Choosing the right mortgage broker is important, so we’ve put together these answers for you.
A mortgage broker is an intermediary (or middle man) who will arrange your mortgage for you with a mortgage lender.
Brokers know the market well and are up to speed with the latest deals. A mortgage broker can search the market for a mortgage to suit you, including some lenders who you won’t find yourself, and they will advise you on which is the best one for you. Brokers also know which lenders are comfortable with unusual circumstances or irregular income situations.
There are two ways a broker can be paid. They can (but don’t always) charge a fee for advising and arranging your mortgage. When brokers place a mortgage case with a lender they will receive a commission from the lender.
You have been house hunting, have spotted the perfect property and now need to know if you can borrow enough money to snap it up and make it your own. If this sounds familar then, you're probably ready to approach and meet a broker. Alternatively, you might find it useful to have an initial chat with a mortgage broker before you find a property so that you have a rough idea of how much you will be able to borrow, when the time is right.
No, some brokers will be able to offer you a mortgage from all mortgage lenders, whereas others will be limited to a range of mortgages they can look at for you.
Your P60 shows the tax you’ve paid on your salary in the tax year (6 April to 5 April).
If you’re working for your employer on 5 April they must give you a P60. They must provide this by 31 May, on paper or electronically.
You’ll need your P60 to prove how much tax you’ve paid on your salary, eg:
There are a few ways to find a professional mortgage broker