Residential mortgages

Why use a broker?

Obtaining a residential mortgage can be a daunting task. With so many lenders to approach, different products to consider and of course hundreds of different mortgage brokers and advisers to choose from, knowing where to start can be tricky.

Why use a broker?

Knowledge and experience
There are many benefits to using a mortgage broker. For some, it is because this is the first time they have taken a mortgage and want to be guided through the process. Others will use a broker to find them the best deal and get some advice on what would be most appropriate for their needs.

Choosing the right lender and mortgage
Others may have tried to get finance either from a bank directly, or a different source only to find their mortgage application gets turned down. Because brokers know about lots of different lenders’ policies, we are perfectly placed to ascertain which lender would be most fitting for each client’s circumstances.

In fact, as independent mortgage brokers we have a duty of care to you. We are obliged to recommend a suitable mortgage and be able to justify why it is right for you. If our advice is unsatisfactory, you can complain and be compensated.

Time and convenience
The other main reason people use a mortgage adviser is time and convenience. As part of our service, we not only organise all the paperwork and work with the lender to get your mortgage through to offer, we also liaise with your estate agent, solicitor, accountant and insurance providers so that everything moves along smoothly. Our clients find that this, combined with having a single point of contact at our firm, ensures that their input into the transaction can be minimal and they can focus on other matters.

Mortgage broker fees
On average brokers charge around £500 to advise and arrange a mortgage. Remember, at Mortgages for Business initial advice is free and without obligation, so do call us to talk through the options. When it comes to paying us, we work on a success-only basis and give you fee choices:

1. Standard broker fee £497
You only pay this if we are able to get you an acceptable, formal mortgage offer from the lender. This means submitting a full mortgage application to the lender and paying for a valuation on the property. In this instance, we keep any commission payments made by the lender.

2. Reduced broker fee £297
If you are fairly confident that you will get a mortgage, this non-refundable option is payable if we are able to get you an Agreement In Principle (AIP) or Decision In Principle (DIP) from the lender. An AIP/DIP is a statement from a lender to say that “in principle” they would lend you a certain amount based on some basic information provided by you. Here a mortgage application is not submitted to the lender and neither is a valuation carried out on the property. Like the standard broker fee option, we keep any commission payments made by the lender.

3. Fee based on a percentage of the loan amount
We charge you typically 1% of the total loan amount, although the exact percentage will depend upon the size and complexity of the mortgage application. We also rebate to you any commission payment to us made by the lender.

Never be afraid to discuss fees with a mortgage broker. We have a duty to be transparent, so if there is anything you don’t understand, please ask. All mortgage advisers have to provide a detailed Key Facts Illustration of any mortgage you are interested in. A KFI is a standardised document which makes it easy to compare like for like and includes a full breakdown of all the costs involved.


Why Mortgages for Business?

Experienced, qualified mortgage advisers
It takes a long time to become a good mortgage broker. To understand the lending policy of 30 or more banks and to be able to understand clients whose situations can vary so much comes with doing the job. Our brokers have, between them, more than 100 years of broking experience, so we like to think we are well versed in our roles. And of course, all of our residential mortgage brokers are all qualified to give advice. They have all attained the Certificate in Mortgage Advice and Practice (CeMAP) and many have additional qualifications.

Authorised by the FCA
Mortgages for Business is directly authorised and regulated by the Financial Conduct Authority to transact regulated mortgages which means you can trust us to work for you according to the rules, If you are not happy with our service, you can complain and seek compensation. How to complain.

Award-winning mortgage brokers
Each year for many years, our commitment and effort have been rewarded with both industry and consumer-facing awards. This year, 2016, we have been nominated in four categories in the What Mortgage Awards:

• Best National Mortgage Adviser
• Best Specialist Mortgage Adviser
• Best Broker Customer Service
• Best Broker Website

The results will not be announced until July, so there is still time vote! These awards have been setting the benchmark for excellence in the mortgage industry for over two decades and are the seal on approval for companies that deliver the highest quality products and service to their customers. There is no judging panel to decide which products and businesses win, instead, consumers nominate which companies they think deserve to win.

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Who uses our residential mortgage service?

Landlords, business owners, self-employed, contractors
As a company we have traditionally dealt with landlords and business owners. Because of this, we have organically grown a team of advisers who truly understand people with self-employed and complex incomes. Our advisers really do understand accounts, tax returns, carried forward losses and so on. We also know which banks are more amenable to those clients whose income situations are not standard. Of course, we also love to help clients with more straightforward requirements too!

Employed, part-time employed, first-time buyers
As well as being very knowledgeable, we are also happy to talk to people. Our brokers are always pleased to speak to new clients, talk through their situation and give their thoughts on what can be done. Equally, speaking to those who are newer to the mortgage world and just want to get a full understanding of how it all works is something we are able to do.

>> Take a look at how we've helped others

We believe that people should be able to make informed decisions, and so, our advisers work with transparency in mind. They will explain how things work and how they made their choices for their recommendation. They will tell you which lenders they feel would be appropriate for your situation and why, and will always ensure that you are absolutely happy and comfortable with the products that are selected.

We like our clients to be happy. We want to be their first choice when they come to need mortgage funding in the future, and we want to be sure that if they are ever asked to recommend a broker, they are comfortable to provide our name. To make this happen, we instill a strong customer service ethos within our employees. As well as having a dedicated adviser to work with you for all of your mortgages going forwards, you will also have a dedicated administrator who will work on your behalf throughout the whole process.

>> Meet the team