What is a mortgage broker?
A mortgage broker is an independent financial adviser who will take care of all aspects of your mortgage application from start to finish. They will be able to provide advice on what type of mortgage best suits your circumstances, how much you should borrow and whether it’s better to go for a fixed or variable rate mortgage.
Can I get a mortgage broker in Ceredigion?
Yes, we can help with your mortgage needs. We have been helping people to find the right home loan for over 10 years. You can contact our team for any mortgage advice in Ceredigion.
How do I choose a mortgage broker in Ceredigion?
It’s important that you choose a mortgage broker who has experience working with customers like yourself. The most experienced brokers will also offer a range of products so they can tailor their service to suit your individual requirements. We can help you to find the perfect broker as per your requirements. Feel free to contact us.
Do I need a guarantee when choosing a mortgage broker in Ceredigion?
No, there is no requirement for a mortgage broker to give a written guarantee. However, if you decide to use one then make sure you read the terms and conditions carefully before signing anything. If you don’t understand something then ask them about it. It’s always worth getting more than one quote. This way you can compare the different offers and see which one works out the cheapest for you.
Are mortgage brokers regulated by the Financial Conduct Authority (FCA)?
Yes, mortgage brokers must abide by the rules set down by the FCA. In addition, they must hold at least £1 million in capital and carry professional indemnity insurance.
What does a mortgage broker cost in Ceredigion?
The price of a mortgage broker depends on the size of the loan, the amount of interest you pay and the length of time you want to repay the loan. Typically, a mortgage broker will charge between 1% and 2% of the total value of the property being purchased.
Why would someone use a mortgage broker in Ceredigion instead of going direct to a lender?
Using a mortgage broker in Ceredigion means you won’t have to deal directly with the lender. Instead, you will work with a third party who will handle everything for you. This could save you money because lenders usually charge fees for dealing with borrowers.
Is a mortgage broker cheaper than using a bank?
In some cases, yes. Mortgage brokers often offer competitive rates but this may not always be the case. For example, if you are buying a house worth less than £250,000 then you might be able to get a lower rate through a mortgage broker. But if you are looking to buy a bigger property, such as a detached bungalow, then you may find that banks offer a better deal.
What types of mortgages are available in Ceredigion?
Fixed Rate Mortgages – These involve paying the same monthly payment for the life of the mortgage. The only difference is that the interest rate stays the same throughout the term of the mortgage.
Variable Rate Mortgages – With these, the interest rate changes each month depending on market conditions. They tend to be more expensive than fixed-rate mortgages.
Interest Only Mortgages – These allow you to borrow all or part of the purchase price upfront. When you sell the property, you repay the remaining balance.
Buy To Let Mortgages – These let you borrow against the rental income from a property. Once the property is sold, you repay the debt.
Home Purchase Loans – These loans are used to buy properties. You pay a deposit upfront and the rest of the funds over a period of years.
Refinancing Mortgages – Refinancing involves taking out another mortgage to cover any existing debts. This allows you to take advantage of low-interest rates without having to move home.