FAQs- Mortgage broker in Birmingham
Can I get a mortgage broker in Birmingham?
Yes, you can get a mortgage broker in Birmingham. There are many mortgage brokers in Birmingham who will help you to find the right mortgage for your needs. They will also be able to provide advice on how much you need to borrow and what type of mortgage is best suited to your circumstances.
Are there any benefits to getting a mortgage broker in Birmingham as opposed to going direct to a lender?
There are several reasons why it may make sense to use a mortgage broker rather than go straight to a lender. A mortgage broker will usually charge less than a bank or building society. This means that they can offer mortgages at lower rates. In addition, a mortgage broker has access to more lenders which means that they can often secure better deals for their customers. Finally, a mortgage broker will usually be able to arrange all of the paperwork needed to complete a mortgage application. If you do not want to pay a fee then this could save you money.
How long does it take to get a mortgage with a mortgage broker?
It depends on where you live but generally speaking it takes around 2 weeks to obtain a mortgage through a mortgage broker. However, if you decide to apply directly to a lender then this time period can increase significantly. The reason for this is that banks and building societies tend to have longer waiting times.
What types of mortgages are available with a mortgage broker in Birmingham?
A mortgage broker will be able to source most types of mortgages including fixed rate, variable rate, tracker, interest only and repayment mortgages. You should always check whether the mortgage you wish to apply for is suitable for your circumstances before applying.
Do I need to have a guarantor when using a mortgage broker?
No, you don’t need a guarantorA person who guarantees to repay a mortgage if the borrower ... when using an independent mortgage broker. However, some lenders require a guarantor so it is worth checking this out first. If you want to know more about guarantors, please read our article.
Do I need to pay a fee when using a mortgage broker in Birmingham?
Most mortgage brokers in Birmingham will charge a small fee. This fee covers the cost of administration and advertising costs. It is important to note that these fees are typically charged upfront and therefore cannot be added to your monthly repayments.
Is it possible to get a mortgage without having to give my details to a mortgage broker?
Yes, it is possible to get a mortgage by providing basic information such as name, address and employment status. However, it is recommended that you speak to a mortgage broker in Birmingham to ensure that you receive the best deal.
Can I get pre-approved for a mortgage from a mortgage broker?
You can get pre-approval for a mortgage from a broker. However, you must remember that a mortgage broker will not be able to guarantee that you will actually be approved for a loan. Therefore, it is important to shop around and compare quotes from different lenders.
Can I get a mortgage with bad credit?
Yes, you can still get a mortgage even if you have poor credit. Most lenders will consider applicants who have had problems repaying loans in the past. However, it is important to remember that there are certain criteria that lenders will look at when assessing your application. For example, they will look at how much debt you currently owe, what type of loan you applied for and how many applications you have made in the past. They also take into account any previous bankruptcy or insolvency proceedings. You can check your credit score here.
Can I get help with filling out my mortgage application form?
Yes, you can get help with completing your mortgage application form. Many mortgage brokers in Birmingham provide free assistance with completing forms. Alternatively, you can contact one of our friendly advisors who will be happy to assist you.