Mortgage Guide
Mortgage Brokers
Mortgage brokers or advisors are in our opinion the best way forward for seeking mortgage advice. If you consult independent mortgage brokers rather than mortgage lenders direct, they will have a much larger range of mortgages to choose from. In some cases they may represent a panel of lenders so there is some limitation there, but in most cases independent mortgage brokers will have access to all the mortgage products on the UK market.
The giving of personal financial and mortgage advice has been governed by the Financial Services Authority. Companies or individuals offering personal financial or mortgage advice must comply with the Financial Services Act or they are breaking the law.
Mortgage brokers may charge up front for their services or they may earn their commission from the mortgages and ancilliary services they sell.
These days, top mortgage brokers will carry out a consultation using email, the phone and in person. There is a trend towards online mortgage brokers. They will carry out in-depth questioning about your regular income and outgoings so they can establish what your level of affordability is.
They need to know about any outstanding debts and loans. Mortgage brokers are professionally qualified and although it is in their interest to offer you a loan on behalf of one of the lenders, they want to make sure you will be able to keep up the payments.
What type of information is required for a mortgage application?
Your lender will require to see the following:
Your passport and national insurance number;
Your employer's name, address and details, also a contact number;
Any documentation relating to income and outgoings, such as salary or wages slip, pension details, alimony or child maintenance payments, income from investments.
All documentation relating to outgoings such as bills and bank statements;
Details of any assets including bank account balances, deposits or any properties or other investments;
Details of all liabilities including student or other debt, credit cards, car loans and other loans.
Remember that all this documentation has to be repeated if you are applying for a joint mortgage, as all applicants must provide the same level of information.
Your lender will then make an assessment based on all the information received before deciding how much money they are willing to lend.
There will also be legal, valuation and mortgage administration fees to take into account so make sure you are aware of ALL costs before proceeding.
At FirstRungNow.com we work with a reputable UK network of local mortgage brokers who will be pleased to offer you advice and help you with your finances. We believe they are some of the best mortgage bokers in the UK, with UK wide coverage.
Local mortgage brokers:
Mortgage Brokers in London, Manchester, Liverpool, Southampton, Newcastle, Leeds, Bradford, Canterbury, Croydon, Bristol , Bath , Reading , Cambridge, Oxford, Birmingham , Stoke , Edinburgh , Glasgow , Swansea, Cardiff, Belfast, Guildford, Brighton, Exeter, Bedford, Northampton, Luton, Watford, St Albans, Leicester, Nottingham, Lincoln, Sheffield, York, Lancaster, Rest of UK
See our other mortgage guides and most popular pages:
Mortgage Comparison - First Time Buyer Mortgages - About First Time Buyer Mortgage Advice - Buy to Let Mortgages for First Time Buyers - Remortgages for First Time Buyers - Shared Ownership Mortgages - Help with Mortgages for First Time Buyers - Mortgages for Parents of First Time Buyers - Shared Appreciation Mortgages - Shared Equity Mortgages -Shared Equity Mortgages - Joint Mortgages - Financial Advice for First Time Buyers - Overseas Mortgages for First Time Buyers - Request First Time Buyer Mortgage Advice - Find your First Property - New-Build Gifted Deposit Deals - Best First Mortgages Comparison Table
Features, advantages and disavantages of specific first time buyer mortgages:
100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Poor, Adverse or Poor Credit Mortgages l Key Worker Mortgages l Shared Equity Mortgages
Useful websites:
www.cml.org.uk – council of mortgage lenders.