MORTGAGES
Mortgage Broker Leicester
Award Winning Mortgage Advice in Leicester with Access to Over 90 lenders and 1000’s of different Mortgages
Friendly Mortgage Advice in Leicester
Congratulations! You have made your first step towards getting the right mortgage to help you buy your first home in Leicester, become a buy-to-let landlord or simply find a better deal on your existing mortgage.
Each year we help many people in Leicester and across the UK to find the most cost-effective and appropriate mortgage deal for their individual financial circumstances, so you’ll find us knowledgeable, approachable, and friendly to deal with.
These days, there’s a lot to think about when taking out a mortgage. It’s not just about taking on a sizeable loan – it’s about getting the most suitable deal for your money too. The good news is that we’re on hand to help.
Taking out a mortgage is a big financial commitment, so it helps to know a little more about what’s on offer, what your options are, and how the process works.
Finding the right deal is important. Whether you’re new to the mortgage market in Leicester, or you’ve had a mortgage for a while but are considering a move, this page sets out a few facts and gives important information to help you make the right choices.
We’ll also explain how we can help you successfully navigate the mortgage market and ensure you get the right deal for your financial circumstances.
Topics Covered Below:
Why is it important to have a Mortgage Broker in Leicester?
What does a mortgage Broker do?
What are the benefits of using a Mortgage Broker in Leicester?
How much can I borrow to buy a property in Leicester?
The Bigger the deposit, the better the deal
What types of Mortgage are available?
What Services are offered by a mortgage broker in Leicester?
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Why is it important to have a Mortgage Broker in Leicester?
There’s much to love about owning your own property, but much has to happen between deciding that you want to buy a home and actually getting the keys. And anyone who has been through the process knows that this isn’t always the easiest task in the world. There can be complicated and difficult moments at every turn. As such, it’s important to take steps to simplify the process whenever possible. One of the more challenging tasks is getting a mortgage that you are happy with. As such, it’s recommended that you work with a mortgage broker in Leicester and at Matrix Mortgages we will be there with you every step of the way.
Leicester is a multicultural city, based in the midlands so is central to the country with great transport links. Trains to London take an hour into central London which makes it ideal for big city commuters. The house prices in Leicester can be far cheaper than the bigger cities so you are getting more bang for your buck!
As with most cities some areas are very popular in Leicester and properties can be bought and sold quickly such is the demand. Being prepared with a mortgage broker early in the process ensures you are ready to go when that dream property comes onto the market. Popular areas include, Oadby, Stoneygate, Knighton, Hamilton and Humberstone to name a few. Having specialist mortgage brokers who lived in Leicester for most of their lives means we can give key insights into the different areas and information you need to find your dream home. We also have great connections with many local estate agents in Leicester who can find the ideal property for your needs
What does a Mortgage Broker do?
The role of a mortgage broker in Leicester is to work solely for your needs. The broker works for you and in your best interests. The job involves understanding your circumstances and needs to be able to guide you to the right advice about purchasing a property using finance.
A mortgage advisor in Leicester will have access to a comprehensive range of the market to be able to give you access to the most appropriate mortgage deals available and understand the lenders criteria to be able to narrow down the most suitable lender for your needs. Who currently has the time to research all the different lenders themselves and understand the complexities each lender has with their application process and lending ability? Our role and function is to get you a better mortgage than you would be able to get yourself whilst given you honest and open advice throughout your journey
What are the benefits of using a Mortgage Broker in Leicester?
Of course, you don’t need a mortgage broker to get a mortgage. You’re able to do it yourself, often by going directly to your bank. So why would you work with one? Essentially, because we’re experts, at what we do. It’s important to remember that not all mortgages are the same: some will be right for you; some will be wrong for you. We can compare the market for you and identify the most appropriate deals. We’ll use your financial information, credit score and circumstances to give you access to a mortgage that’s right for you and may also save you money.
Perhaps the biggest advantage of using a mortgage adviser in Leicester is that we have access to hundreds of products. If you work with your bank, for example, then you’re getting access to one product: the banks. While this might be the best deal for you, it’s far from guaranteed, it’s much likely that you’ll find the best deal when there are many options to choose from.
As well as making the process of getting a mortgage more straightforward, you’ll also have peace of mind that you’re researching more mortgage products than you would have access to on your own as many lenders will only work through specialist mortgage brokers like us. Mortgage terms can be up to 40 years so being locked into a deal that has a higher interest rate or costly early repayment clauses, can have a big impact on your personal finances.
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How much can I borrow to buy a property in Leicester?
Before you start arranging property viewings in Leicester, the big question is always “How much can I borrow?” In the past, the answer to this would have been a rule-of-thumb multiple based on your salary, or your joint salaries if you were buying with someone else.
Post credit crunch and the financial crisis, mortgage lenders were required by the Financial Conduct Authority (the regulator of the financial services industry), to adopt an affordability based approach to lending. This means that banks and building societies are now required to scrutinise borrowers’ incomes, outgoings and credit history closely and apply strict affordability criteria, ensuring that borrowers can comfortably afford their repayments now, and in the foreseeable future.
This is where your mortgage adviser in Leicester fits in. Although lenders are all bound by the same general principles and criteria, there are slight variations in the way they apply them. So, it really pays to work with an award winning mortgage broker in Leicester. Our knowledge of the market and understanding of the approach adopted by individual lenders means they can help you present your application in a positive light, to the right lender, saving you time and stress.
The bigger the deposit, the better the deal
Having a large deposit really matters in Leicester’s current market. Typically, the more you can put down, the lower the interest rate you are likely to be offered.
While lenders may be prepared to lend purchasers up to 95% of the property price, with the borrower putting in the remaining 5% as a deposit, better deals and rates may be available to those who can put down, say, 20% or even more.
If you’re thinking of remortgaging in Leicester, and the equity in your property (the difference between the value of your property and the amount of mortgage you have left to repay) has increased, then you can use it as a larger deposit and potentially secure a lower mortgage rate.
This is where our adviser’s knowledge of the marketplace in Leicester really helps. They will be able to provide examples that illustrate what you’d pay, depending on how much deposit you’re able to provide.
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How do mortgages work
A mortgage is a loan made by a bank or building society to enable you to buy a house or other type of property. The length of the mortgage will usually be anything up to 40 years for a standard repayment mortgage. The shorter the term, the more you will repay each month, but you will obviously pay off the mortgage more quickly and pay less in interest on the term of the loan. When you sign the mortgage agreement, you are agreeing to give the property as security for the loan.
The amount you borrow is referred to as the capital sum. The lender then charges you interest on the amount you have borrowed.
When it comes to monthly repayments, these can be interest and capital, referred to as a repayment mortgage, or just interest, referred to as an interest-only mortgage. In addition, some lenders offer mortgages on a part-repayment and part interest-only basis. Below we break down the different options:
Repayment mortgages
Each month, you pay back part of the mortgage capital and the monthly interest. At the outset, most of your monthly payment will be interest; later on, more of your monthly payment will be repaying the capital. At the end of your mortgage term, you will have paid off the entire loan plus the interest.
Interest-only mortgages
Here, each month you only pay the interest outstanding on the loan, meaning that the capital sum remains the same throughout the term of the mortgage. These mortgages are not as widely available as they once were. Lenders will now only lend money in this way if the borrower provides evidence on how they intend to repay the capital sum at the end of the mortgage term.
Part-repayment, part interest-only mortgages
As the name suggests, this type of mortgage is a combination of a repayment and an interest-only mortgage as outlined above. With this type of mortgage, as with an interest-only mortgage, at the end of the mortgage term, some of the mortgage capital will still be owed and you will need to have a plan in place to repay it.
What types of mortgages are available?
Choosing the right sort of mortgage to meet your needs and circumstances can seem a bit overwhelming. There are many different types to choose from, all meeting the needs of different types of borrowers. Our specialist mortgage advisors in Leicester will be able to help you by explaining what’s on offer, what the key features are, and what type of mortgage best meets your individual circumstances.
Here’s a selection of what’s available in the marketplace:
Fixed rate mortgage
The interest you pay remains the same for a set period of time, so your mortgage repayments will remain the same, even if rates rise.
Variable rate mortgage
The interest rate fluctuates meaning that your monthly repayments could do so too.
Standard variable rate mortgage
The interest rate used here is the lender’s default rate, their standard variable rate (SVR). This can change at any time, meaning that your monthly repayments could increase or decrease.
Tracker mortgage
This is a type of variable rate mortgage. Here the interest rate varies according to the Bank of England base rate at a set margin above or below it, for the period of the deal.
Discount mortgage
As the name suggests, this is a type of variable rate mortgage where the interest rate is set at a discount below the lender’s SVR for a fixed period of time.
Capped-rate mortgage
The rate you will be charged moves in line with the lender’s SVR, but there is a limit on how much your interest rate can increase.
How it Works
The Award-Winning Matrix Mortgages Process – Easy as 1,2,3! Follow Our 3 Simple Steps to Securing Your Dream Home
1
Enquire
Complete our quick and easy contact form, email, call or WhatsApp us to get started
2
Apply
We handle all the necessary paperwork and help manage your entire mortgage process
3
Complete
All done. Sit back, relax, and feel great about your decision to work with us
What services are offered by a mortgage broker in Leicester?
As we’ve already mentioned, mortgage brokers have a wealth of experience and expertise when it comes to getting a mortgage. This is especially useful if you need a specialist type of mortgage. For example, if you’re self-employed and want to buy a home, then you may find that some traditional mortgage routes are closed to you. Our award winning mortgage broker in Leicester can help to locate a mortgage that suits your specific needs.
All of these types of mortgages can be a little complicated. They require a little bit of specialist care. While you can do them on your own, you might find that the process is overly complicated, and the difficulties can make getting the right deal more difficult. A professional and experienced broker has the know-how to make sure you end up with one that’s right for your needs. We can help with:
First Time Buyer Mortgages in Leicester
Being a first-time buyer can be a daunting and getting the right advice from our friendly mortgage advisors in Leicester can help you to ease the stress and sail through the process of buying your first home
Mortgages for Home Movers in Leicester
When the time comes to move home, getting the correct advice on what your options are is vitally important to ensuring you are not losing money. Our mortgage brokers will review your situation and provide the right advice to ensure you home move in Leicester or around the UK runs smoothly.
Buy-to-Let Mortgages in Leicester
Rising property values in Leicester and a booming lettings market has meant that many lenders have developed mortgage deals tailored to the needs of would-be landlords. For investors seeking rental yield or capital growth, property has proved a good investment at a time when returns on other types of assets have been comparatively low. Landlords can buy property in their own name or through a limited company. Let our specialist mortgage brokers help you buy and invest in property with award winning advice.
Remortgage in Leicester
If your current mortgage deal is coming to an end, or if you’ve been with your existing lender for a while, this could be a very good time to think about switching to get a better, more cost-effective mortgage deal, and at the same time increase the amount you’re borrowing.
In some cases, homeowners can save hundreds of pounds a year by moving their mortgage to a more attractive rate with a different lender. Remortgaging can also work if your property has increased in value and you want to free up some cash from the equity tied up in your home, or if you want to make higher repayments to shorten your mortgage term.
For some mortgage holders who come to the end of their initial special offer rate, the current lender may offer another special rate to encourage customers to stay with them.
Our mortgage advisors can help work out what’s the best course of action to take when this offer is made.
A further advance from your existing lender
If your current mortgage represents less than the maximum value that your current lender will advance you, then you could apply to increase the amount of money you borrow. Homeowners in Leicester often consider this route if they want to fund home improvements, or to raise cash to provide a deposit for a second home, or to give funds to another family member to help them get onto the property ladder.
Our award-winning mortgage broker in Leicester will be able to explain the terms on which your lender would be prepared to do this, and go through the pros and cons.
Your local broker in Leicester
There’s no shortage of mortgage brokers out there, but it’s much better to work with a local broker, rather than one that’s located elsewhere. Local mortgage brokers like us know and understand the local housing market and we also have local contacts that can help through the process, such as Estate Agents or Solicitors. We have information that people located further afield just couldn’t have because they don’t know the area.
Ultimately, there are many advantages to working with a mortgage broker in Leicester. We do more than just looking at the options available; we work with you to understand your situation and your specific needs, helping to get you a deal that you’re happy with, all the while making things more straightforward.
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FAQ
A mortgage broker helps arrange a mortgage by working with a lender. They are the intermediaries that will communicate directly with a mortgage lender to find the most suitable loan arrangement for you. Our experienced mortgage brokers can help you successfully get a mortgage, whether you are a first-time buyer or remortgaging.
A mortgage broker is the intermediary that deals with a mortgage lender and a borrower. They aim to get you the best mortgage deal, by working with you as well as a lender.
Everyone’s cost of a mortgage varies since it all depends on the type of mortgage chosen, the location of your home and whether it’s an individual or a company. Majority of mortgage brokers will have a fee that is based on a set percentage of your mortgage. This means you may pay more if you have a larger mortgage. At Matrix Mortgages we don’t consider that, therefore we charge a flat fee of £597.
In some cases you will need a mortgage broker if you are having difficulty with your finances, therefore you may not be accepted by a high street lender. This may be caused by having a low deposit amount, began a job, you don’t have non-standard contracts and salaries or having a bad credit history. Mortgage brokers have access to lenders that you can’t access as an individual, finding the right mortgage that is suitable for you.
Mortgage brokers have access to more lenders that you as an individual won’t have entry too. They support you to make sure you have the ideal mortgage taking into consideration your circumstances. Also they discuss the best mortgage deals to save you money and help to save you time by taking control of your mortgage process. A mortgage advisor’s roles include: helping you at every stage of your mortgage, assessing your financial situation, negotiating with lenders, creating your mortgage application, chasing lenders, solicitors and estate agent until you have successfully completed.
Yes, mortgage brokers can save you money, by having access to not just high street lenders but mortgage brokers you can’t access as an individual. This means they can accommodate to your needs to find the best mortgage deal for you. This benefits you to save money on mortgage fees and repayment costs.
It is easier to get a mortgage through a mortgage broker since there is a higher chance of finding the best mortgage deal for you. This is because they have industry knowledge and access to lenders that you can’t access as an individual. Furthermore you can save yourself time as mortgage brokers take on the responsibility to ensure your mortgage is completed.
You cannot use 2 mortgage brokers since it will negatively impact your credit score. This increases your chances of losing your mortgage since multiple credit searches will take place. It’s best to just deal with 1 mortgage broker.
Mortgage brokers are entitled to see your credit history to have a full understanding of your financial situation. This allows them to choose the best mortgage deal based on your circumstances.
To ensure your mortgage broker is licenced, you can check the FCA Register. All licenced mortgage brokers appear on the list as well as any action taken against them previously.
Latest News, Blogs and Content
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