A mortgage broker in Newcastle is a type of business that specialises in arranging or negotiating mortgages on behalf of customers who are homeowners, home buyers, or landlords.
Essentially, they act as intermediaries between the borrower and the mortgage lender, working to secure the most suitable mortgage for their customers’ needs.
When someone takes out a mortgage, they are borrowing money from a mortgage lender, which is then secured against their property. The borrower then pays back the loan over a set period of time through monthly payments.
A mortgage broker in Newcastle’s role is to help their customers look at the various types of mortgages available, compare rates and terms from different mortgage lenders, and ultimately secure the best possible deal for them.
Jobs of a Mortgage Broker in Newcastle
When it comes to obtaining a mortgage, a homeowner, home buyer or landlord can choose to search for and arrange their own mortgage, though generally it is more common for them to seek the help of a mortgage broker in Newcastle, due to the broad range of services they offer.
One of the most important services provided by a mortgage broker in Newcastle is the ability to compare your circumstances against thousands of products, from various mortgage lenders. In contrast, going directly to a bank limits you only to their specific deals.
Although the best deal with that mortgage lender may be the best option for you, though this is not always guaranteed. A mortgage broker in Newcastle can often offer exclusive deals and make comparisons for you, ensuring that you obtain the best deal available, across all mortgage lenders.
The responsibilities of a mortgage broker in Newcastle extend beyond that, as they are involved in various tasks before, during and after the mortgage process. The services provided may differ from one broker to another.
At our company, for example, we specialise in recommending suitable insurance options for homeowners. While it is an optional extra cost, our mortgage and protection advisors have a responsibility to guarantee that you can remain in your home, regardless of any unforeseen circumstances.
Before Your Application
When you first start the mortgage process, you will usually be in contact with a mortgage broker in Newcastle’s appointment booking team. They will gather some initial information from you and help you find a suitable time to speak with a mortgage advisor in Newcastle that works around your busy schedule.
Alternatively, you can book an appointment directly through the website of many mortgage brokers in Newcastle, including our own.
This is often done through a user-friendly appointment booking system where you can choose between telephone or video calls, bypassing the need to speak with anyone before your appointment.
During your appointment with your mortgage advisor in Newcastle, you will provide them with more detailed information to help them better understand your financial situation and goals. They will then look at a range of mortgage deals and recommend the most suitable option for you.
Some mortgage brokers in Newcastle have access to a limited number of niche mortgage lenders, while others have a larger panel of mortgage lenders, like us.
Although we’re not whole of market, we have a wide range of mortgage products available, from standard to specialist. Once your mortgage advisor in Newcastle has found a deal you’re happy with, they will look to secure you an agreement in principle (AIP), which confirms your mortgage eligibility.
An AIP is typically required by estate agents when you make an offer on a property and shows the seller that you are committed to your offer and financially capable of proceeding with the sale.
At this point, you will also need to submit your documents to your mortgage broker in Newcastle, which can vary depending on the mortgage lender and your individual circumstances.
Standard documents usually include proof of ID, income, and deposit, as well as the last three months’ bank statements and payslips. If you are a foreign national, you will also need to provide proof of VISA or the right to work in the UK, which can typically be done with a share code, if you migrated from the EU.
Depending on your circumstances, you may also need to provide additional documents such as a P60, business bank statements and tax calculations/year overviews if you are self-employed, or an employment contract if it is applicable to your line of work.
During Your Application
Once the previous steps have been completed, a mortgage broker in Newcastle will typically review and verify your documents before providing you with a mortgage illustration that outlines the agreed-upon deal, before submitting it to the mortgage lender.
After the submission, the waiting game begins for you until the mortgage lender gets back in touch with your mortgage broker in Newcastle to confirm whether or not you have been approved for the mortgage.
The work doesn’t stop there, as mortgage advisors in Newcastle and administrators still have their own steps to complete. They’ll send copies of your documents to the mortgage lender and work with solicitors
During this time, our mortgage advice team will be available to advise you on property surveys. You can typically choose from three types of property surveys: basic valuation, homebuyer’s valuation, and full structural survey.
Similar to how they recommended a mortgage deal during your initial mortgage appointment, our team will be able to best recommend which property survey you will need to take out.
Whilst you wait for the end result of your mortgage application process, you may have questions or concerns about what is happening. A mortgage advisor in Newcastle will keep you regularly informed, often via email, so that you are never left in the dark regarding your mortgage progress.
After Your Mortgage Offer
In due course, the mortgage lender will provide you with the outcome of your mortgage application, hopefully, a positive one. If your application is approved, you will receive a formal mortgage offer.
After this, your solicitors will take over to complete the necessary legal work and finalize your mortgage deal, allowing you to enjoy your new property. Nevertheless, a mortgage broker in Newcastle can still offer further assistance.
At Newcastlemoneyman, we go the extra mile by getting in touch with our clients about six months before their mortgage deal expires. If you previously took out a mortgage with us, we will offer you remortgage advice and assist you in taking the next step towards owning a property.
The Positives of Using a Mortgage Broker in Newcastle
There are various ways in which a mortgage broker in Newcastle can help a mortgage applicant. For instance, they can save them both time and money by streamlining the mortgage process and minimising stress levels.
Additionally, mortgage brokers in Newcastle can offer a broader range of mortgage deals, including exclusive and specialised options. At Newcastlemoneyman, we prioritise our customers’ best interests and work hard to save them money and to help secure their financial future.
Our customer reviews show our commitment to building long-lasting relationships and going above and beyond for our customers. We also strive to reduce our customers’ costs and fees by negotiating with mortgage lenders or incorporating fees into their mortgage balance.
During our free mortgage appointment, our mortgage advice team will discuss all costs and fees involved in the mortgage process to ensure transparency and avoid surprises down the road.
Why use a mortgage broker in Newcastle?
If you are looking to save time, money, stress, and worries by having an experienced mortgage professional handle the bulk of the work, then hiring a mortgage broker in Newcastle may be the right choice for you.
At Newcastlemoneyman, we specialise in providing expert mortgage advice in Newcastle to a diverse range of applicants, including those looking at first time buyer mortgages in Newcastle, buy to let mortgages in Newcastle, and more.
To speak with one of our mortgage advisors in Newcastle, simply use our online booking feature to schedule a free mortgage appointment or remortgage review with a dedicated expert. Contact us today to see how we can help you achieve your mortgage goals.
Date Last Edited: April 28, 2023
