Expert Mortgage Broker Liverpool

A mortgage broker is a licensed professional advisor who helps customers understand, find, and secure mortgage options based on their needs and preferences.

This role includes assessing a borrower’s financial situation and providing tailored, expert advice to help the customer establish a relationship with a suitable lender.

A mortgage broker has access to a large selection of lenders, which is beneficial for customers with unique financial situations.

A mortgage broker takes on an intermediary role, bringing mortgage borrowers and lenders together.

This role includes a number of responsibilities, including, but not limited to:

• Liaising between mortgage borrowers and lenders.

• Assessing the borrower’s current income, credit history, existing debts, and employment status to pass on to lenders.

• Break down the aspects of repayment terms, interest rates, and fees to the borrower to help them make an informed decision.

• Gather information, such as tax returns, pay slips, bank statements, and ID, to help the borrower with the application process.

• Submit offers to agents on the borrower’s behalf.

• Provide updates on the approval process to the borrower.

• Assist with arranging solicitors, survey reports and relevant insurances.

The duration of a mortgage application depends on each client and the mortgage broker’s workload. However, the process can take from two hours to four weeks depending on the complexity of the case to get to full mortgage offer stage.

The process is broken up into the following main parts:

1. The decision in principle stage: This typically takes between 30 minutes and an hour to complete. This allows the lender to complete a credit search and provide you with a figure that they would be able to lend ‘in principle’.

2. The advice/quote stage: Once the relevant personal information has been collected, the broker will look at the mortgage market and draw up quotes for you within 24 hours.

3. The mortgage application submission: The mortgage broker will complete the full mortgage application process and send it to the lender. The lender may then need to complete property checks, or the application may be passed onto an underwriter to assess.

4. Property valuation and survey: The surveyor will check whether the property is worth the amount it’s being sold for. Factors like surveyor availability and property location can impact the timeframe. The lender is then informed of the valuation.

5. Full mortgage offer: After the mortgage survey is completed, the lender’s underwriter will make the final decision and make a mortgage offer.

6. Exchanging contracts: Your solicitors will complete market searches and gain local authority throughout the application process, handling all of your conveyancing needs.

7. Mortgage completion: Once contracts have been exchanged, the solicitor will liaise with the lender to access the funds to buy your own property.

Choosing to use a mortgage broker can ultimately reduce the borrower’s stress and make the application process quicker and easier to navigate.

This includes benefiting from a broader selection of lenders, comparing various mortgage options to find the best option for you, and receiving personalised mortgage advice from a professional and qualified broker.

Mortgage brokers have one ultimate goal: to help you find the right mortgage for your individual needs. The broker will complete all paperwork, market research, and communication with lenders on your behalf, relieving the burden.

This ultimately helps you avoid poor deals, such as offers with higher interest rates. You can trust that you’re dealing with someone who has years of knowledge and expertise within the industry and can provide invaluable advice.

At Green Mortgage Services Ltd., our team consists of professionals who are committed to providing excellent services.

With 8 highly experienced mortgage brokers and insurance advisors, we can help you throughout the entire process, collecting all of the necessary information to help you find the best mortgage deal.

Our advisors handle the entire mortgage process, from prompt submission to liaising with lenders, solicitors, and surveyors. We can also submit offers on your behalf and help negotiate.

When you choose us, we will always consider your credit profile and help you improve it to reach your financial goals. But our service doesn’t just stop with the traditional responsibilities; we also provide the following:

• Access to products that aren’t necessarily available on the high street.

• 24/7 support from our brokers.

• Assistance with remortgages, first-time buyers, self-employed mortgages, shared ownership mortgages, right-to-buy mortgages, and buy-to-let mortgages.

• Extended appointments at no extra cost.

• Assistance with the whole house purchasing process, not just the mortgage application.

• We will advise and arrange all relevant insurance policies for you.

• Write any life insurance policies in trust.

Unlike a bank, our team of highly qualified mortgage brokers will shop around for you, helping you find the best deal.

Banks offer biased advice that may not align with your best interests. A broker will take the time to understand your situation and offer personalised, impartial advice and guidance to help you achieve the best outcome.

With access to over 70 lenders, we can offer you a large selection of mortgage products, whereas a bank only offers its own. This is especially crucial for clients who are self-employed or have a low credit score, as brokers can find lenders who are more accommodating and likely to accept an offer.

Furthermore, a mortgage broker in Liverpool has negotiation and industry insight, as well as an expert understanding of the local property market, including pricing trends, demands, and regional regulations.

or a mortgage in Liverpool, a typical deposit of 5% to 10% is required, though there are ways to obtain a mortgage without any deposit funds of your own via specialist products, gifted deposits or unsecured borrowing for your deposit.

If you have a poor credit score, you may need to pay a larger deposit of 15% or more depending on the severity of your adverse credit, though for adverse credit over 3yrs old, you may still qualify for 5% deposit mortgages. A deposit of around 25% is usually required for second-home mortgages, though there are some lenders who will offer 5% deposit mortgages on 2nd homes.. For buy-to-let mortgages, you’re looking at a deposit of around 20% to 25% depending on the nature of the mortgage.

Three main factors influence the size of the deposit:

1. Property type: Since lenders frequently view new-build properties as higher risk, they may demand larger deposits.

2. Credit history: A strong credit history may lead to a lower deposit, while a poor credit profile might lead lenders to request a higher deposit to mitigate risk.

3. Income and affordability: To determine affordability, lenders look at your financial obligations and income. A higher income and fewer outstanding payments may positively impact the deposit size.

If you have a gifted deposit from friends and family, we can help advise you through the process.

Yes, self-employed Liverpool residents can access a mortgage with the help of a mortgage broker.

The mortgage application may involve more paperwork and income verification, such as SA302 forms or tax year overviews from HM Revenue and Customs (HMRC) for the past two or three years for sole traders.

Lenders also typically require at least two years of certified accounts to assess your income stability and an accountant’s reference to examine your business’s financial health for Ltd companies.