Mortgage Brokers
Why use a mortgage broker?
In competitive mortgage markets many lenders use an array of rate offers and other incentives to attract customers. To many consumers, due to their infrequent purchases of mortgage products, the mortgage market may appear confusing and somewhat daunting. Key Solutions Mortgages as mortgage broker can guide you through the process of selecting a suitable mortgage and offer mortgage and property related financial advice.
For borrowers with poor credit records, or other unusual circumstances, finding a lender may be difficult. Here at Key solutions Mortgages we have specialised knowledge and multiple lending sources, and thus will normally be able to find a solutions for all.
Tasks of mortgage broker
The nature and scope of a mortgage broker's activities varies with jurisdiction. For example in the UK anyone offering mortgage brokerage is offering a regulated financial activity; the broker is responsible for ensuring the advice is appropriate for the borrowers circumstances and is held financially liable if the advice is later shown to be defective. In other jurisdictions the transaction undertaken by the broker may be limited to pointing the borrower in the direction of an appropriate lender and no advice given.
Therefore the work undertaken by the broker will depend on the depth of their service and liabilities. Typically the following tasks are undertaken:
- Assessment of the borrowers circumstances. This may include assessment of credit history (normally obtained via a credit report) and affordability (verified by income documentation).
- Assessing the market to find a mortgage product that fits the clients needs.
- Applying for a lenders agreement in principle (pre-approval)
- Gathering all needed documents (paystubs/payslips, bank statements, etc.),
- Completing a lender application form.
- Explaining the legal disclosures.
- Submitting all material to the lender.
Mortgage Brokerage in the UK
In the UK since 2004 individuals and firms offering mortgage advice must be authorised and regulated by the Financial Services Authority. Key Solutions Mortgages is an appointed representative of Home of Choice Ltd which is authorised and regulated by the Financial Services Authority under register 446636
