What does a mortgage broker do?

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What does a mortgage broker do?
What does a mortgage broker do?

What Does A Mortgage Broker Do?

Rita and Rohit Kohli from The Mortgage Stop introduce the company and talk us through the role of a mortgage broker.

What does a mortgage broker do?

We bridge the gap between borrowers and lenders to help clients find the right mortgage deal to suit their circumstances.

In fact… What don’t we do? To be a good mortgage adviser you need excellent listening skills. What does a client really want? What are their goals and aspirations? It’s about listening to their story and having the right questioning technique.

For example, a retired couple had lived in their family home for almost 40 years and came to me to see how they can release capital. After asking a few probing questions I discovered that the goal was to repair the family home. They don’t want to downsize, because they’ve got a big extended family who come to visit. They saw downsizing as a disadvantage.

By understanding their aspirations we can keep them happy. It’s about building trust and rapport to build a relationship.

We also look at lender updates and how that impacts our clients. People’s lives are becoming more and more complex and the way we get paid is by mediating between different lenders on the high street and specialist lenders to suit the client’s needs.

Do you think that building a good relationship is something that’s overlooked?

It certainly can be. Our listening and questioning techniques are so valid, because anyone can look at bank information online – but does it actually achieve what they’re really looking for?

It’s all about understanding the situation. It’s more than just finding the best interest rate. It’s finding the right mortgage for your long-term plans. We want to help you achieve what you want now – but make sure it’s in line with where you want to be in 20, 30 or 40 years’ time

What’s the difference between going to a mortgage broker and your local high street lender?

People do say they can just go to a bank for a mortgage – but your high street lender won’t tell you what the bank across the road is doing. How do you know if you’re getting a good deal? It’s also unlikely you’ll get a face-to-face appointment. It’s going to be virtual. We’ve heard of clients going into their bank and still having a video appointment.

A high street lender is only going to have products for people that it wants to lend to – and you might not fit those criteria. They might say no. But that doesn’t mean you can’t get a mortgage – it just means that bank doesn’t offer the product you need.

It’s a bit like going to a tailor for a custom made suit. You can get something off the rack if you want, but there’s a limited selection. You’ve got to put in the effort to find the right one to match what you need, and it can take time. But if you come to a mortgage broker, like a tailor, we’ll understand what you need, measure you up and get you a mortgage product that suits you perfectly.

What services does a mortgage broker offer?

We look at things holistically. It’s not just somebody coming to us for a mortgage. We look at other areas they may not have even thought of.

We help you protect your mortgage payments should anything happen and help you through the journey. We liaise with third parties like estate agents and solicitors, to get you your keys to the property and reach completion.

We also help portfolio landlords, whose priority is always how much income they can generate. We look at their overall portfolio and how best to utilise it for top earning potential.

We also offer referrals for Will writing once you reach mortgage completion, and we do later life mortgages. That could be equity release or retirement interest only mortgages. We look at special circumstances such as adverse credit. foreign income, complex income… We liaise with the lenders to see which mortgage deals you can get.

We also build that relationship with clients to work with them over the long term. We don’t just get you a mortgage. We stay in touch to carry on helping you in future.

You describe it as a holistic approach – what does that mean in practice?

We like to work with clients over the long term. We have First Time Buyers, for example, or people with credit issues that come to us not knowing where to start.

We might work with them over 12 or 18 months to get them into a position where they’re ready to go for a mortgage. It’s really crucial because a lot of people just don’t understand how to do it – we’re here to guide and educate them towards the best possible position.

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We’ll help you compare mortgage offers from different lenders and find the one that’s right for you. We can also answer any questions you have about the mortgage process and help you understand the paperwork.

When should people seek out a mortgage broker? At what stage in the process?

It should be as early as possible in the process. You should contact a mortgage broker as your first port of call because it’s really important to understand your financial position. That will tell you what’s possible – so don’t delay.

Don’t start looking at properties only to find out you can’t get the one you want and be disappointed. Find out what you can borrow and the pros and cons of what you’re trying to do.

We assess your circumstances to tell you what’s possible and not possible. Sometimes people come to us with big ideas – but actually when we look at the numbers we need to have an honest conversation with them. It might not work the way that you want it to work – but they might be able to do something else, instead.

We work with a client to achieve their goals over the long term and guide them through the whole process. So the earlier you engage a mortgage broker, the better your experience will be.

When was The Mortgage Stop founded? How long have you been in the industry?

Rita: I started out in the mortgage world almost 25 years ago. I really fell into it after graduating from university. I landed a job at HSBC and saw this array of opportunities with qualifications and training. I took it all on and really enjoyed the mortgage side of things.

My career expanded from there – I spent many years working at HSBC and then moved to the Post Office and Bank of Ireland. From there I decided to start a business for myself and The Mortgage Stop launched in 2020. We’ve expanded since – I started on my own, working in the spare room at home, and we now have a team of five.

Rohit: I joined a couple of years ago as the business expanded. I loved the conversations that Rita was having with clients and making a difference to them – I wanted to be a part of it. I started working with her in the background and then started advising clients over the last couple of years. It’s been great – I’m really enjoying it.

How has it been building up that business?

It’s been a roller coaster. We’ve both learned that we’re very adaptable and that’s important in this industry. There are a lot of things that are outside of your control. But you can control your rapport with clients and maintain that relationship with the lenders – which we’re really good at.

Does it cost for an initial consultation?

No, the initial consultation is free. We want people to come to us so we can get to know each other. We explore their circumstances – and in that meeting, once we understand your situation we’ll let you know what our fees are going to be.

But you don’t pay anything until you’re ready to move forward. That might not be for three months, six months, 12 or 18 months. We charge our fee in two parts. You pay an application fee when you’re ready to apply for your mortgage, for us to get your Agreement in Principle and start the whole process.

Then, when we get your mortgage offer, you pay our arrangement fee. We offer a mortgage advice fee guarantee – where if we don’t secure your mortgage for any reason (other than if the property’s down-valued or there’s a problem with it) you don’t pay our arrangement fee.

If we can’t get that mortgage for you, we haven’t done our job properly – and that’s what we aim to do every time.

We like to think we’re approachable. We’re friendly. Getting a mortgage can be a really daunting process – we’re very happy to meet face to face in our office, virtually or by telephone. However you feel comfortable. We’ll work with you and hold your hand at every step.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up with your mortgage repayments.

You may have to pay an early repayment charge to your existing lender if you remortgage.

The Financial Conduct Authority does not regulate most Buy to Let Mortgages.

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You are now leaving the website of The Mortgage Stop Ltd and we cannot be held responsible for the content of this external website.
You are now leaving the website of The Mortgage Stop Ltd and we cannot be held responsible for the content of this external website.