A mortgage broker in Halifax is a professional who arranges and negotiates mortgage loans for customers. In Halifax, a mortgage broker in Halifax provides services to homeowners, home buyers, and landlords who need mortgages for their properties.
A mortgage is a loan that is secured against a property, and it is repaid through monthly payments over several years.
Although homeowners, home buyers, and landlords can search for and arrange mortgages themselves, many choose to hire a mortgage broker in Halifax for the range of services they offer. This is especially the case with first time buyers in Halifax.
A mortgage broker in Halifax can cross-reference customers’ information against thousands of mortgage products from multiple lenders, while banks limit customers to their own deals. Mortgage brokers in Halifax can also provide exclusive deals not available elsewhere.
Mortgage brokers in Halifax perform a variety of jobs before, during, and after the mortgage process. These jobs may vary between mortgage brokers.
For example, some mortgage brokers in Halifax offer a limited supply of niche mortgage lenders, while others provide a broader range of lenders, known as the whole-of-market.
Additionally, mortgage brokers in Halifax may recommend suitable insurance options to ensure homeowners can remain in their homes, regardless of what happens.
At the start of the mortgage process, customers typically speak with a mortgage broker in Halifax’ appointment booking team to schedule an appointment with a mortgage advisor in Halifax.
Alternatively, many mortgage brokers in Halifax, such as ourselves, offer a user-friendly appointment booking system on their website for telephone or video calls.
During the appointment with the mortgage advisor in Halifax, customers provide additional information to help the mortgage advisor in Halifax understand their situation and find the most suitable mortgage deal.
Brokers may offer a limited supply of niche mortgage lenders or a larger panel of mortgage lenders. After recommending a deal, the mortgage advisor in Halifax can provide an agreement in principle within 24 hours.
Customers may also need to submit various documents, such as proof of identity, income, deposit, and VISA or right to work in the UK for foreign nationals.
After submitting documents, the mortgage broker in Halifax verifies them and provides a mortgage illustration that details the agreed deal.
The mortgage broker in Halifax also acts as an intermediary between the customer and the mortgage lender, handling communication and paperwork to ensure a smooth mortgage application process.
Once your mortgage application has been submitted, the mortgage broker in Halifax’s role changes somewhat. Now, the focus will be on liaising with your chosen mortgage lender to get your application processed as quickly as possible.
A mortgage broker in Halifax will generally have a dedicated processing team who will ensure your application is processed as quickly as possible, and will also be your primary point of contact throughout the process, should you have any questions or concerns.
Your mortgage advisor in Halifax will also be there for you if you have any queries or questions as well, but if it’s a specific question about your application, the processing team will be the ones to speak to.
Once your application has been approved, you’ll move on to the next stage, which is the exchange of contracts. This is where you and the seller of the property sign the contract that legally binds you to the purchase.
You’ll also need to provide your deposit at this point, which is usually a percentage of the purchase price (typically 5-10%). Your mortgage lender will then provide the funds for the rest of the purchase price.
Following exchange of contracts, you’ll enter the completion stage. This is when, if you’re moving home in Halifax or are a first time buyer in Halifax, the purchase is finalised and you become the legal owner of the property.
Your mortgage lender will transfer the funds to the seller’s solicitor, and once received, the seller will leave the property and hand over the keys to you.
Whilst it’s unlikely that you’ll need to contact your mortgage broker in Halifax during this final stage, they’ll still be there to help if you need them. For example, if there are any last minute issues with the transfer of funds, they’ll be able to help you in resolving them.
So, as you can see, the role of a mortgage broker in Halifax goes beyond just finding you the best deal. They’re there to help you every step of the way, from the very beginning of the process, right through to completion.
They’ll help you to find the most suitable mortgage for your needs, and will ensure that the process is as smooth and stress-free as possible.
So if you’re looking for a mortgage broker in Halifax, be sure to choose one that offers a wide range of services, and has a team of experienced and knowledgeable mortgage advisors in Halifax who can guide you through the process.
Whether you happen to be a First Time Buyer in Halifax hoping to find your footing on the property ladder, or you are currently Moving House in Halifax, it will become apparent soon enough that there are many different types of mortgages for customers to utilise.
There will be some options that are more popular than others, whilst some may be less common to come across. We have put together a comprehensive list of the different mortgage types we come across the most.
You can watch many more Helpful Mortgage Guides on moneymanTV here or go directly to our “Mortgages Explained” YouTube playlist here.
A fixed-rate mortgage allows for a customer to keep their mortgage payments consistent for a that your mortgage payments are going to remain consistent for a chosen period of time.
You have full control over the length of time in which you can fix your payments for, with people typically choosing 2, 3 or 5 year fixed rates, though possibly longer.
Regardless of any changes to the economy, inflation or interest rates, you can stay comfortable in your home knowing that your mortgage, arguably your biggest ever financial commitments, will stay the same for your fixed period.
A tracker mortgage is where the interest-rate of your mortgage will follow along with the Bank of England’s base rate.
To simplify this for you, the mortgage lender that you end up with will not be the one to choose your interest-rate, and you won’t be deciding that either.
Instead, the interest-rate on your mortgage will be set at a percentage above the Bank of England base rate. For example, if the base rate is 1% and your mortgage is tracking at 1% above base rate, you will be paying a rate of 2%.
A repayment mortgage is the standard type of mortgage you will come across, paying back both a combination of interest and capital each month.
So long as you continue paying your mortgage per month, for the duration of your mortgage term, you will be guaranteed to have paid off your mortgage balance in full by the end of your term, owning the property.
This is all considered to be the most risk-free way to pay back the capital on your mortgage balance. In the early stages of your mortgage term, you’ll mainly be paying back the interest, with your balance reducing slowly, especially with a 25-30 year term.
Your mortgage will alter slightly towards the last ten years or so, as you will be paying off much more capital from your balance than you will be with interest, meaning your balance will come down a lot quicker.
Though you will see a lot of modern buy-to-let mortgages being set up as interest-only mortgages, it is a lot more difficult to obtain a residential interest-only mortgage.
It is not entirely impossible, though it is a lot harder to find these, as mortgage lenders may not offer these to customers.
They do become helpful though in relevant situations, such as potentially downsizing when you are only, or if you have external investments you can use to pay back the capital on the mortgage.
There are much stricter rules with interest-only mortgage products these days, with the loan-to-values on these being much lower than they would be in the past.
By taking out an offset mortgage, your mortgage lender will be assigning a savings account to you, to run alongside your mortgage term.
The way that this works is that if you were to have a mortgage balance of £100,000 and £20,000 is deposited into your savings account, you would only be paying interest on the difference between that, which would be £80,000.
This is often considered to be a very efficient way of managing your money, especially if you are paying higher rates of tax.