Mortgage Broker Norwich
Mortgage Broker Norwich | Yellow Brick Mortgages
We share an insight into our role as Independent Mortgage advisers offering first charge mortgages from the whole of the market, how we different from the average high street bank adviser, and the steps we can take alongside you to help you reach that all-important mortgage milestone.
What is the role of a Mortgage Broker?
We are primarily about sourcing the most suitable product the client can obtain within the networks marketplace and the process of this is very detailed.
This involves conducting a fact-find with the client so we can fully understand their needs prior to making a product recommendation. At the point where we make a product recommendation, there’s the submission to the lender and the progression from that point through to a mortgage offer.
We believe one of the most important parts of the Mortgage Broker goes beyond the role and this is acting as the one point of contact for you as the client. Rather than you having to phone a solicitor or a lender, we can do all the legwork for you.
We are also able to chase that through from the point of a mortgage offer, through to completion so you achieve your objective in getting the property you want as quickly as possible.
The criteria and calculations:
It’s not just about saving money on the cheapest rate on the market and finding the most appropriate deal.
The role of a Mortgage Broker these days heavily revolves around the knowledge of criteria as to which lenders will lend on certain properties or utilise certain elements of income. People are not always on a nine to five salary. There are a lot of Self-Employed people out there who get paid via different setups.
There are also lots of people who get overtime or commission too. Therefore, working out how much someone can borrow isn’t as straightforward as simply multiplying their income by a certain figure.
Often, the first two questions we get asked when we see a customer is, “How much can I borrow and how much is it going to cost.” How much you can borrow massively differs between one lender to another.
For example, while two banks can hold the same information about a person’s income, it can sometimes mean a £20,000, £30,000, or even £50,000 difference on how much they would lend to that particular customer. That could mean a significant difference in the house they could buy or deals available to them.
Knowing the criteria and knowing what lenders will use, what income, and who will lend the most, will also enhance the buying position that person finds themselves in. This also includes saving money and helping the client through the process.
Is it good to go through a Mortgage Broker?
A key benefit is our connections with Openwork, a network that we are authorised through, registered by the Financial Conduct Authority.
Openwork is the largest network in the UK, therefore the amount of business they produce as a group means that we can get exclusive deals, you wouldn’t get going directly to a bank or building society, even as an existing customer of theirs.
If you look at a standard bank or building society, they also have set hours of work. The real advantage of using a broker such as ourselves is we’re open 24/7. We can speak to you at a time that is convenient, which often isn’t going to be between the hours of nine and five when you are busy at work too.
It’s a massive advantage to be able to pick up the phone to a broker on such an important transaction, knowing you have the reassurance to speak to someone at any point throughout the whole process. It also avoids any tension with any chains that are built up when buying a property and ultimately safeguards your purchase.
Adviser VS. High Street Banks
If you visit the bank you’ve been with for some years, you will be limited to the products they offer alone.
They’ll also spend time going through a calculation with you, to potentially finding out later you don’t meet their criteria. This means you have got to start the whole process again with another bank.
By checking the market, we can:
- Find the right lender for you
- Find the most appropriate rate
- Save you from having to undertake multiple credit scores
- Save time
- Offer flexibility
What services does a Mortgage Broker offer?
We can offer a range of additional products and services including:
- Mortgage protection
- Standard general insurance
- Buildings & contents
- Landlord’s insurance – dependent on the type of client
- Solicitor recommendations
- Estate agent recommendations
– We can put offers in on properties
– Negotiate with estate agents
- Will provider recommendations
- Legal form writing assistance/guidance
- The first point of contact for any queries throughout
The products and services promoted here are not part of the Openwork offering and are offered in our own right. Openwork Limited accept no responsibility for this aspect of our business. These products are not regulated by the Financial Conduct Authority.
When should I see a Mortgage Broker?
We recommend you inquire as early on as possible. We’ve seen many clients over the years that have left it too late and end up finding out something that is prohibitive of their future plans.
At the point where you are considering moving property, you will have a house valuation, should you be selling. Sometimes it’s not always feasible to do what you’re looking to do based upon criteria and circumstance.
Coronavirus, for example, has certainly changed a lot of the lending criteria in terms of people being furloughed from work. Taking advice early on gives you a better opportunity and understanding to get the most suitable outcome should something like this happen during the process of moving house.
We deal with all sorts of different clients at different points on that transaction. We do lots of business on the back of offer qualifications where an agent receives an offer and we talk to the potential buyer about what they’re looking to do.
There is no set rule on when to contact a broker, but the earlier the better.
Why is Norwich a popular location to buy a property?
The access routes into London have improved greatly over the years. We are seeing more and more people move up from the South into locations such as Norfolk.
Norwich is a vibrant city that caters to all. There’s enough to do if you’re a young family for example, or if you are a young couple, working somewhere else and commuting to Norfolk.
There are very low crime rates and lots of historic sites, natural beauty, and scenic routes, from forest walks to the coastline, less than 45 minutes from the city itself. Plus, the shopping districts and plenty of entertainment, so Norwich has enough on offer to suit every individual.
Norwich doesn’t have the high house prices either that you would associate with places such as Cambridgeshire and Essex that are closer to London and big cities like Cambridge.
There’s good value in the market across Norfolk and a range of properties from the coastal bolt holes and second home property market to the Buy to Let properties and investments across some of the cheaper areas of the county. You’ve also got the great Victorian terraces and any other type of property you’re looking for here.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Some buy to let mortgages are not regulated by the Financial Conduct Authority
What are your main intentions as a Mortgage Broker?
Here at Yellow Brick Mortgages, we all have the same thought process in relation to how we believe a client should be treated. We thrive on giving our clients the very best possible service and work incredibly hard to make sure that the client gets everything they need plus a little bit more.
What does it cost to use your service?
An initial consultation is completely free. You will not be charged until we get to the point of an application, and where we’re submitting across to a lender. If you have any queries, please do not hesitate to contact us.