First Time Buyer Mortgage Advice.

A mortgage broker’s responsibility is to help clients in finding the most suitable deal on a mortgage that suits them well at a given time. A mortgage broker, also known as an independent mortgage adviser, can search through thousands of deals to save clients both time and money.

The role of a mortgage broker acts as a bridge between borrowers and lenders in terms of experience and knowledge. They offer advice and support throughout the whole process of buying or remortgaging, helping customers with any hurdles they may face such as surveys, legal reports, valuations among others.

Trying to find a mortgage can be hard work but having a mortgage broker by your side every step of the way can be priceless.

We are trusted mortgage brokers who will review your finances, compare mortgages available to you, navigate lender criteria confirming our expertise in this area thus ensuring getting you through the application process while securing the most suitable deal in return.

A mortgage broker has extensive experience with various client situations and possesses in-depth knowledge of lending criteria. They aim to match your application with the most suitable lender for your personal circumstances, getting it right the first time.

Interest rates advertised on price comparison sites and social media are often used as marketing tools and may not be available when you apply.

Our mortgage brokers strive to save you time and effort by handling paperwork, negotiations, and communication with lenders on your behalf. At Protex Financial, we provide expert mortgage advice, helping you make informed decisions and select a mortgage that aligns with your financial goals and circumstances.

Prices can vary significantly when it comes to using a mortgage broker. Our fees range from £0 to £576, while some brokers charge as much as 1% of the loan amount, which we think is a bit excessive! On the other hand, some brokers charge nothing at all, which we also find unusual.

Paying a fee ensures you receive dedicated service. If you opt for a fee-free broker, chances are many others are too, which might mean you don’t get the personalised attention your case deserves. However, we also believe there should be a reasonable limit. For instance, if you choose a broker charging 1%, your fee could be up to £3,000 for a £300,000 mortgage! We pride ourselves on providing excellent service, but even we think that’s a bit much!

If, for any reason beyond our control, we can’t secure a mortgage for you, we will refund the fee you paid. That said, we typically don’t charge our fee until we are 99% certain that you will receive the mortgage offer when we apply.

Certainly, you can still get a mortgage with poor credit. It may be a bit more difficult, but there are money-lenders that focus on assisting those with bad credit scores. Our mortgage brokers have experience in dealing with such cases and will strive to identify viable choices for you. We shall take you by the hand, make everything clear and help you at every stage of the journey. So, do not worry about having bad credit because this does not mean that you cannot achieve your dream of owning a home; we will be there for you!

It’s important to note that our fee does not change for people with bad credit.

The question of whether to approach a bank or a mortgage broker for a loan depends on your personal needs and preferences. If you have a good relationship with your bank, you might find it easier to take advantage of their mortgage products. On the other hand, mortgage brokers can often provide better interest rates and more favourable terms since they deal with a variety of mortgages from different lenders.

Mortgage brokers can save you time and energy by comparison shopping for you and handling all the formalities on your behalf. Additionally, they offer personalised guidance and assistance throughout the property financing process, ensuring you get the best mortgage to suit your financial situation.

To sum up, while banks are convenient and familiar as mortgage lenders, mortgage brokers offer greater choice and personalised service, making your home purchase process smoother and more tailored to your needs.

If you have had an offer accepted on a property, we can then begin assisting you with your full mortgage application. This process involves gathering detailed financial information, submitting necessary documents, and working closely with lenders to secure the best mortgage deal for your needs. Our goal is to streamline this process, ensuring a smooth transition from offer acceptance to mortgage approval and ultimately, property ownership.

It is always best to speak with a mortgage broker before making an offer on a property. A broker can provide invaluable guidance on your borrowing capacity, helping you understand how much you can realistically afford.

They can also offer insights into the different types of mortgages available and advise on which would best suit your financial situation and long-term goals. By consulting with a mortgage broker early on, you can get a mortgage agreement in principle, which strengthens your position as a serious buyer and can make your offer more attractive to sellers.

Additionally, a broker can help you navigate the complexities of the mortgage market, saving you time and potentially securing more favourable terms and interest rates.

A Decision in Principle (DIP), also known as an Agreement in Principle (AIP) or Mortgage in Principle, is a statement from a lender indicating how much they are willing to lend you based on an initial assessment of your financial situation.

First Review:

Among other things, such as earnings, expenses, credit rating and current debts, the lender will scrutinize various areas of your finances during this initial stage. This enables them to set an estimate on what they might lend.

Soft Credit Search:

They may do a soft credit search, which has no impact on your credit score most of the time; however, some lenders might carry out hard credit checks, leaving footprints on credit reports, so applicants need to confirm this with their prospective companies.

Approximate Sum:

This statement indicates an approximate sum that one can be lent by these institutions considering their provided details – it should be noted though that indicative figures are not binding but give clear indication about how much could be borrowed.

Often, we find that first-time buyers who tend to be early in the process will just be wondering about the maximum amount they could borrow. We have mortgage calculators available to help you gather a rough estimate, though these figures aren’t guaranteed.

Our mortgage advisors will be able to take a look at your case and help you to work out a more accurate maximum loan amount.

Currently, there are several helpful government schemes designed to assist first-time buyers in getting onto the property ladder. These include, but are not limited to, the Lifetime ISA, Right to Buy, and the Shared Ownership Scheme.

For more detailed information on these schemes, visit the guides section of our website or the government’s Own Your Home website.

When applying for a mortgage, having the right documents ready can help streamline the process. Here’s a list of the key documents you’ll typically need:

• Proof of Identity:

• Passport or Driving Licence

• Proof of Address:

• Recent Utility Bill (within the last 3 months)

• Council Tax Bill

• Proof of Income:

• For Employed Applicants:

• Last 3 months’ Payslips

• For Self-Employed Applicants:

• At least 1 years’ Tax calculations and overviews

• At least 1-years Full accounts (if LTD company)

• Bank Statements:

• Latest 3 months’ Bank Statements

• Proof of Deposit:

• Savings Account Statements

• Evidence of Gifted Deposits (if applicable)

• Credit Report:

• A copy of your Credit Report (check now – credit report)

Having these documents ready will help your mortgage broker or lender process your application more efficiently. If you have any specific circumstances or need further assistance, our team at Protex Financial is here to guide you through every step of the mortgage process.

Yes, you can get a mortgage if you work for yourself! This may be more difficult than it is for people with traditional jobs, but many lenders offer mortgages to self-employed individuals.

Understanding Your Income: It’s true that self-employed income is more complicated. However, our mortgage brokers have experience interpreting financial statements, tax returns and business accounts so that they reflect your income in the best possible way.

Access to Specialist Lenders: We can choose from a variety of lenders who know all about what it means to be self-employed when they’re working with borrowers like yourself – which also means finding great deals designed just for you!

Guidance and Support: We will help you gather the documents necessary for applying as well as guide through each step until finish line thus making everything seem easy peasy lemon squeezy.

Overcoming Hurdles: In case there are any challenges such as uneven earnings or an inadequate trading history; do not worry at all because together we shall overcome them by finding suitable remedies while presenting your case attractively before different moneylenders.

At Protex Financial, we understand the unique needs of self-employed individuals looking to buy homes. So contact us now and see what options are available.