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Elaina Kellar-Bland from Assured FG, based in Farnborough, introduces us to the company and talks us through the services offered by a Mortgage Broker.
What is the role of a Mortgage Broker?
The role of a Mortgage Broker is to understand what a client wants to achieve, find out their personal circumstances, such as income and credit history, and then advise them on the best way to proceed with their mortgage application.
What’s the difference between going to a Mortgage Broker and your local high street bank?
The fundamental difference is that a high street bank can only advise you on how they can help you obtain one of their own products using their criteria.
A Mortgage Broker generally uses a panel of lenders, we use over 120 different lenders at Assured FG, and can provide an amalgamation of mortgage products, both available on the high street, and more specialist products, all of which have different criteria. This means we can get competitive rates for the typical prime borrower and provide mortgages to people who don’t meet the typical criteria of high street lenders.
What sort of services does a Mortgage Broker provide?
We can offer mortgage protection insurance, building and contents cover, and obtain solicitor quotes for both Remortgage and purchase sales. We can liaise with the estate agents, solicitors and accountants to help take that extra weight off your shoulders.
For First Time Buyers we can explain the house buying process or simply offer advice on how to get yourself into a financial position to buy. We can advise Home Movers on the likely cost involved with porting a mortgage, extra borrowing or even obtaining a whole new mortgage with a new lender.
We can advise Buy to Let clients or accidental landlords, which is where you’ve bought a house and for some reason you have to move out, meaning the only thing you can do with the property is to rent it out. We could help you transition your mortgage to accommodate that if necessary.
When should I see a Mortgage Broker?
It’s best to speak to a Mortgage Advisor or broker as early as possible when looking to purchase a home, as we can give you advice about what you’re trying to achieve and help you with specifics, such as how much you need to save for a deposit, how much you’re likely to be able to borrow and the other costs involved with taking our a mortgage.
We can get you prepared before you even start looking for a property and for clients who are looking to Remortgage, we can start the process a minimum of ninety days before the end of their Fixed-term, without incurring an early repayment charge. In some cases we can even help you up to six months before, because once you get a mortgage offer, you can hold it for quite a while with some lenders.
Can you help somebody if they’re based elsewhere, outside of Farnborough?
Of course, we can help customers nationwide, as we can receive all documents electronically via email or a secured portal and client consultations can be either over the telephone or video calls.
We do consider location, however, when it comes to elderly and vulnerable clients, as we feel it’s compulsory to meet face to face and ensure that they’re able to fully understand exactly our advice.
When was Assured FG founded and how long have you been in your role?
Assured FG Limited was founded a couple years ago, beginning as a protection brokerage and have since evolved so much that we’re now predominantly a Mortgage Brokerage, which is quite rare, and a proud achievement.
My role here began as part time in June and developed into a full-time role in September 2021.
Does it cost for an initial consultation?
No, all initial advice is free. We do charge a fee if you’re switching to a new lender and on purchases, but only upon the offer of the mortgage, by which stage we’ve completed our consultation. We’ve done a fact find on all the information about you. We’ve got your documents. Even after that, until you get the money in your bank or the mortgage is completed we’re still there to ensure a smooth process.
Is it a rewarding role, especially when a First Time Buyer gets the keys to their house?
So many people dream of owning their own home but are never in a position to do so for a range of circumstances. Some people grow up with their parents not owning their own home, so it probably feels like a massive milestone to even think about buying your own home, and knowing that you’ve helped them get there is a great sense of achievement.
Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.