Why should i use a mortgage adviser 240113 wfs

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Why should I use a mortgage adviser? What's in it for me? this presentation explains

Why should I use a mortgage adviser? What's in it for me? this presentation explains

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  • This will depend upon Your income
  • Your outgoings
  • Your deposit
  • Your credit rating
  • Your employment situation
  • Generally speaking you can borrow about 3 times your gross income after deducting outgoings such as loan and credit card payments
  • WOULD IT HELP TO KNOW WHO THOSE LENDERS ARE?
  • If you’ve only got 10% deposit the number of lenders who will lend is extremely limited.
  • IT COULD SAVE YOU A LOT OF WASTED TIME IF YOU KNEW WHO THOSE LENDERS WERE.
  • If you’re in permanent employment or you’ve been self employed for over 3 years you’re looking good.
  • Or what if you’ve been self employed for less than 3 years or even less than 2 years. Most lenders will walk away
  • Again even if your income stacks up most lenders will decline your application.
  • You see where I’m coming from? YOU NEED TO KNOW WHICH LENDERS WILL DO BUSINESS WITH YOU.
  • NOW COMES THE CREDIT CHECK
  • A credit check is where a lender checks your credit rating with a credit reference agency.
  • IF YOUR CREDIT RATING ISN’T HIGH ENOUGH THEN CHANCES ARE YOUR APPLICATION WILL BE DECLINED.
  • WOULDN’T IT BE USEFULL TO KNOW WHO THESE LENDERS ARE?
  • WOULD YOU LIKE TO KNOW WHAT THESE ARE?
  • Tracker rate
  • WOULD YOU LIKE SOMEONE TO EXPLAIN THESE DIFFERENCES TO YOU AND HELP YOU CHOOSE THE RATE THAT’S RIGHT FOR YOU?
  • Yes that’s right I said how are you going to repay your mortgage?
  • WOULD YOU LIKE SOMEONE TO EXPLAIN THESE OPTIONS?
  • Early redemption fee
  • WHANT TO DISCUSS THESE WITH SOMEONE WHO KNOWS ABOUT THEM?
  • A discussion with a mortgage adviser can guide you through all of these things.
  • From this discussion your mortgage adviser can taylor a mortgage to your exact requirements.
  • Then search the whole of the market to find the BEST mortgage deal which matches your requirements.
  • REMEMBER independent MORTGAGE ADVISERS HAVE TO STAND BY THEIR RECOMMENDATIONS
  • This means:-
  • Helping you complete all the paperwork for the mortgage.
  • Gathering all the information the lender needs to support the application.
  • Using their experience to resolve problems during the process.
  • If required providing names of known and trusted professionals such as solicitors and accountants .
  • Helping you understand all the forms provided to you by the solicitor, lender, surveyor etc.
  • Liaising between all the interested parties making sure that everything is going well.
  • Keeping you informed of the progress of the mortgage and dealing with any questions or concerns you may have.
  • Helping you understand the formal offer issued by the lender and making sure you understand what you are getting into.
  • Making sure you are not paying too much for any insurance plans that you may have with your mortgage.
  • And talking to you in plain English, about the solutions to your needs.
  • E nsure your family is protected should anything unforeseen happen.
  • I Hope I’ve Made My Case You can do it yourself but ask yourself this If your car broke down would you try and fix it yourself or would you employ a mechanic?
  • I Hope I’ve Made My Case You can do it yourself but ask yourself this If your car broke down would you try and fix it yourself or would you employ a mechanic?
  • If you had a problem with your central heating would you try and fix it yourself or would you ring for a plumber?
  • If you had an electrical problem would you try and fix it yourself or send for an electrician?

Transcript

  • 1. Alan Wynne
  • 2. Alan Wynne is a mortgage adviser with Ward Financial Services Ltd. which is an appointed representative of Personal Touch Financial Services Ltd. which is authorised and regulated by the Financial Services Authority.
  • 3. Why Should I Use An Independent Mortgage Adviser  Music – Bright Wish by Kevin McLeod
  • 4. What’s In It For Me?This is a question I’m often asked So let’s take a look – What’s in it for you?
  • 5. Do you qualify for a mortgage?This will depend upon:- Your income
  • 6. Do you qualify for a mortgage?This will depend upon:- Your outgoings
  • 7. Do you qualify for a mortgage?This will depend upon:- Your deposit
  • 8. Do you qualify for a mortgage?This will depend upon:- Your credit rating
  • 9. Do you qualify for a mortgage?This will depend upon:- Your employment situation
  • 10. Do you qualify for a mortgage?Let’s take your income and outgoings. Generally speaking you can borrow about 3 times your gross income after deducting outgoings such as loan and credit card payments
  • 11. Do you qualify for a mortgage? • But not all lenders are the same • Some will lend considerably more than this. • WOULD IT HELP TO KNOW WHO THOSE LENDERS ARE?
  • 12. Do you qualify for a mortgage? Now let’s take a look at your deposit. At the time of making this video – June 2012 you will need at least 5% deposit. If you’ve only got 5% deposit the number of lenders who will lend is extremely limited.
  • 13. Do you qualify for a mortgage? IT COULD SAVE YOU A LOT OF WASTED TIME IF YOU KNEW WHO THOSE LENDERS WERE.
  • 14. Do you qualify for a mortgage? So you’ve got the deposit and your income is OK. Now let’s take a look at your employment situation. If you’re in permanent employment or you’ve been self employed for over 3 years you’re looking good.
  • 15. Do you qualify for a mortgage? But if you are working on a short term contract or doing agency work most lenders will run a mile. Or what if you’ve been self employed for less than 3 years or even less than 2 years. Most lenders will walk away
  • 16. Do you qualify for a mortgage? Maybe you work overseas. Again even if your income stacks up most lenders will decline your application.
  • 17. Do you qualify for a mortgage? You see where I’m coming from? YOU NEED TO KNOW WHICH LENDERS WILL DO BUSINESS WITH YOU.
  • 18. Do you qualify for a mortgage? OK so you’ve got the deposit, yourincome stacks up and you’ve found a lender who will cater for your employment situation. NOW COMES THE CREDIT CHECK
  • 19. Do you qualify for a mortgage? A credit check is where a lender checks your credit rating with a credit reference agency.
  • 20. Do you qualify for a mortgage? IF YOUR CREDIT RATING ISN’T HIGH ENOUGH THEN CHANCES ARE YOUR APPLICATION WILL BE DECLINED.
  • 21. Do you qualify for a mortgage? However, some lenders take a more lenient attitude towards a low credit rating.. WOULDN’T IT BE USEFUL TO KNOW WHO THESE LENDERS ARE?
  • 22. Do you qualify for a mortgage? And there are certain things you can do to improve your credit rating so maybe in 6 months time you can re- apply. WOULD YOU LIKE TO KNOW WHAT THESE ARE?
  • 23. For those of you who qualify for a mortgage What’s next? Well what type if interest rate do you require? Do you want a:- • Fixed rate • Variable rate • Capped rate • Discounted rate • Tracker rate
  • 24. For those of you who qualify for a mortgageDo you know the differences between these rates and the impact they can have on your mortgage. WOULD YOU LIKE SOMEONE TO EXPLAIN THESE DIFFERENCES TO YOU AND HELP YOU CHOOSE THE RATE THAT’S RIGHT FOR YOU?
  • 25. For those of you who qualify for a mortgageOK so now you’ve got the interest rateyou require.How are you going to repay yourmortgage?Yes that’s right I said how are yougoing to repay your mortgage?
  • 26. For those of you who qualify for a mortgageBecause even here you have a choicebetween:- • Capital and Interest • Interest only • A mixture of the twoWOULD YOU LIKE SOMEONE TOEXPLAIN THESE OPTIONS?
  • 27. For those of you who qualify for a mortgageAnd what about fees? • Valuation fee. • Lender’s arrangement fee. • Higher lending charge • Booking fee • Telegraphic transfer fee. • Early redemption fee
  • 28. For those of you who qualify for a mortgageWHANT TO DISCUSS THESE WITHSOMEONE WHO KNOWS ABOUTTHEM?
  • 29. For those of you who qualify for a mortgageA discussion with a mortgage advisercan guide you through all of thesethings.
  • 30. For those of you who qualify for a mortgageFrom this discussion your mortgageadviser can tailor a mortgage to yourexact requirements.
  • 31. For those of you who qualify for a mortgageThen search the whole of the marketto find the BEST mortgage deal whichmatches your requirements.
  • 32. For those of you who qualify for a mortgageThen make a recommendation inwriting showing all the costs involved.REMEMBER INDEPENDENT MORTGAGEADVISERS HAVE TO STAND BY THEIRRECOMMENDATIONS
  • 33. If you wish to proceedHow would like someone to act asYOUR advocate during the applicationprocess?This means:-
  • 34. If you wish to proceed Helping you complete all the paperwork for the mortgage.
  • 35. If you wish to proceed Gathering all the information the lender needs to support the application.
  • 36. If you wish to proceed Using their experience to resolve problems during the process.
  • 37. If you wish to proceed If required providing names of known and trusted professionals such as solicitors and accountants.
  • 38. If you wish to proceed Helping you understand all the forms provided to you by the solicitor, lender, surveyor etc.
  • 39. If you wish to proceed Liaising between all the interested parties making sure that everything is going well.
  • 40. If you wish to proceed Keeping you informed of the progress of the mortgage and dealing with any questions or concerns you may have.
  • 41. If you wish to proceed Helping you understand the formal offer issued by the lender and making sure you understand what you are getting into.
  • 42. If you wish to proceed Making sure you are not paying too much for any insurance plans that you may have with your mortgage.
  • 43. If you wish to proceed Making sure you are not paying too much for any insurance plans that you may have with your mortgage. Again speaking to the providers on your behalf. And talking to you in plain English, about the solutions to your needs.
  • 44. When You Put This All TogetherWouldn’t you just like someone to:- C ommunicate with everybody in the purchase or re-mortgage process. A dvise on the most suitable scheme based on the your requirements. R emind about all the risks involved in carrying out the transaction. E nsure your family is protected should anything unforeseen happen.
  • 45. I Hope I’ve Made My Case. You can do it yourself but ask yourself this
  • 46. I Hope I’ve Made My Case. You can do it yourself but ask yourself this  If your car broke down would you try and fix it yourself or would you employ a mechanic?
  • 47. I Hope I’ve Made My Case. You can do it yourself but ask yourself this  If you had a problem with your central heating would you try and fix it yourself or would you ring for a plumber?
  • 48. I Hope I’ve Made My Case. You can do it yourself but ask yourself this  If you had an electrical problem would you try and fix it yourself or send for an electrician?
  • 49. Using a professional saves you money in the long run For a FREE no obligation consultation Call Alan Wynne On 01244 571124 or 01244 570641 Or Leave your details below Your home may be repossessed if you do not keep up repayments on your mortgage . For mortgage advice we charge a fee of 1% of the loan amount with a minimum fee of £725. Any commission received from the lender will be offset against our fee which is payable on completion