Mortgage Broker Newcastle

Meet your Mortgage Broker Newcastle

Neil Halliday from Mortgage Advice Centre discusses the role of a Mortgage Broker and provides an introduction to the company.

What is the role of a Mortgage Broker?

The main task is to ensure the client is able to get a good deal on their mortgage. It’s the biggest purchase that most people are ever going to make, and the difference between lenders could potentially be thousands of pounds, rather than tens of pounds.

Another part of the role is to oversee the process to ensure it proceeds as smoothly as possible. Buying a property can be very stressful, so our aim at the Mortgage Advice Centre is to reduce that stress as far as possible and support the client throughout the process until completion.

What is the difference between going to a Mortgage Broker and your local high Street bank?

Many people approach the high street bank that they bank with, however, if you do choose this method, it’s impossible to know if they are going to be offering you the best deal. You can also use a computer to try and work through all the deals from all the lenders, taking into consideration fees, charges, etc, but that’s going to take you a very long time, as there are literally hundreds of Mortgage Lenders available at any one time in the UK.

However you select a lender, you will set up an initial meeting with them and they will take you through a lot of questions, such as your name, where you live, how long have you been there for, your contact details, your job, your income etc. If, after all that, it turns out that they are unable to offer you a mortgage, all of that effort has been wasted and you then need to find a different lender to approach, to start from scratch.

Alternatively, if you speak to us at the Mortgage Advice Centre, we would go through and build up a picture of your circumstances once, and you’ll never have to go for those questions again. We’re doing the research on your behalf, as we’ve got special software that allows us to search all the available deals,to find the right one for you. This is a huge time saver for the client.

What services do you offer as a Mortgage Broker?

Predominantly they consist of taking client details down and putting mortgage applications in on their behalf but, there’s a lot more to it than that. One of the most important things we talk about with the client is protecting the mortgage, because it’s important to think about what happens if something goes wrong. We make sure that the client is suitably protected, so if the worst was to happen, they shouldn’t need to worry about losing their home.

If you have a mortgage, and don’t have protection in place, get in touch as soon as possible as it’s really important that you have that conversation to make sure that you protect yourself and your family.

Another very important part of what we do in the process of buying a property, is to communicate with the professionals involved, for example estate agents and solicitors and the lender. We act as a vital connection between those people, so if you need to chase up a valuation or a question from the solicitors, we can help with that. We can also sort out any impasse between a lender and the solicitor, to help smooth the process .

If you’re a First Time Buyer, we can also have a general chat about how much you could afford. For people who already have a mortgage, we can review your mortgage with the potential to find another lender to meet your needs more closely. We can also provide advice on Buy to Let properties either for a new mortgage or remortgage.