Why use a local Mortgage Broker in St Albans?
At The Mortgage Store, we have helped many people to find the perfect mortgage for their requirements. We are local to St. Albans in Hertfordshire and know the local area and housing market.
We have many years of experience in the industry and we have built up great relationships with clients and lenders during this time. This enables us to present you with a varied selection of premium quality mortgage products so that you have the best chance of securing the right mortgage for your situation.
What is a mortgage?
When buying a property, a cash deposit will be required. For first-time buyers, this deposit will be at least five per cent. You are then going to need to borrow the remainder. For example, if you put down a 10 percent cash deposit, you are going to need to borrow the remaining 90 per cent of the purchase price from a lender. This is a mortgage.
You will then repay the mortgage in monthly instalments, with interest added on top, for a set period of years. Most people opt for 25-year mortgages, yet there are other options available.
What sort of mortgage deals are available?
Virtually all mortgages are going to be classified as interest-only mortgages or repayment mortgages. The latter refers to mortgages whereby you pay back some of the loan and some interest every month. An interest-only mortgage means you are going to pay interest every month and then you will pay back the sum you borrowed initially at the end of the mortgage.
With these two categories of mortgages, you then have several options to select from, including offset mortgages, discount mortgages, tracker mortgages, and fixed-rate mortgages. We can help you to understand the different mortgage products that are available so that you can select the right one for you.
What impacts your choice of mortgage?
There are numerous factors that will impact the deals a mortgage adviser can give you access to. In order to find the right mortgage and interest rate the following sorts of things will be considered:
- If you are using the help to buy scheme or similar to purchase the property
- What monthly payments you are able to afford
- The amount of time (or term) you will require to pay the mortgage back
- The type of property you are looking to purchase
- The amount of deposit you have saved
What is a mortgage broker?
A mortgage broker is someone who essentially acts as the middleman between you and the lender. They will be able to offer you independent mortgage advice to ensure you are aware of all of the best mortgage deals available to you. In addition to assisting with paperwork and helping you to agree on a deal with the lender.
There are a number of benefits associated with using a broker service. One of the main benefits is that you will be able to choose from a greater selection of mortgages. This increases the chances that you will end up with the best mortgage for your needs.
Aside from this, a mortgage broker will do all of the legwork associated with taking out a mortgage, meaning less hassle for you. They can also help you in terms of managing the fees associated with mortgages and ensuring affordability.
What will a mortgage broker want to know?
When working with a mortgage broker they will ask you a few questions. While this may seem a little bit daunting, there is nothing for you to worry about. These questions are purely asked so that the mortgage broker knows everything they need to so that they can advise you in the best possible way.
Some of the questions they may ask include:
- Have you had a mortgage before?
- What is your current income?
- What is your budget?
- How long have you been in your current job?
- How much deposit have you saved and where has this money come from?
- Do you have any existing debts?
- Do you have any dependents?
- What sort of property do you want to buy?
- Where is the property situated?
Not just for first time buyers
Mortgage advisers and brokers don’t just help first time buyers. Their skills are also valuable for those coming to the end of a fixed rate period and looking to remortgage. People looking into Buy to Let Mortgages to become landlords. The same mortgage process and access to the right mortgage offer apply.
Contact us today
If you are interested in taking out a mortgage and you have any sort of queries or concerns, please do not hesitate to get in touch with us for more information. One of our friendly and local team members will happily assist in any way they can.