I see a Mortgage Broker?

Particularly for First Time Buyers, see a broker right at the beginning, just before you start looking for a home, because if you don’t know exactly how much you can borrow, you don’t really know what purchase price you can go up to.

A lot of estate agents have started asking for Decision in Principles (also known as an Agreement in Principle) before they will even let you view properties, and you’d need a broker to do the Decision in Principle, which is where a lender credit checks you to say whether you can do a full application. That way, you’re all set up and you are in a position to make an offer on a property when you find one.

You’re based in Grimsby, but can you help somebody if they’re based elsewhere in the country?

Grimsby is my local area, but I can cover the whole DM postcode area. I provide mortgage advice in Grimsby, but if anybody lives elsewhere in the country I can do that by phone, Zoom or Teams nowadays.

Why is Grimsby a popular location to live and buy property?

There are a few things, firstly, properties in the north of the country are cheaper than they are down south. There are also local benefits, we’re close to cleethorpes and the Lincolnshire Wolds.

Grimsby itself is just a small town that was really famous once for its fishing. There are a lot more employment opportunities, however, since Grimsby Docks was given a new lease of life. There’s the World Centre of Excellence for offshore wind, the world’s largest wind farm (Hornsey 2) and that’s brought lots of jobs to the area.

There’s a huge Buy to Let market here, as cheap property prices have led a lot of investors from other parts of the country here. People who live in the south of the country can also get a lot more for their money buying up here. So they can potentially go from a really small property in London to a really big property in the country here, for the same money. We do have the best fish and chip shops too!

The Mortgage Store’s Grimsby-based branch is fairly new, but how long have you been in the industry?

I’ve been in financial services for over fifteen years, but I’ve actually been a Mortgage Broker for the last ten. I was working for a local estate agent and decided it was time to go solo. I teamed up with TMS and opened a branch in Grimsby.

Does it cost for an initial consultation with you?

No, absolutely not, the initial consultation is completely free. With free mortgage advice, people have got nothing to lose by having a chat with us.

For First Time Buyers we explain it in plain English, and if people don’t understand, they can ask as many questions as they want to.