What Does A Mortgage Broker Do?
Joel Piveteau and Kirsty Hill introduce the company and explain the role of a mortgage broker.
What does a mortgage broker do?
We’re a business with access to over a hundred mortgage lenders. We act as a go-between to assist clients in finding the most suitable product out of thousands of mortgages. We give people details on how much they can borrow, how much it’s going to cost them and help them through the whole process.
We set you up with an Agreement in Principle so you can start viewing properties, then once you find the right home we find the most suitable mortgage, and take that right the way through to an offer. We liaise with estate agents, help with solicitors’ paperwork and are there for the whole process.
What’s the difference between going to a mortgage broker like yourselves versus your local high street lender?
The biggest thing I think at the moment is accessibility. You can probably see us a lot more quickly. Most banks either don’t have local branches any more or you’re waiting six weeks just to speak to somebody. We’re here, our doors are always open and we’ll work around your work schedule. We can see you later at night or at weekends. Having a person to speak to makes a big difference.
On top of that, we can review the whole of the market and get the most suitable product for you and your situation. We can also help you with solicitors’ paperwork – if you’re not sure about anything we can point you in the right direction. We also talk to estate agents and make sure you understand everything the whole way through.
At the moment, with the way the market is, it’s really important to know you’re getting a good deal because rates are changing daily. Your bank will provide a rate and that will be it – but we review the rates again before the mortgage completes, so if there’s a better deal available we’ll find it.
What services does a mortgage broker offer?
Don’t feel daunted about phoning us with any question about a mortgage. You might feel it’s not of importance, but give us a call. We’re happy to help. We’ll chat with you over the telephone or you’re welcome to come into the office. We see people digitally via Teams or Zoom as well.
We will start with a conversation to find out what your goals are. This is going to be one of the biggest purchases you’ll ever make. A mortgage broker will explain exactly how much you can borrow and how much it’s going to cost you. We’ll explore the different rates you can get with your deposit.
Once you’re comfortable with all that, we will apply for an Agreement in Principle. Here, an application goes to a lender and they’ll come back and agree on the amount you’ll be able to borrow. You can then start looking at viewing properties – you can contact an estate agent confident that you’re in a position to proceed should you like the property.
These days any estate agent that’s worth their salt will ask you for your Agreement in Principle before you actually start viewing properties. If you want to put an offer in we can give you advice – we’ve got many years experience in helping people negotiate on properties.
We’re here for any kind of mortgage. First Time Buyers, remortgages, further advances, secured loans and Buy to Lets. This includes Buy to Let in your personal name or through a limited company. That’s so popular in this area with nearby universities. Or, if you’re looking to move home there’s somebody here with the experience to help and assist.
You may have to pay an early repayment charge to your existing lender if you remortgage.
The Financial Conduct Authority does not regulate most Buy to Let Mortgages.
Can you also advise on mortgage protection?
Yes. We have access to the whole of the market when it comes to life insurance providers, critical illness providers, income protection etc. We would have a meeting with you and discuss your options. We’ll run through everything to make sure you have protection in place to cover the mortgage or your income prior to you completing on the mortgage.
When should I see a mortgage broker?
As early as possible is the key. If you’re thinking about buying a house, speak to somebody about your mortgage. It could work both ways – you might look at online calculators and think you can borrow a certain amount, but every lender is different. You could possibly be looking over and above your budget, or you could even be looking under it.
By seeing somebody as early as possible and getting independent advice we can find the most suitable mortgage for you. We might find that you could potentially borrow £500,000, but you might say you can only afford £800 a month. We’ll tailor everything to you.
It might be that you want to look at getting an extension done or other home improvements, by extending the mortgage you currently have. We can give you the information you need as early as possible.
At the moment there are delays with solicitors, with the Land Registry and with lenders. It helps to get things in place early, and not be rushing around at the end to meet set deadlines.
The most important thing is to find out how much you can borrow and how affordable it’s going to be for you. We’ll explore whether the job role you’re in and the income that you’re earning is likely to change in the future, to make sure the mortgage is still going to be affordable to you.
We’ll reevaluate everything when you find the right property, because things change. Criteria changes, interest rates change and the best lender when we’re first chatting may not be the lender we place you with a month or six weeks later. Our job is to find you the most suitable mortgage at the right price.
You’re based in Seaford, East Sussex – but can you help somebody based elsewhere in the UK?
Yes, we can and do help anybody in the UK. We’ve got customers all over the country, as we can deal with you over the phone, online on teams, etc. So you don’t have to be based in the Sussex region to use us. We have access to the whole of the market and we’ll happily chat to you wherever you are.
When was JXP founded and how long have you both been in the industry?
I started JXP in 2007 as a one-man band. Kirsty joined me as an administrator and she’s done fantastically well – for the last six years she’s been a qualified mortgage adviser. There’s now a team of five advisers here. We all offer the same high levels of service and help people whenever they need any mortgage advice.
Does it cost for an initial consultation with you?
No, we don’t charge for an initial consultation. If you’ve got any questions, we’ll happily run through all your options. If you want to decide to go ahead and get an Agreement in Principle we do that for you and there’s no fee.
It’s only as and when you find the right property and you want to proceed to a full mortgage application that we would charge an advice fee. The amount would be disclosed to you before we proceed.
Your home may be repossessed if you do not keep up with your mortgage repayments.
