Survey Hut is speaking to Naomi Robinson, a Mortgage Broker at Avail Mortgage Brokers about the state of the mortgage market and the biggest mistakes to avoid when getting a mortgage.
How did you get into being a Mortgage Broker?
It was purely by chance. I started work at Skipton Building Society in admin, I fell in love with it and got promoted to a mortgage underwriter. From there I’ve worked my way up to being a Mortgage Broker at Avail Mortgage Brokers.
Tell us about Avail Mortgage Advisors?
We are a firm of 7 brokers based in Huddersfield. We pride ourselves in providing a personal service and advice without confusing jargon.
How are you finding the mortgage market at the moment?
It is certainly exciting! The rates are moving very quickly and the best terms are being offered to existing customers.
We’re still really busy as a lot of homeowners still need to remortgage and there will always be a need to buy and sell.
The number of new purchase mortgage enquires has dropped off since the mini budget at the end of September. We’d normally expect to see a 50/50 split between new mortgages and remortgages but it is more like 25/75 at the moment.
It is usually quieter for new purchases at the end of the year as the bank and building societies have often lent their quota for the year and people are thinking about Christmas rather than moving home and we are seeing this trend this year.
Please note, as a mortgage is secured on your home, your home or property may be repossessed if you do not keep up repayments on your mortgage.
Are things as bad as the media is portraying?
Mortgage rates have certainly gone up over the past 6 months, but there are still better rates available than those being reported on in the media but please note interest rates are constantly changing!
A lot of people are looking at tracker mortgages, which could be a good option for some people. A benefit of opting for a tracker mortgage is you may not get locked into higher rates for longer periods as there is a feeling rates might drop next year, however nothing is guaranteed.
At what stage should a mortgage broker be engaged in a purchase or remortgage?
Straight away! Its never too early to speak to a mortgage broker.
It is essential to speak to us early so we can advise on how much can be borrowed and what deposit will be required by discussing their current financial position, income and commitments. This information can then be used by the buyer to get on Rightmove and find their perfect home.
What are the steps in getting a mortgage?
A very simple summary of the steps in getting a mortgage are –
- A fact find session with the broker
- An offer in principle from a mortgage provider
- An offer accepted on a property
- Complete mortgage application form
- Formal mortgage offer
Its currently taking 2-3 weeks between the mortgage application and receipt of the formal offer although every lender is working to different service levels and no two lenders are the same.
What are the biggest mistakes made in the getting a mortgage?
Being unorganised! You should make sure you are as organised as possible and have all the documents you will need in place, such as bank statements, identification documents, wage slips etc so the process can move as quickly as possible.
Its also important for all credit commitments to be paid on time so your credit rating can be as good as possible.
What change would you make in the process of buying a property in England?
As with most things in life better communication would improve things. We would like to see better communication between mortgage brokers, estate agents and conveyancers so bottlenecks can be identified and rectified so a purchase can happen as quickly and seamlessly as possible.
Check out Avail Mortgage Brokers website for further information. www.availmortgagebrokers.co.uk
For all things to do with home surveys or valuations speak to the team at www.surveyhut.co.uk
There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but will be agreed with you before proceeding.
Avail Mortgage Brokers Limited are an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
Avail Mortgage Brokers Limited is registered in England and Wales with company number 11545650. Registered Office: 329 Wakefield Road, Denby Dale, Huddersfield, England, HD8 8RX.
