What Does A Mortgage Broker Do?
- Here to help you secure your dream home with the right mortgage and right advice
- Over 70 years of stellar experience in financial services
- Always by your side, whether it's an early-morning query or late-night doubt
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What Does A Mortgage Broker Do?
What does a mortgage broker do?
There are amazingly different criteria out there with all sorts of lenders. Every lender will give you a different lending amount based on the exact same set of figures. It comes down to their risk model, their credit approach, and their overall lending book.
It’s a mortgage broker’s job to review the market and find the right solution for their client. We look at how much they’re looking to borrow, how much deposit they need and how much they could afford on a month-to-month basis.
We take all that information, combined with years of experience and lender criteria, and bring it down into a succinct process. From thousands of different options out there in the market, we find the right one for you based on what you’re looking to do.
We take a huge amount of time and research away and present that option in a quick and efficient manner – to ultimately get you the right solution for your circumstances.
What is the difference between going to a mortgage broker like Envoy versus your local high street lender?
If you go to your local high street lender, they could just offer their products and their lending criteria. It’ll be quite restricted in terms of the options available. In some instances, you might not actually get professional advice, just options, and it’s up to you to potentially choose what’s right.
A mortgage broker is completely different. We have access to a panel of lenders, giving us multiple options in rates, products and lender criteria. That could impact on what the person could borrow, the deposit they need and the property they buy – whether that’s second-hand residential or new build.
A mortgage broker is typically way ahead of a high street lender because you’ve got multiple different solutions. There’s a probability that you could have a better resolution going through a mortgage broker than with a high street lender. You also get more support in other aspects of the home buying process.
What services does a mortgage broker offer?
For us, the answer lies in our name, Envoy Financial. An Envoy was somebody delegated to represent a government in its dealings with another government. We embody that in a modern sense – we deal with everything for the client on their behalf.
We’ll liaise with estate agents, find out about the property, how many viewings there are, previous offers and explain all that to the client. We’ll deal with solicitors and everybody involved in the process.
Clients just need to find a house – we’ll take care of everything else start to finish. At the start of the journey, you’ve got the Agreement in Principle, putting you in a position to proceed.
We often talk about it as the three ‘hows’. How much could I borrow? How much deposit do I need? And how much is it going to cost me per month? Our job is to answer those questions and then get you an Agreement in Principle to support that.
Once a client’s with us, we like to think that they’ll continue to stay with us in the future. When their deal comes to an end, we’ll help with a remortgage or a product transfer, or perhaps Buy to let investments.
We’ll help clients get into property – that’s our primary objective – but what underpins that is keeping them in the property. We make sure you’ve got the right protection in place so if anything were to go wrong, they’ve got protection in terms of life insurance, critical illness cover and income protection.
We could also look at things in a more holistic sense – through business protection if they’re self-employed, for example. As a mortgage broker we take care of everything on your behalf.
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When should I see a mortgage broker? At what stage in that process?
We’ve helped thousands of clients over the years, whether it be home movers, or First Time Buyers, Buy to let investors, or people looking at remortgaging. The key thing is to speak to us as early as possible.
The earlier we speak to the client, the more we could do. What’s really important is to understand your position and your options. It’s about understanding your budget – not just in terms of what you could buy at, but also how much it’s going to cost you on a monthly basis and the costs involved in the move. There are potential stamp duty applications, legal costs and one-off costs.
Buying a property for the first time or moving to the family home is a massive decision. The sooner we speak to you, the more that we could do to support you during that journey.
If you are looking at moving in the next six months, speak to a mortgage broker as soon as possible. If you are looking at remortgaging your existing property, we should be speaking to you within six months of your current deal coming to an end.
Does it cost for an initial consultation or conversation with you?
No, absolutely not. That initial chat costs absolutely nothing, so speak to us. We’ll give you the solutions and the advice you need. And if you’re not looking to buy for six months, 12 months, two years, it doesn’t matter. There’s no cost to that initial conversation.
There’s no charge involved in the process right up until the point where you’re submitting a full mortgage application. But that’s only where you’ve found the house, had your offer accepted and we’re proceeding. To find out your options costs absolutely nothing.
There’s nothing worse than finding a house to buy and then, when you look at your numbers, find there might be an issue. It might be out of your budget. It’s better to have that initial consultation at zero cost, find out what your options are and get everything ready – so you’re ready to offer when you see the perfect house. That costs absolutely nothing.
What else do we need to know about Envoy as a mortgage broker?
We pride ourselves in our level of service to clients. We’re passionate about the reviews that people leave for us. And we’re not a nine-to-five Monday to Friday business. It’s 24-7.
We’re there to support that person, whether they’re buying for the first time or looking at moving home. The minute they find a property, we make sure that we’re there to support them with next steps. Ultimately, we tell the client what they need to do and when.
We could be available however you want to communicate with us, whether that’s by phone, video call, WhatsApp, face to face… we could be completely flexible. People have busy lifestyles, with work or family or other commitments, and we could work around that to accommodate you.
I suggest this differentiates us from other mortgage brokers and, without question, sets us apart from your high street lender.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
MOST BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.