What are the benefits of using a mortgage broker?

After 27 years at the forefront of mortgages in Guernsey, Neil Stanford, Mortgage Manager at Gower Financial Services explains what his role is and how it benefits his clients.

You have been a mortgage broker for 27 years now, what do you think your clients gain from dealing with you?

The most important thing is personal service from a truly local company. My aim is to deliver the best mortgage package for my clients, with the least hassle for them as possible. Over my years in this business I have built very good relationships with banks, estate agents and advocates so I know who to speak to, to get the job done.

The benefit to my clients of using me as their mortgage broker is that they do not have to do their own research finding the best deal. This can involve numerous discussions with various banks. It is my business to know what rates they are offering and their lending criteria, so I can quickly marry up the client with the best deal. I am also the first point of contact regarding anything to do with the financial side of a property purchase. My clients know that they can get through to me quickly via email or my direct telephone line if they have any questions along the way.

Buying a property can be a daunting process and there is plenty of process and administration to complete along the way. Some of the terminology is unique to the mortgage business so I cut through the jargon and explain the process in a way everyone can understand. In addition, I will assist with the paperwork and submit it to the lender on their behalf liaising with the lender and the client all the way to ensure a speedy agreement. I will also liaise with estate agents and advocates along the way and keep them informed of how things are going.

There are so many different rates on offer, how do I decide on the right one?

The type of rate you choose will depend on what certainty you require. The main types of rates available are Fixed and Tracker and as the name suggests, a fixed rate will stay the same for a set period of time usually two, three or five years. There are sometimes booking fees for these rates and overpayments are usually restricted, so caution is required on these areas. A Tracker rate usually offers greater flexibility, but the amount you pay will fluctuate with the Bank of England base rate, meaning that the amount you pay can vary from month to month.

Banks are actively lending with a competitive market of fixed rates never having been lower. This is enabling borrowers to at least guarantee their mortgage repayments for an initial period with the most popular currently being 5 years.

So how do you see the property market at the moment?

During 2021 the housing market has been very buoyant, just as it was last year after the first Pandemic lockdown in 2020. There has been a significant increase in the average house price, as well as vigorous activity, which has resulted in properties going under offer for the asking price straight away and in some cases being offered at higher than asking price. There certainly seems a lack of supply at the moment.

Do I need insurance with a mortgage?

As a mortgage is likely to be the largest sum of money that any of us ever borrow, it is extremely important to consider how you can protect yourself and your family if one of you were to die or become seriously ill. That can range from protecting the mortgage in the event of death, providing a means to pay the mortgage off in the event of a critical illness such as cancer or stroke and protecting you income in the event of long
term sickness.

I am a specialist in the mortgage protection insurance field and am able to find clients competitive protection packages to give them peace of mind. As it is everyone’s dream to own that ideal home, proper protection ensures that you or your loved ones keep it if the worst should happen.

To discuss a potential mortgage you can call Neil on 737927.

Disclaimer

Your home may be repossessed if you don’t keep up repayments on your mortgage.

The information and views expressed in this blog is for general information purposes only and is provided by Gower Financial Services Limited ("Gower", "we").  While we endeavour to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the blog for any purpose.

The blog is based on the opinions of Gower and therefore does not reflect the ideas, ideologies, or points of view of any organisation with which Gower is, and may in the future potentially be affiliated with.
This blog does not constitute investment or financial advice or a representation that any investment strategy or service is suitable or appropriate to your individual circumstances.  

Gower will not be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of the information contained within this blog.

Gower Financial Services Ltd is licensed and regulated by The Guernsey Financial Services Commission.
 Company registration number 37312 and has its registered office at Suite E3, Sarnia House, East Building, Le Truchot, St Peter Port, Guernsey, GY1 4EN.