Ask the Expert: Mortgage Edition with Robert Payne from Langley House Mortgages

Finding the right mortgage is an important part of the buying a property journey, but there is still a lot of uncertainty amongst buyers on the best way to obtain the most suitable product and we often get asked for help with this.

With this in mind, we sat down with Robert Payne at Langley House Mortgages. As a company they want to help people make better decisions when it comes to getting a mortgage so we thought they would be the best people to answer some of our buyers FAQs.

Where is the best place to find a mortgage?

We often get asked ‘How do I shop around?’ but going online and looking at comparison websites is daunting and mortgage products can seem too good to be true, with hidden fees or strict criteria which you don’t qualify for.

If there’s one piece of advice I can give you, it is to speak to a mortgage broker and find one that doesn’t charge you any fees!

What are the benefits of using a broker vs going direct to the lender?

Brokers have access to a wide range of products from across the market and lenders rarely dual price, meaning you will get the same deal through a broker as you would if you approached that lender directly. It is also a lot quicker to apply through a broker rather than the traditional route of arranging a meeting with a bank, this is why some banks such as Santander have decided to remove their in-house advisers entirely, as it is a lot more streamlined through broker channels.

Is it normal for Mortgage brokers to charge a fee?

In the past lenders did not pay brokers for arranging mortgages so brokers charged the client for their advice. Nowadays lenders pay all brokers for arranging mortgages but some brokers still choose to charge the client on top and enjoy a double payment! Fee charging brokers do not have access to better deals than non-fee charging brokers so it really does benefit to find a reliable free to use broker and keep hold of them for all your mortgage needs.

But don’t I get the best rates from my Bank?

A common misconception is that your own bank who you do your day-to-day banking with will offer you preferential rates and look after you as a loyal existing customer. Unfortunately this is not always the case. Each bank will have their set range of products which are available to everyone.

So in our experience, there are often alternative options which work out more cost effective and offer a huge saving, so it is advisable to shop around.

How much paperwork will I have to do to apply for a Mortgage?

Of course there is paperwork involved, but at Langley House Mortgages we take care of all the paperwork involved in the application process, so you don’t have to. In many cases the only physical documentation you will need to provide is proof of income, bank statements and proof of deposit.

Our thanks to Robert and his team. If you are looking for a Mortgage broker we highly recommend getting in touch with Langley House Mortgages. They are open 7 days a week and would be happy to help you with any of your mortgage requirements or questions you have, whether you are ready to proceed or not.