Mortgage Broker in Croydon
MDFS Mortgages
Here's our promise to you: When you use an MDFS mortgage broker, you will not be charged a fee. That's right, this Croydon Mortgage Broker doesn't charge fees! Check out our small print, it's not hidden away!
Great Mortgage Advice from start to finish
If you are looking for a bit of mortgage advice MDFS are your go-to brokers. Don’t take our word for it, check out our Croydon Mortgage Broker Google reviews
so easy it's almost laughable....
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Mortgage advice for all Croydon - FAQs
How do mortgages work ?
Your locally based Croydon mortgage advisor will explain this in detail.
A mortgage is simply a large loan that you take out from a bank or building society when buying a property. Firstly, you own your home. Secondly your mortgage provider simply uses your home as security while you are making your mortgage repayments and clearing what you owe.
Mortgages are ‘secured’ against the property being purchased. But if you have to stop paying back the loan, the lender can repossess your home. However, to be fair, most lenders normally try to help you with a plan, if this fails and they cannot help, the lender may repossess your home to get their money back.
What Amount of Mortgage can I afford ?
The million pound question. Well, many mortgage lenders can lend you up to five times your salary. But the amount you qualify for will depend on quite a few things:
- your age,
- the number of children you have,
- if you have any adult dependants,
- you have any payments for current credit commitments
Mortgage lenders assess your circumstances and work out how much they think they can lend you after considering the things above as well as what they think you can afford each month after you have paid your household bills.
All our mortgage brokers can help enormously with this and have tools designed to calculate how much you can borrow. Furthermore, our advisers let you know which lenders to approach to get the right amount of mortgage.
What deposit do I need ?
Normally you need to provide a deposit, an amount of money provided by you. The amount of money you need to provide is generally a minimum of 5% of the price of the property you want to buy. So, the bigger the deposit you can provide the less you need to borrow on a mortgage. Also, a lot of mortgage providers reduce the interest rates they charge to people putting up bigger deposits.
Where can I get a mortgage ?
It is easy enough to get a mortgage from a bank or building society yourself, if you are comfortable that they are offering a good deal. When applying they will ask a series of questions about you and your finances. The lender will calculate what amount of mortgage they think is affordable. They will also run several checks to assess your financial status. If they accept your application, you will be sent an offer.
However, it is probably easier, and quicker, to find a great deal by using an online or telephone mortgage advisor like MDFS. In fact, all you have to do is book an online appointment with a mortgage expert who looks after your local area. Tell them a little about yourself in addition to the home you want to buy, and they will compare deals across the market. Your mortgage adviser will explain all the pros and cons, fees, and charges, before going on to set up an action plan to make sure things go according to plan.
What mortgage do I need ?
Remortgage
Remortgaging means changing your existing mortgage to a different deal with a new lender. However, rate switching is where you get a new deal with your current lender. Furthermore, remortgaging and rate switching can help you get lower interest rates or better terms.
First-time buyer
Many first-time buyer mortgages include incentives like cashbacks or reduced fees. Our brokers will help with finding good deals for first-time buyers. In addition, you will also get tips on deposits, mortgage types, and getting a decision in principle.
Home purchase
When you are buying your next property, you can either take your current mortgage deal with you, which is called porting or look to find a brand new competitive mortgage. As deposits are normally bigger when moving home, great deals can be found. Therefore, your adviser will search for different loan to value deals and compare what is available.
Buy to Let
A buy-to-let mortgage is specifically for people looking to purchase property as an investment, rather than as somewhere to live. If you are buying a house or flat and intend to rent it out to tenants, you need a buy-to-let mortgage.
Should I get a Credit Report ?
Some lenders will assess your mortgage application based on credit score and some will assess your application based on a credit search. However, lenders who credit score will often require a high score with no adverse credit history, whereas lenders who credit search are not basing their decision on a computer.
What is a soft credit search?
A soft credit search is when a lender carries out their checks without leaving a footprint on your credit file for other lenders to see. A soft credit search will also not affect your credit score. Hence, when your score is low, as too many normal credit searches can impact your rating even further.
How does the process work ?
When you have found a property book an appointment or call your adviser. Your Croydon mortgage broker will re-assess your needs and recommend a mortgage. They will compare hundreds of deals, including a few that are exclusive to us, and cannot be found on the high street or comparison sites.
Assuming you are happy with the mortgage product recommended, we will get you a Mortgage Agreement in Principle. This will confirm how much the lender thinks you can afford to borrow. The decision in principle will help you when putting in your offer for your dream home.
As soon as your offer is accepted, you will need to appoint a solicitor. We take care of the entire mortgage application process through to completion. We liaise with your solicitor and lender to ensure that your application is a success.
If you are looking to remortgage, we recommend looking for a new mortgage deal around four months before your current deal expires. Starting the process early gives you plenty of time to compare all the available mortgage products and submit your application.
How Long does the process take ?
Decision in Principle?
We can normally apply for, and get, a Mortgage Agreement in Principle within a couple of hours. But you will need to provide your Croydon mortgage adviser with a bit of basic information. However, a Mortgage Decision in Principle is not a 100% guarantee that your full application will be accepted.
Mortgage Offer
There is no standard length of time from application to offer. Service standards are different between providers. However, we target to get your mortgage offer as quickly as possible, normally in 10 to 14 working days. Therefore, the time it takes depends on making sure the information requested by your adviser is provided or uploaded as soon as possible. Some complicated mortgage applications, such as those for the self-employed, contractors and limited company directors, can take a little longer.
Do you charge any fees ?
Like other mortgage advisers in Croydon we receive a payment from the lender at completion of your mortgage. However, unlike some other mortgage brokers we do not charge you a fee of any amount or description, regardless of the amount of work involved. Therefore, for these reasons, and because of our unbiased approach, more and more customers are turning to MDFS for advice every day.
We are here to save you money on your mortgage, not cost you more than it would if you did it yourself. Applying for your mortgage through us costs you no more than going directly to a mortgage provider for the same deal.
Moreover, frequently we will have access to special deals not available directly from lender.
Leave Stress Behind
Get advice from an Adviser
Leave your mortgage stress behind. In short, let your Croydon mortgage broker and adviser do the hard work for you.
Free Up Time with a dedicated Mortgage Broker
Don’t spend hours surfing the internet or on hold to your bank. Free up time for family and friends, use a Croydon mortgage broker.
Stay in Control and let your Mortgage Guru take the strain
Make your mortgage advice appointment at a time suited to you. Pick your own appointment date and time.
Croydon Mortgage Brokers on demand
MDFS Mortgages at your service
Starting with your first online video meeting, all the way to the completion of your loan, we will provide you with the highest level of service.
It’s our goal to make your journey as easy as possible. Our team work with you every step of the way. You’ll have direct access to mortgage brokers based in Croydon who have been helping people just like you for over 30 years. There’s no need to worry, all advisers are licensed and regulated by the FCA.
You want honest, straight-forward advice that’s easy to understand. Our Croydon based brokers scour the whole mortgage market for the best deals and rates from a wide range of lenders. We also have a specialist Retirement Interest Only (RIO) Mortgage website for those looking for lifetime mortgage advice.
We’ve got you covered when it comes to the horrible paperwork. We handle all your administration processes as well as liaise with estate agents, lenders, and solicitors, making sure that your mortgage application process goes smoothly.
You’ll also get online video advice throughout, plus a service via phone, email, and live chat. Since you’re busy, you can schedule an appointment anytime between 8am and 8pm.
If you’re buying your first house, moving home, remortgaging, buying to let or just need some mortgage advice, we’ll be able to help.
Some handy mortgage guides
About Mortgages
RIO Mortgages (Retirement Interest Only)
Are you worried about rising mortgage rates?
Buying a property: issues with the property
Green Mortgages – what’s that all about….
Should I Use A Mortgage Broker ?
How to read your Credit Report
Buy and sell your home through estate agents
Do you charge fees ?
Like other mortgage advisers we receive a payment from the lender at completion of your mortgage. However, unlike some other mortgage brokers we do not charge you a fee of any amount or description, regardless of the amount of work involved. Therefore, for these reasons, and because of our unbiased approach, more and more customers are turning to mortgage broker for advice every day.
We are here to save you money on your mortgage, not cost you more than it would if you did it yourself. Applying for your mortgage through us costs no more than it would going directly to a mortgage provider for the same deal.
Moreover, frequently we will have access to special deals not available directly from lender.
Do you offer whole of market advice ?
Yes, we do. MDFS do not operate a limited panel of mortgage providers and have access to thousands of mortgage deals. Let’s not fool ourselves though, no matter how deep we research there may still be a deal that is exclusive to one bank, or even mortgage broker, that we cannot access. That does not mean we are unaware of it, simply that we cannot access it.
However, most deals are readily available to MDFS. We do not charge fees so what you see is what you get. A cheap mortgage rate deal where a fee is charged may not be as cheap as it looks, furthermore, most deals with a broker fee payable cost more than a deal where the broker does not charge a free…!
What type of Mortgages do you give advice on ?
We advise first time home buyers, people moving home, homeowners looking to switch deals or remortgage and buy to let mortgages.
When it comes to mortgage rates, we'll advise on the full range available, such as fixed, tracker, discount, capped and offset rates to name a few.
Also, we advise you about different repayment methods, interest only, repayment and split repayment.
do you keep me updated throughout the mortgage process ?
Yes. You will be sent updates about your mortgage application by email and SMS text message.
You are provided with access to a secure upload portal and private HUB as we don't want your personal documents flying all over the internet !
You can speak to your local fee free mortgage broker as well if you want to.
What do you do ?
MDFS connect people looking for mortgage advice with the best mortgage rates and criteria possible. We gather and review your financial information and documentation. We assess the mortgage amount you are requesting, your deposit, your income, and your credit record. Then, we match you up with a few different deals, outline and discuss the options available.
So, when you use MDFS, we are responsible for researching current mortgage rates. We are also responsible for making sure that you understand all the small print mortgage terms (closing costs, fees, and other conditions), and we sort through mountains of data to compare your choices.
Also, keep in mind that MDFS are not a bank or building society. As a result, we are not tied to one mortgage provider. We independently research mortgage lenders and have established relationships with each lender.
When are you available ?
Appointments can be made 24 hours a day, 7 days a week. That does not mean we are open, but you will have access to an adviser’s diary, and you can make your appointment booking.
Appointments are available from 8am to 8pm Monday to Friday and 10am to 4pm Saturday and Sunday. However, Saturday and Sunday appointments need to be booked by telephone.
We are sure you will understand that appointment demand can be high and while your adviser will be happy to meet on the weekend, it is important that access is provided to priority cases. Just use our broker call back if you want to book a weekend appointment.
Get a Bigger Deposit
Save the biggest deposit you can. Most mortgage providers keep their lowest interest rates for borrowers with large deposits.
The top deals on the market are currently limited to those who have a deposit of between 35% and 40% of a property’s value. Higher loan to value mortgages tends to have higher interest rates.
Save up as much deposit as you possibly can.
Review your Credit Score
Consider your credit score. You may need a good credit score to qualify for the best mortgage deals. If you check your credit score you can be sure to avoid any surprises. Early checking will also give you time to correct any mistakes, should you find any.
Tidy Up Your Credit File
Try to pay off your debts and close any unused credit accounts.
Mortgage lenders look at the total amount of credit available to you – as well as the amount you owe. If they see a large credit line available this can affect your position.
Therefore, if you can, clear as much debt as possible and close any accounts you no longer use.
Tidy Up Your Address Records
Keep your address up to date. Nearly every mortgage provider will use the electoral roll to verify your identity. Your mortgage application may be rejected if you are not visible on the electoral roll at your current address.
This need not be a problem. Contact your Local Authority and ask for a registration form or sign up online. Furthermore, this will hopefully make sure that the address any credit agencies have for you is up-to-date.
By-Pass Some Unusual Properties
Avoid unusual properties. Mortgage providers all have different criteria. But all lenders want to make sure that they can get their money back should you fail to pay.
As a result, they are frequently less willing to lend against unusual properties, as these may be more difficult to sell on.
If you can avoid things like flats above commercial premises such as cafes and bars, homes built using non-standard construction materials such as concrete or steel.
Get Yourself Mortgage Ready
Make sure you have an up-to-date passport and that the address on your driving licence is correct.
Also, you may need to provide a recent statement from say a bank or utility company, as this also contains your address.
If you are employed, you will need to provide bank statements and payslips for the last three months and maybe your P60s for the last two years. If you have commission or bonuses you will need to send evidence of these too.
Self Employed
Self-employed always come under greater scrutiny and generally must provide even more evidence of earnings as a result.
Self-employed applicants will therefore need to provide HMRC SA302s for the last two or even three years. Perhaps full accounts for the last two to three years as well.
