The Better Mortgage Company
Independent Advisor Weston-super-Mare, Bristol, Somerset and UK
When making a big decision, it’s human nature to seek advice from those who know what they’re doing, whether it is choosing your next car or scoping your next holiday destination. Buying a house is one of the biggest transactions you’ll ever make, so it makes sense to speak to an mortgage adviser before you get started.
Our goal is to help clients save time and energy, and our personal, tailored approach ensures that every client receives tailored guidance that is specific to their distinct financial circumstances and objectives.
We are open 7 days a week, try out our chat facility in the bottom of our website, give us a call on 01173 710062 or send an old fashioned email using our Contact Us quick form.
Worle, Weston-super-Mare Remortgage Advice Somerset
Did you know? Becoming a qualified local mortgage advisor in the UK requires a combination of education, certification, and continuous professional development, as well as a commitment to adhere to ethical and regulatory standards. Our team cover the M5 corridor; Bristol is 19 miles away from Weston-super-Mare, Almondsbury is 18 miles, Winterbourne 15 miles, Long Ashton 14 miles, Portishead/Clevedon is 11 miles, Nailsea just 8 miles and closest of all Worle is only 4 miles from the town centre.
Becoming a qualified mortgage advisor in the UK involves a comprehensive training process that aims to equip aspiring professionals with the necessary skills, knowledge, and expertise to advise clients on their mortgage options. This process typically starts with obtaining a relevant educational qualification, such as a degree in finance or economics.
Once the educational requirement is fulfilled, individuals must complete a mortgage advising certification program, such as the CeMAP (Certificate in Mortgage Advice and Practice) or equivalent, recognized by the Financial Conduct Authority (FCA). This certification program covers the key areas of mortgage advice, including the mortgage market, legislation, and regulations, as well as financial mathematics, product knowledge, and communication skills.
Upon successful completion of the certification program, individuals must complete a minimum of 20 hours of structured continuing professional development (CPD) annually to maintain their qualification and stay up-to-date with the latest industry developments.
In addition, mortgage advisors must also pass an FCA fit and proper test, which assesses their knowledge of ethical and regulatory requirements and their ability to provide competent and unbiased advice to clients.
One of our Better Mortgage independent mortgage advisers provides a more comprehensive, impartial, personalized, expert, and time-saving service than a lender or a bank, making them a valuable resource for anyone seeking advice on their mortgage options.
Local Better Mortgages - First Time Buyers? Let's chat
There are many advantages of avoiding the internet or high street lenders - here's some great reasons to speak with us here at Better Mortgages:
- We have broader product knowledge: Independent mortgage advisors have access to a wider range of mortgage products from a variety of lenders, whereas banks and lenders typically only offer their own products. This allows independent advisors to provide more comprehensive advice and recommend the most suitable mortgage options for a client's individual circumstances.
- We offer unbiased advice: Independent mortgage advisors have no affiliation to any particular lender or bank and therefore provide impartial and unbiased advice, whereas banks and lenders may have a vested interest in promoting their own products.
- Very personal service: Independent mortgage advisors work closely with clients to understand their individual financial circumstances and needs, and tailor their advice accordingly. This level of 121 service is often not available from banks or lenders, or out of office hours.
- Expert guidance: Independent mortgage advisors are trained and regulated to provide expert guidance and advice on the mortgage market, which can help clients navigate the complex process of securing a mortgage and make informed decisions.
- Effective time management: Independent mortgage advisors can save clients time by undertaking much of the research and paperwork involved in securing a mortgage, freeing up their time to focus on other important matters.
For a first time buyer in England, what advantages are there in the home buying process, considering there will be no property chain:
Improved bargaining power: A chain-free buyer is often viewed as a more attractive proposition by sellers, as they are seen as less likely to encounter complications during the transaction. This can provide a first-time buyer with improved bargaining power when negotiating the price and terms of the sale.
Time is of the essence: A chain-free transaction eliminates the need to wait for other buyers and sellers to complete their own transactions, which can significantly speed up the home buying process.
Increased certainty: Without the uncertainty of other transactions impacting the completion of your own, a chain-free purchase provides a higher degree of certainty and reduces the risk of delays.
Cost savings: Chain-free transactions can often result in lower costs, such as lower legal fees and reduced stamp duty costs as first-time buyers are exempt from paying stamp duty on properties up to £425,000 (This part I'm unsure about as it's been a while since I've written for this industry)
Fewer negotiations: A chain-free transaction eliminates the need for negotiations with other parties in the chain, which can simplify the home buying process.
10 STEPS TO BUYING YOUR FIRST HOME
Budgeting and pre-approval: Determine how much you can afford to spend on a property, and consider getting pre-approval (Referred to as an agreement or decision in principle) from a lender by talking with a mortgage broker to ensure you have a clear idea of your budget.
Property search: Start searching for properties that meet your needs and budget. Consider using an estate agent, or searching online for properties available for sale.
Offer and acceptance: Once you have found a property you wish to purchase, make an offer to the seller. If your offer is accepted, you will need to instruct a solicitor to start the legal process and instruct your mortgage broker\lender to start the full application process
Home survey: Arrange for a home survey to assess the condition of the property. Different types of home surveys are available, including a basic condition report, homebuyer report, and full building survey.
Stamp duty: Calculate the amount of stamp duty you need to pay, taking into account any exemptions or reliefs available, such as the first-time buyer's exemption.
EPC: Obtain an Energy Performance Certificate (EPC) for the property, which provides information on its energy efficiency and environmental impact, the seller should be able to provide you with this
Legal work: Your solicitor will carry out various legal checks and negotiations, including reviewing the contract of sale, title deeds, and any special conditions or warranties.
Effective negotiation: Negotiate with the seller or their estate agent to agree on the terms of the sale, such as the price, completion date, and any other conditions.
Bridging loans: Consider whether a bridging loan is required to help finance the purchase if the completion date of the sale of your current property and the purchase of the new property do not coincide. Bridging loans can be expensive and it is important to fully understand the terms and conditions, including any penalties for early repayment.
Exchange of contracts and completion: Once the legal work and negotiations are complete, the contracts for the sale and purchase are signed and exchanged, and the completion date is set. On exchange of contracts you must insure the building as you will be responsible for he building and on the completion date, the buyer pays the balance of the purchase price and takes ownership of the property and usually moves into their new home, which is usually the most exciting part.
The process of saving for a home deposit using a Lifetime ISA, as outlined on the UK government's website, can be described as follows:
Open a Lifetime ISA: To start saving for a home deposit using a Lifetime ISA, you'll need to open an account with a government-authorised provider4
Make contributions: You can contribute up to £4,000 per tax year into your Lifetime ISA, and the government will add a 25% bonus on top of your contributions, up to a maximum of £1,000 per tax year.
Wait until you are ready to buy: You can use the savings in your Lifetime ISA to buy a home once you have reached the age of 60, or to save for retirement.
Using the example of a property on the market for £250,000 with a 5% deposit requirement, you would need to save £12,500 for the deposit. If you contributed the maximum amount of £4,000 into your Lifetime ISA every tax year and received the maximum government bonus of £1,000 per year, it would take approximately three years to reach the deposit amount, assuming no interest is earned on the savings.
According to findings from Legal & General1, almost three quarters of consumers seek mortgage advice to help them find the right mortgage deal, and 95% of those surveyed would recommend that their friends and family seek an adviser.
Despite this however, there are still many homebuyers that go direct to lenders, potentially missing out on more suitable mortgage deals and lacking the vital advice that can help them ensure a secure future for their loved ones. You might already have a mortgage and be looking to remortgage – how do you know you’re getting the most appropriate one for you?
Your bank or building society may offer you a tempting mortgage deal – but without looking around properly, it’s easy into committing to something that you may later regret.
This is where the real value of a mortgage adviser shows – we are able to look across the market at hundreds to thousands of mortgage deals and listen to your exact circumstances to recommend the most suitable deal for you. Not everyone is the same, and we listen before giving bespoke advice, based on years of experience.
Protecting you and your family
It’s important to protect you and your family for the future too – by going it alone, often you’ll miss out on vital advice on what’s out there to help ensure your home remains yours, even when life doesn’t go to plan.
The average household is just 24 days from the breadline, should you lose your main source of income2 and over 35% of homebuyers surveyed by Legal & General3 said that they were concerned about their family’s financial security if one of them were to die or lose an income.
When making such a big decision to buy a home, it’s vital to have a backup plan in place for you and your family’s peace of mind, but the range of protection insurances out there can seem overwhelming, and expensive. We will use our expertise to listen to your exact circumstances and recommend the protection that will benefit you and your family.
Six Reasons to Seek Mortgage, Protection & Insurance Advice
- Greater peace of mind – it is the role of your adviser to help you make the right financial decisions, based on your needs and circumstances.
- Competitive deals – we have visibility and access to a wide range of mortgage lenders and insurance providers, giving you greater choice.
- Benefit from the experience – Our advisers are fully qualified to help you with your borrowing needs, and act in line with Financial Conduct Authority regulations.
- Faster & more efficient - We can help you with the details of your mortgage application, and we will aim to be accurate and timely.
- Act In Your Interests– we act truly in your own interests, listening to your circumstances and only recommending what’s right for you.
- Lasting protection and security – we will explain which insurance policies are most applicable to you to make an informed judgement to protect you and your family.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There may be a fee for mortgage advice. We will not charge a fee for protection advice.
Availability and cost of cover is subject to criteria such as age, lifestyle, current health and medical history.
Sources
2 https://www.legalandgeneral.com/adviser/protection/news-insight/deadline-to-breadline/
4 https://www.gov.uk/lifetime-isa
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