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What Does A Mortgage Broker Do?
Gary Boakes introduces Verve Financial and explains the role of a mortgage broker.
Let’s talk a bit about Verve Financial. When was this founded and how long have you been in your role?
Verve Financial was founded in August 2021. Prior to that I was self-employed for about three years, after leaving a large corporate estate agency where I was a mortgage adviser. I’ve been in the industry for over 10 years now as a mortgage broker.
What does a mortgage broker do?
As a mortgage broker, initially it’s about meeting a customer who wants to buy a property. They come to us and we will do a detailed fact find, taking all of their information, their income, expenditure and their individual circumstances to explore what they can do on a mortgage.
Once they’ve found a property we make that mortgage even more specific: matching it to the type of property they’re buying. Then we ensure we’re getting them the most suitable mortgage for their circumstances. That can obviously range from client to client. We’re here to find the right lender to help them buy the property they want to live in.
What’s the difference between going to a mortgage broker versus your local high street lender?
Your local high street lender can only offer you their specific products, based on their own individual criteria. Every lender has different interpretations of payslips, income, expenditure and how they look at your credit score.
To ensure you’re getting the right mortgage for you, a mortgage broken can access a larger pool of lenders across the market. That way we can find you the most suitable mortgage based on your set of circumstances.
What services does a mortgage broker offer?
For First Time Buyers, we’ve been there. When I bought my first home I wasn’t a mortgage broker at the time so didn’t fully understand what I was doing: how much to offer on a property, how much it was all going to cost me, etc.
Luckily at the time we worked with a really really good mortgage broker who gave us all the information we needed – and actually I’ve taken a lot from how I felt in that situation. Now in doing my job I feel like I’m talking to myself 15 years ago, so I can provide reassurance to customers as well as helping them.
Ultimately they want to buy a property and we will do whatever it takes to help. Nowadays most estate agents will want an Agreement in Principle before you buy a property so we get that ready for our customers, whether they’re First Time Buyers or Home Movers.
We also liaise with estate agents to explain the situation, that we’re going to be putting the mortgage application in and reassuring the agent that you’re a good buyer. If there are three or four offers on a property we help put you in the best possible light.
We’ll also liaise with solicitors once the mortgage offer has been accepted. We can do that on everything – purchases, remortgages, Buy to Lets or product switches. The service is tailor made depending on what you need.
We then look at protecting your mortgage as well, assuring that every single circumstance is looked at in terms of what you have and what you need. We’ll explore what’s right, whether you’re a couple, an individual or have a family behind you.
That’s what makes a mortgage broker different. The service we offer is a holistic way of looking at you – it’s not just about the house. It’s ensuring everything is set up right for you.
How we can help you
No matter what stage in life you’re at, our expertise will help guide you along the way. We’ll take the time to understand you, your aspirations in life and what you want to achieve in the short, medium and long term. Our team of experts are on hand to help people all over Wiltshire and the surrounding areas, from our Salisbury office.
We want to give you peace of mind, knowing that no matter what happens, you’ll enjoy a financially secure future.
When should I see a mortgage broker? At what stage in the process?
As early as you can. Most of the time a client comes in because they’ve been on Rightmove – I always joke about it. They come in and they’ve seen something they like online already. But ultimately, until you see a mortgage broker you’re not going to know exactly what you can and can’t do.
It helps you not get too carried away – a broker will set your expectations about what you can afford and how much you can borrow. We’ll also explore how much you’re willing to spend on a monthly basis. That will obviously shape what you’re looking for.
So when you start having thoughts about buying a property and make that first little click on Rightmove, that’s when you should be seeing a mortgage broker. You might be planning to buy in six or 12 months or right now.
With a remortgage it’s slightly different – we would call our customers six to seven months before their product term ends, to give us time to find the most suitable mortgage for them. It’s all about preparation – the earlier, the better.
Does it cost for an initial consultation with you?
No, it doesn’t cost for an initial consultation and it doesn’t cost to submit your mortgage application. We are a fee free mortgage brokerage. We don’t charge our customers for any advice – we are purely paid by the lender on completion.
So you’ll have a free initial consultation and you can use us as much as you like. We don’t get paid until your mortgage completes. It’s one of our big advantages.
Is there anything else we need to know about Verve Financial?
We have some niche expertise that some clients find useful. I’ve done a lot of new build mortgages in the past so I have a really good understanding of how new build works in terms of the lenders and the house-building companies.
We can help with negotiations: what you can or can’t offer, and what’s allowed in terms of extras. It’s a really big key area.
We also work in a military town. So again, we work closely with people in the military and are good at understanding their individual circumstances and schemes like Forces Help to Buy.
So we’re an experienced mortgage brokerage across the board, but can provide you extra support where it’s needed.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up with your mortgage repayments.
The Financial Conduct Authority does not regulate some Buy to Let Mortgages.
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited 08/02/23