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The Cotswold Mortgage Broker Limited
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The Cotswold Mortgage Broker is an approachable, family-run firm in frequent contact with prospective clients, looking for guidance on a range of mortgage related questions. We are always pleased to advise without expectation of custom. One of the most frequently asked questions is ‘Do I need to use a broker?’

The short answer to this is no, and where appropriate, we advise our enquirers accordingly, even though it may seem like we are turning away business. Reputation is everything and we won’t take a fee that we cannot justify.

The truth of the matter is that if you are looking for a mortgage, you are employed, have good equity and no credit impairment in the background, you are probably better off applying to your existing lender in the first instance. The same applies if you fulfil this criteria but are looking to move, though if you are a first time buyer, you may well benefit from a broker researching for you. Regardless, we are always happy to ‘shop around’ on your behalf and if we can save you money, then we will advise you accordingly. If we cannot save you money, or the amount you save is not worth the hassle of changing lenders, then we will tell you honestly at the outset.

So, when would you use a mortgage broker? For almost any other scenario. Every lender has a different underwriting process so where one may have stringent guidelines that preclude self-employed workers, another will not. Where one will decline the case if the applicant has a CCJ, another will take that client. If your income multiples are insufficient, if you receive other sources of income, if your age is a factor, if your house is of an unusual construction, if you are purchasing for investment or you have been declined by a lender, then that is when your mortgage broker comes into his own.

Mortgage brokers are highly regulated, regularly scrutinized and work just for you. At the Cotswold Mortgage Broker, we have decades of combined experience in mortgages and property. If you become our client, we will find you the most suitable deal, steer you through the application process, manage your expectations (mortgage applications, like conveyancing, are rarely swift-moving) and we will fight like tigers to ensure that your application goes as smoothly as possible through underwriting. We cannot promise it will be entirely stress free as the underwriting process regularly changes, but we promise to find you the most suitable product for your aspirations, save you money wherever possible and guide you all the way.

Our broker fee (heavily discounted for first time buyers and returning customers) only becomes payable when your mortgage is offered. If our efforts don’t result in a mortgage offer, then you don’t pay our fee. Unlike some other brokers, we NEVER charge our broker fee or any part of it up front.

If you would like advice or guidance on any further mortgage related matter, call Lee on 01242 673341
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A question of Loyalty

The subject of a certain motoring organisation and their pricing policy arose during a conversation with a family member last week.  The family member concerned, having been a member of the said organisation in excess of 50 years, discovered he had been paying greatly in excess of the discounted rate given to new customers for many years.  When he challenged the lack of loyalty to long standing members, the customer services operative seemed baffled, implying it was the FM’s fault for not phoning and asking for a discount each and every year. Whilst a long way from ideal, it is at least, an option for young, fit and able bodied people but not always possible for the elderly.  Some find it harder to ‘shop around’.

Likewise, the utility companies have jumped on the same bandwagon caring nothing for loyal customers who remain with them, rewarding those who jump ship every year.

Loyalty, “a strong feeling of support or allegiance” according to the Oxford dictionary, seems to have become a dirty word in business terms.  It is absent entirely from call centres and unused by many salesmen who are only concerned with new customers, considering long standing customers a commodity to gain extra fees.

The Cotswold Mortgage Broker is four years years old and we have not increased our fees from the day we started.  We decided from the outset that we wanted to make loyalty a key feature of our company and not only do we discount our standard fee by 50% for first time buyers, but we also reward loyalty to the tune of a 50% discount from the standard fee of £495.00 for every subsequent mortgage after the first.  No customer is ever asked to pay a full broker fee more than once, not even if we arrange a string of buy to let mortgages. Furthermore, our fee does not become payable until the property or re-mortgage completes. If the property purchase does not happen, we do not get paid, regardless of how much time we have taken to process the application.  

We hope this approach sets us apart from other Mortgage Brokers.  We care about our customers and want them to come back to us.  Loyalty is important – it matters.
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The much heralded mortgage market review is now upon us and the consequences of this new legislation are taking shape.  Designed to “hardwire common sense” into the mortgage application process, MMR has brought stringent affordability checks combined with ‘stress’ testing to take into account future interest rate increases. 

The effects so far have been mixed.  We have encountered stress testing by lenders projecting interest rates up to 7% before agreeing the mortgage.  Affordability checks have produced questions about food types, pets, and shopping habits.  One of Lee’s colleagues was asked to clarify her client’s shoe purchase tendencies last week!

The biggest effects so far have been an increase in timescale.  High Street lenders have seen their average mortgage interview time change from 45 minutes to up to 3 hours per appointment and, anecdotally, estate agents are reporting long periods of inactivity in chains while buyers wait for a mortgage appointment. 

So far, we are pleased to say that all mortgages submitted by The Cotswold Mortgage Broker due to complete post MMR, have been offered without undue delay.  However, it is important that buyers are fully prepared for a longer wait than usual and should allow at least 12 weeks for conveyancing.  That’s not to say it can’t happen quicker, but this should be seen as a silver lining rather than the norm.

We have seen a steady increase in enquiries over the last three weeks as clients begin to appreciate the convenience of using a broker able to conduct a mortgage interview at the customer’s home outside normal working hours.  This avoids the inevitable queues of High Street Lenders and is a much more comfortable experience for all concerned. The process is quicker still if all documentation requested prior to the appointment is readily available when Lee arrives.

If you are having any difficulties in securing a mortgage appointment, or like one of our newest customers, have been made to wait three weeks for an approval in principle, please call Lee on:

 01242 673341 / 07900 554819

or email lee@cotwoldmortgagebroker.co.uk

http://www.cotswoldmortgagebroker.co.uk/mortgage-market-review-managing-expectations/
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Such a positive month with many more enquiries than usual.  Definite signs of improvement in consumer confidence.
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We are a friendly, local mortgage broker always willing to save you time by coming to you to discuss your mortgage, insurance & personal protection requirements.  Call Lee on 01242 673341 for more information.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT A fee of a maximum of £495 is payable on completion. Typically this will be £382.28. We offer a discounted rate to first time buyers & we offer a discounted rate for loyalty. Buy to Let, Commercial mortgages & unsecured loans are not regulated by the Financial Services Authority. The Cotswold Mortgage Broker Limited is an appointed representative of Openwork Ltd which is authorised and regulated by the Financial Services Authority. The information on this website is for use of residents of the United Kingdom only. No representations are made as to whether the information is applicable or available in any other country which may have access to it.
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