What Does A Mortgage Broker Do?
- Proud to provide a 5 star service designed to take the stress out of getting a mortgage.
- We’ll find you the most suitable mortgage for you, searching the whole of the market to find the right deal with the right lender.
- Available to assist clients across the UK with a variety of mortgage needs, from First Time Buyer, Home Mover, and Remortgage and everything in between.
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What Does A Mortgage Broker Do?
What does a mortgage advisor do?
A mortgage broker is a person or company that acts as the connection between a borrower and a lender. We identify what your need is and match you up with a lender that’s going to provide that particular product.
We’re also referred to as an intermediary. We sit in the middle between the person with a borrowing need and the lender.
What’s the difference between going to a mortgage broker and your local high street lender?
If a client walked into their own bank or building society, the person they speak to there would generally only have access to that lender’s products and set of criteria.
We’ve seen quite a few examples where people have done that in the first instance and then come to us slightly dejected, thinking they’re never going to get a mortgage. We’ll sit down with them to fully understand their circumstances.
Because we have access to a really wide range of mortgage providers, it may very well be that we can find somebody that is willing to lend. We have a much broader scope of services and products than you’ll find going direct to a bank or building society.
What services does a mortgage advisor or broker offer?
It’s a full end-to-end service. You come to a mortgage broker with your requirements and we explore different lenders, products and criteria to find where you need to be placed.
But we can also support you with other parts of the house buying process. If you’re a First Time Buyer or home mover, we help you liaise with estate agents and we can source solicitors and support you with that legal side.
If you want to remortgage or do something else, we’re here for guidance through the whole process. We don’t just find you a good rate or a suitable product and leave it there. We feel we add value to the whole process of getting a mortgage. For example, we’ll explore your protection needs and building and contents insurance.
The relationship continues indefinitely. We contact people once their initial fixed rate or other product is due to end, and support them into the next stage of their mortgage journey.
Our clients really value having someone to help them through this. They like us being proactive throughout the journey. We’re always delighted when people contact us in the future and we can help them again with their next house purchase or remortgage.
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When should people see a mortgage advisor, at what point in the mortgage process?
We would both agree that the earliest possible point you can sit down with a qualified advisor, the better.
There have been occasions where people might have put their house on the market or viewed a property and fallen in love with it. Then they’ll pick up the phone feeling very excited about their new dream home.
We’ll then look into the finances with them and perhaps for some reason they can’t borrow the amount they were hoping to. There may be an issue with the type of income they have, or their credit report – and we have to break the bad news to them that the property isn’t something they can go ahead with.
So if you’re thinking of moving home or buying your first property, speak to a qualified advisor before you even start looking. Then when you do go out there and fall in love with one, you’re able to proceed.
A good mortgage advisor will look at your circumstances and all the points a lender’s going to look at. We put you in the strongest possible position for when you find a property to make an offer on.
When was Thomas Nicholas founded? How long have you been in this industry?
Tom: Thomas Nicholas mortgages was founded in 2009. I started way back in 2004 and then qualified as a mortgage advisor in 2006. We’ve been going quite a while now and have built up a really great client base of people that have used us many times.
Jadie: I joined the company in 2015 and we’ve seen the company go from strength to strength. It’s been a really good journey and we look forward to it continuing.
What fees do you charge? How does your charging structure differ to other advisors?
We don’t charge a fee. Advisors get paid by the lenders on completion. We have never felt the need to charge for our services.
It has meant that we are accessible to more people, because fees can be a barrier. We just want to make sure that people can get the very best advice and not be priced out.
We’ve never never charged a client a single penny for the advice we give. People often say they’ve spoken to another advisor who asks why we don’t charge a fee – but we would suggest you ask them why they do?
We get paid by the lender for the work that we do and we’ve never felt the need to charge on top of that. We work on the basis that if we do a good job for you, you’ll come back and use us again in the future, and you’ll tell other people about the great service you received.
A mortgage broker is there to work for you, with you and support you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
You may have to pay an early repayment charge to your existing lender if you remortgage.
