Mortgage Broker Newcastle
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Gary from The Mortgage Brokerage talks about the role of a Mortgage Broker in and around Newcastle.
Listen to the podcast below.
What is the role of a Mortgage Broker?
Basically, a Mortgage Broker serves as an intermediary between the lenders and a client.
It’s our job to find lenders that will meet the client’s specific needs. It could range from a First Time Buyer to somebody moving home or remortgaging.
We’re here to help clients work out what they can afford, setting realistic expectations from the start and making sure everything goes through smoothly. We will also handle the paperwork, from credit reports, checking that you have bank statements, proof of deposit, and everything else you need.
Why is it good to go through a Mortgage Broker rather than a bank?
A bank is obviously restricted to their own products – so the client isn’t getting any comparison against the rest of the market. Meanwhile, a broker will have exclusive deals (through our Network Quilter Financial Planning) with lenders that might meet their circumstances better.
You might think it will be nice and easy to make a phone call to your bank. But in the end, you can end up paying a much higher rate and spending more than you need to.
At what stage in the house buying process should I talk to a broker?
The best advice is to start the process of applying for a mortgage before you even start looking for somewhere to buy.
It’s awful to find a dream home and then find out you can’t get a mortgage to pay for it. By talking to a broker you’ll set your expectations, work out a realistic budget based on your income and the monthly repayments – so there’s no disappointment.
Another advantage is that you can get an Agreement in Principle from a lender before you go and see any houses. Then, you’re in a strong position as a potential buyer.
What services does a Mortgage Broker offer?
We offer a one-stop service for customers looking to discuss mortgage and protection. We’ll look at purchasing a home, remortgaging, and saving money. We help everyone from First Time Buyers to experienced landlords who are looking to build their portfolio.
We can also discuss how to protect your property and income in the event of a long-term accident, sickness, or illness. It’s really important to look at everything as a whole and prepare for any eventuality.
We have lots of long-term clients who become friends, we deal with them for years and support them at every life stage.
Why is Newcastle a popular location to buy property?
There’s no better place to live. When you cross the Tyne and see the historic buildings, the nightlife, the people…. It’s the best.
Geordies are warm and friendly people – we welcome people to Newcastle and it’s actually a great place to invest. In parts of the city, the population is still relatively low. On the outskirts of the city, it’s great for First Time Buyers and landlords, and there’s still excellent public transport – the metro, trains, buses.
We’ve also got fantastic universities, so people looking for investment properties can let them to students and professionals. A lot of people who have studied in Newcastle end up living here.
People love that the city has great nightlife and it’s great for shopping – the Metro Centre – and lots more retail across the city centre. Soon we’ll have the Whey Aye: one of the UK’s best waterfront experiences. It’s going to be a destination for leisure, sport, food and drink, all based around a 140 metre giant observation wheel – taller than the London Eye!
Newcastle is just going to get better and better, which means great news for house price growth and creating jobs.
How did The Mortgage Brokerage get started?
I started out on my own a few years ago and built up a good client bank, mostly from referrals. Then about six years ago, I decided I wanted to build something special.
So I started looking for top advisors, top admin people, case managers who believe in customer service, and working as a team. It’s all about the customer – taking the stress away from them and offering a fantastic service on a national basis.
We never say no to the client – we’ll try and find them a good deal. We’ve just had a really good testimonial about Sandy on the team where a client had been told ‘no, it can’t be done’ by three other brokers. But Sandy went out of her way to look at every option and achieve the client’s goals.
How long have you been a broker?
I’ve specialised in mortgages for about 12 years now. The past six have been with The Mortgage Brokerage. It was only about two years ago that I decided to take people on. Since January we’ve taken on another four.
What does it cost with you as a Mortgage Broker?
We start with a free, no obligation consultation. We sit with the clients and have a good chat with them. Even before the pandemic, we’ve done a lot over the telephone, sharing documents via secure links and everything.
We’ll provide each client with quotes of what they can afford, the fees and costs, etc. If the client then says yes, Gary, I’m happy to go ahead with that, then there’s a broker fee from £499 depending on the complexity of the case.
We don’t charge any fees until the client has a completed mortgage. So we do everything upfront. And if for some reason we can’t get them a mortgage, the client pays nothing.
So there’s nothing to lose – just pick up the phone for an initial chat about how we can help.