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In many cases there will be more than one suitable scheme. Different lenders have different features, benefits and negative aspects and the adviser will ensure that you know all the details and will make a recommendation based on your personal circumstances. They will provide you with a fully detailed illustration (Key Facts Illustration or KFI) on all the schemes that are suitable within minutes. These illustrations will provide all the details you need to know about the mortgage products they are recommending and the fees involved. Being a completely transparent broker their illustrations will be fully regulated by the Financial Conduct Authority (FCA) and will cover such details as the lender, the interest rate, the type of mortgage product, the overall cost of the mortgage, your monthly payments, the risks involved, the total amount of fees payable, any insurance obligations, any penalty charges, any additional features and the amount that we will get paid by the lender for introducing the business.
Once you have made a decision on the mortgage product you want, the majority of lenders they deal with will allow them to obtain a decision in principle within minutes. The decision in principle puts you, the client, in a very strong position when house buying as it shows the estate agent and vendor that you are a serious prospect with pre arranged funds at hand – allowing you to negotiate on the sales price or complete with speed if required. Once you are happy with the mortgage that has been recommended and you have been approved by the lender they can then complete a full mortgage application online and in some circumstances (depending on the lender) can have a mortgage offer printed out in our office within a few minutes. If speed of service is important to you then you have found the right company to deal with.
When a full mortgage application has been completed you will be allocated a dedicated case manager to see your application through to completion. The case manager will keep you informed on the progress of your application on a regular basis; handle any problems with the lender, the estate agents and solicitors. Our broker’s administration team will work closely with your Mortgage Broker allowing constant interaction with the mortgage advisers to ensure the speedy resolution of any problems that may occur during processing. This alleviates the delays that many businesses suffer from with interdepartmental delay whilst they wait for memos and post to be delivered and responded to across different departments in different locations – sometimes regions.