So you have had a meeting with a mortgage adviser and now you can’t get hold of them!? Maybe you have already got a mortgage application underway and the mortgage adviser or mortgage broker is not replying to your calls. If this sounds like you then this article will help solve this mortgage headache for you.
If your mortgage adviser or mortgage broker is not contactable or even has completely disappeared off the face of the earth. Either contact the mortgage lender directly or find a mortgage broker who will be able to take your mortgage application over for you.
In this guide, we will take you step by step on what you need to do to progress your mortgage application if your mortgage advisor or mortgage broker is not contactable.
Mortgage advisers during Covid-19 Coronavirus
There is no doubt that the Covid pandemic has caused havoc in the mortgage world and has led to mortgage brokers, estate agents and mortgage advisers having to furlough their businesses. This has left people stranded with their mortgages and unfinished mortgage applications. Read on and we will guide you through the best process of getting your mortgage underway again.
Read our related post on how to remortgage during the Coronavirus Pandemic.
I’ve only had an initial meeting with my mortgage advisor
It may be that you have seen a mortgage adviser at an estate agent or mortgage broker but you have not got as far as getting the mortgage application submitted. Don’t panic! Simply Google free mortgage broker near me and you will get a list of mortgage brokers that do not charge for their services.
Paying too much for your mortgage?
Chances are you could save money with a better rate
You will have lost no time and the mortgage broker should be able to take over from where you left off with your previous mortgage advisor. Make sure they are decent size mortgage brokers so the same thing won’t happen again to you! Also, take 5 minutes to read their Facebook and Google reviews to make sure the mortgage brokers offer great customer service.
My mortgage application has been submitted but has not been offered yet
Once again you need to find someone to help you. Find a whole of market mortgage broker. (see above) The mortgage broker will be able to contact the bank or building society and find out how far your application has progressed. They should be able to take everything over from your previous mortgage adviser, estate agent or mortgage broker and proceed with your application and see it through to completion for you.
Depending on how long has passed it may be worthwhile double-checking the mortgage deals that could be open to you by switching mortgage lenders
My Mortgage application has already been offered
Once you have a mortgage offer things become a little less complicated. On the mortgage offer, you will have the mortgage rate and also the name of the bank or building society that the mortgage will be with. Call them and ask for their advice. It should be business as usual for the majority of mortgages that have been offered as the lender will be able to see it through to completion.
There are a few lenders that will not progress the mortgage unless you have a mortgage broker in which case you will to find one. One lender that doesn’t deal with customers directly are Birmingham Midshires (BM Solutions).
If you have any problems on any of the above or you just want to chat through your options then we have a team of 22 mortgage advisers and administrators on hand to give free advice and help.
How do mortgage lenders react to a mortgage advisor or mortgage broker disappearing?
Each bank and building society will react differently to your mortgage advisor going of radar! Get sound advice as it may save time by switching mortgage provider.
Usually, it makes sense to switch mortgage providers if your application has only just been submitted. If several weeks have passed and you are near offer you may need to stay with the same mortgage provider. If you switch mortgage provider that is in a position to underwrite your case within a week and you may even get a new mortgage deal with lower monthly repayments.
Will I have to pay an early repayment charge to my mortgage lender?
Get advice! Usually you look at a new mortgage provider for switching mortgages to save money. There are some great remortgage deals available however timing is important and you ideally need the new mortgage to start a couple of days after your existing mortgage rate or existing deal ends.
Very occasionally depending on your personal circumstances, it makes sense switching mortgages to compare rates and get a new deal with lower interest rates however talk to a mortgage advisor or broker first.
How long does it take for a mortgage deal to be approved?
If you are wondering how long does it take to get a mortgage approved; in some circumstances, this can take as little as 24 hours. However, you should expect to wait about 2 weeks on average while the lender gets the property surveyed and underwrites your application. Read more information on mortgage application timescales. However, bear in mind that the Coronavirus pandemic has caused some delays in the mortgage system in places. Feel free to get in touch to speak to one of our advisers on mortgage times scales at the moment.
We are here to help – YesCanDo Money | Free Independent Mortgage Advisers (online and local)
YesCanDo Money is an independent family-run mortgage brokers that have been established for 32 years. We have an experienced team of 17 mortgage advisers and administrators that are on hand to help you.
We are a whole of market mortgage brokers which means that they can help you whoever your mortgage application is with. The best bit is we do not charge for our services as we get paid by the mortgage lender. This is known as a no fee free mortgage broker.
Related frequently asked mortgage questions:
My Mortgage Adviser was charging me a broker fee. Will I still need to pay them?
This will depend at which stage your mortgage application is. If your mortgage has been offered it may be that you will still need to pay their broker fee. However, give us a call at YesCanDo and we will see if we can help you with this.
Rates have dropped since I started with the mortgage application. Would it be better to start from fresh and switch mortgage provider?
If you switch mortgage provider there is a strong chance you may get a lower interest rate and mortgage deals than your current mortgage provider. It is possible that you may be able to make a considerable saving. It’s possible to get an even lower mortgage rate by paying an arrangement fee.
The size of your deposit will depend on whether you are a first-time buyer. If you are, you will usually need a minimum of five per cent of the property’s value as your deposit. However, it can help to save for a bigger mortgage. This is because you will get better mortgage deals, cheaper monthly repayments, and you can improve your chances of being accepted for a mortgage. If you are not a first-time buyer, you may need as much as 20 per cent of the property’s value as a deposit.
If you want to remortgage in West Sussex, you will need to speak to a whole of market financial advisors five months before your current rate is finished. This type of mortgage broker will be able to search the entire market to find the best deals and rates for you. In order to work out how much this is going to cost, there are a number of different things you need to look at. For example, you need to consider how much it is going to cost you to leave your existing deal. An early repayment charge could cost as much as five per cent or as little as nothing. You may also need to pay a deeds release fee, which is between £0 and £300. You then need to figure out the cost of getting your new deal. This includes the mortgage fees, valuation fee, conveyancing fee, and broker fee. As mentioned, you will not need to pay us a broker fee for our advice, as it is free of charge.