What Does A Mortgage Broker Do?
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What Does A Mortgage Broker Do?
David Gallagher introduces the company and explains the role of a mortgage broker.
What does a mortgage broker do?
We ensure that your mortgage experience is both a positive and enjoyable one. We take you from the very start of the process, be it buying a house or remortgaging a property, through the application to completion, with as little stress as possible.
What’s the difference between going to a mortgage broker like Appletree Finance versus your local high street lender?
As a broker we consider a comprehensive range of lenders that are available to the market, including banks, building societies and also non-high street lenders. There are many lenders that the general public never see because they’re only available to brokers like Appletree.
What services does a mortgage broker offer?
If you’re buying, we liaise with estate agents and for buying and remortgaging we also liaise with solicitors – they are both an important part of the journey. We, with our admin team, take away that stress for clients by dealing with both. Some clients like to deal with them directly but we offer that as part of our service.
Can you help with getting an Agreement in Principle?
An Agreement in Principle is mortgage jargon but it’s quite a well known term. When we see First Time Buyers they are usually aware of the terminology, because they’ve seen it online or they’ve spoken to an estate agent already.
They come in to ask for an Agreement In Principle because estate agents often will not allow you to view a property without one. The importance of an Agreement in Principle is that it provides clarity and credit approval for the individual.
It gives an estate agent some confidence that the potential buyer has mortgage funds available, so they are not wasting time and potentially disappointing a seller. Both First Time Buyers and home movers need an Agreement in Principle for most estate agents.
We’ll give you that evidence in a PDF format with your name and maximum borrowing figure. You’ll then be clear about where you are in that mortgage field and what’s available to you.
Do you find that people come back to you when remortgaging or moving into the Buy to Let market?
Remortgages are very common, particularly in the current climate of high interest rates [podcast recorded in September 2023]. We have many clients who automatically come back to us.
We contact all our current clients six months before their current deal is due to expire, to make sure they get the best service very early in the process.
Buy to Let is a different market where we help landlords who are currently renting properties out. We also support new landlords – people who decide to start a business and own more than one property. We offer both services and we have a lot of landlord clients with Buy to Let portfolios.
Can you also advise on mortgage protection?
Mortgage protection is probably the most important part of the whole process, because without it, we are leaving an individual or a family exposed in the event of something happening.
Perhaps ill health prevents them from paying the mortgage – but if you don’t pay your mortgage, you can lose your house. So mortgage protection is a key part of every mortgage we do.
When should I see a mortgage broker? At what stage in that process?
Ideally, before you consider anything in respect of buying or selling. Before anybody views a property they should see a broker. That’s really to establish both affordability for mortgage payments and how much you could borrow.
Then you can go with confidence to look at properties. A lot of people have come to us over the years where they’ve viewed a home and sometimes put an offer in before they even know what they can borrow. It’s really important to meet a broker & the services they can offer before they do anything in the process of buying houses.
In terms of the process, first we’ll meet you face-to-face, with a budget in mind. Come in to see us with bank statements and pay slips and we can agree on a budget before you start looking. That’s the key to a successful mortgage application – getting a budget agreed before you start seeking a home.
Speak To an Expert
We’re there to help. There are no silly questions – we like people to ask us about anything and everything that might be going through their mind.
When was Appletree Finance founded? How long have you been in the industry?
Showing my age now, I’ve been in the industry for 30 years. I started Appletree in 1999 so we’re in our 24th year. It’s grown quite a lot through those years, in advisor numbers and people in administrative positions, the type of business we do, the amount of business and number of clients.
We still get the majority of our work from existing clients or referrals. We’re there to help. There are no silly questions – we like people to ask us about anything and everything that might be going through their mind. In fact, we even ask you to write down any questions before you see us.
Does it cost for an initial consultation with you?
No, it doesn’t. The overriding principle we have here at Appletree is that we like to hold our clients’ hands from the initial consultation until they get their house keys. We want you to sit back and relax.
Buying and remortgaging properties can be a stressful process, and that’s why we’re here. We’re here to do all the hard graft and make sure that the process is quick and efficient with regular service updates from us.
After 30 years I can honestly say that it’s so rewarding to help clients. Speaking to someone who’s just moved into a property – or completed a remortgage and didn’t expect it to happen so quickly – still gives me a buzz.
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.
Approved by the Openwork Partnership on 27/11/2023
Our Remortgaging Guide
Download our free guide filled with tips and information.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. We will NEVER sell or give away your information, however, the internet is not a secure medium and the privacy of your data cannot be guaranteed