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Luke Atkinson, Director at Heritage Mortgages, based in Bournemouth joins the Mortgage and Protection Podcast to discuss the role of a Mortgage Broker. 

What is the role of a Mortgage Broker?

A Mortgage Broker provides advice and guidance about how a borrower obtains the best mortgage deal for their individual circumstances. This may be because they’re newly employed, only have twelve months self-employment history or have had some credit issues in the past, which can all make it more difficult to find a competitive deal.

Experienced brokers, like ourselves, here at Heritage Mortgages, can take away the stress of the mortgage application process, which many people prefer, rather than dealing with it themselves.

What’s the difference between going to a Mortgage Broker and your high street bank? 

When you speak to a broker, they have access to most, if not all of the lenders on the market, meaning that you should be able to obtain the best option available to you. When you speak to your bank, they are only able to offer you their best option from their own product range. 

Some banks also offer better rates directly to Mortgage Brokers, especially since many traditional high street branches are closing, meaning banks now view brokers as their distribution network in the UK. An independent broker ensures you are getting a truly independent view of the mortgage market.

What sort of services does a Mortgage Broker offer? 

Heritage Mortgages can help with First Time Buyers, people who are moving home and those looking for mortgage reviews when their rates are due to expire. People that are looking to purchase Buy to Let mortgaged properties or require specialist mortgages, for example, contractors or those with adverse credit can also seek our advice.

We can also help with Commercial Mortgages and Bridging Loans, which is quite a specialist area. We commit to being available throughout the entire process,  working and liaising with all the major stakeholders in the process, such as; the estate agent, the lender, the surveyor and the solicitor.

Even when the mortgage offer has been received and issued, we will still act as the borrower’s first point of contact if there are any issues or problems with their mortgage.

When should I see a Mortgage Broker?

It’s important to speak to a qualified independent broker for mortgage and protection advice as early on in the process as possible, and certainly before you start looking at properties. The most important factor to understand is how much you can borrow, as this will dictate the properties you can consider.

We will take the time to understand your personal circumstances, how much deposit you have available and your priorities when it comes to purchasing a property. We can obtain an Agreement in Principle from a lender, on your behalf, which offers pre-approval that if and when you find a property, the funding will be approved by the lender. They also serve to provide estate agents the confidence to encourage their vendor to accept your offer.

Why is Bournemouth a popular location to live and buy property?

Bournemouth is a great place to live and work. There are seven miles of sandy beaches stretching from east to west and the New Forest is very close by. There are views from the bay right across to the Isle of Wight.

Bournemouth is a great place to work, with a thriving tourism industry during the summer months as well as some big presence of large insurers and banking companies. There’s also a growing tech industry in Bournemouth. 

Heritage Mortgages are based in Bournemouth and have over 90 years experience of helping people find the best mortgages for their needs. We’re incredibly proud of the feedback we receive from clients, whom we look to build a long term relationship with from day one. They get to know us and many return time and time again.

I’ve been a mortgage adviser for twenty years, so there are probably very few issues that I haven’t come across before, but we’re always continuing to learn in our roles. I enjoy it and don’t think I will ever leave the financial services industry.

The importance of seeking advice from a Mortgage Broker like Heritage Mortgages

We always encourage people to speak to a Mortgage Broker as early on in the process as possible, but at Heritage, we don’t charge anything at all until you find a property or are ready to commit to a lender. We can potentially provide weeks of free mortgage advice before a property is found or you commit to a lender, as we want to make sure that you fully understand the commitment involved in buying a property. It isn’t something that should be rushed into. 

If you are looking for a mortgage in Bournemouth or the surrounding area and want to have a chat with us, please visit our contact page and speak to one of our fully qualified advisers. Our lines are open outside of normal business hours, so feel free to give us a call any time.