What does a mortgage broker do?

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What does a mortgage broker do?

William Gibson introduces First Thought Financial and explains what a mortgage broker does.

What is the role of a Mortgage Broker?

Mortgage brokers help people to find the most suitable mortgage they can. They are able to look at the major lenders as well as some of the smaller lenders on the mortgage market and try and objectively find the most suited deal for you.

Some brokers offer free mortgage advice, as lenders compensate them directly, so you won’t usually pay a fee. Whereas you can be sure mortgage brokers have your best interest at heart with their mortgage advice, lenders will only offer you the products that they have available.

What services does a Mortgage Broker offer?

Advice is possibly the main service offered by a mortgage adviser. Working with mortgages and mortgage lenders every day means their knowledge around products will be greater than the general publics’.

They also help you consider the flexibility available with modern mortgages and help people to ensure that the product that they currently have suits the life stage that they are at and benefits them financially.

At what stage in the process then should I see a Mortgage Broker ?

The best time is before you even start to look at properties, because they can help you to establish exactly how much you can afford, before you fall in love with a property that you are unable to make an offer on, as it’s too expensive.

Different lenders also have different criteria, which means that until you’ve looked at all the options available to you, you can’t be entirely sure what the maximum you could borrow will be and at what rate.

You’ll also need to consider whether your employment type and sources of income will affect the application process in any way, before you begin the application. This way you can be better prepared and prevent failed applications with lenders that don’t suit your needs. A mortgage broker can ensure you are making the right choices to be able to buy the sort of home that you want.

It’s perfectly possible that one lender will offer you a significantly higher mortgage than another, based on their individual criteria and how closely you meet it. Again, a mortgage broker would know which lender can offer you more straight away.

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Why is Watford a popular location to buy property?

Watford has great transport links into London, which is quite important for many people. Since the pandemic began, lots of people who work in London have been looking to relocate outside of the city, but close enough to commute.

There are also lots of nice smaller towns around, such as Richmond, Croxley, Chipperfield, Kingslake. All of them also have really good access to the M25.

Property prices around the area are still quite high compared to areas further outside of London, but people value the location. Warner Brothers studio is based on the outskirts of Watford, which provides a lot of jobs and Harry Potter world, and there are a range of other local attractions there as well.

When was First Thought Financial founded and how long have you been with the company?

First Thought Financial was founded about three or four years ago now (at the time of recording in April 2021) . All of the current staff also worked in financial services prior to that and decided to set up by ourselves. We have got good relationships with some of the local estate agents and we’re currently expanding, bringing in new advisers.

We currently have eighteen staff and this is already much larger than it was eight months ago, so we expect to have even more advisers in the next six months.

Any final thoughts?

At First Thought Financial, we don’t charge any fees for the advice. Even if you decide to go ahead with a mortgage through us, we process the mortgage application for free as well and are there to keep you informed and answer your questions along the way.

As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home.

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