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A mortgage broker, or mortgage adviser, is a professional intermediary who specialises in finding and arranging mortgages for their clients. Unlike a direct lender who offers mortgages from their own product range, a broker has access to a wide array of mortgage products from various lenders. This extensive access enables them to compare and present the most suitable options based on an individual’s specific financial circumstances and property goals. 

Key roles of a mortgage broker include:

• Assessing Your Financial Situation: A broker will review your financial circumstances, including income, debts, credit history, and savings, to understand your mortgage needs.
• Finding Suitable Mortgages: They use their knowledge of the market to find mortgage deals that fit your requirements, sometimes accessing exclusive deals not available direct.
• Providing Expert Advice: Brokers offer tailored advice on the most suitable types of mortgages, terms, and rates, based on your situation.
• Managing the Application Process: They help you with the paperwork, submit the mortgage application on your behalf, and liaise with the lender, solicitors, and estate agents as needed.
• Support and Guidance: Brokers guide you through the entire mortgage process, answering questions and providing support, which can be especially valuable for first-time buyers or those with complex financial situations. 

At Prism Mortgage & Protection Advice, our role as mortgage brokers is to ensure that you not only secure a mortgage but do so with the confidence that it is the most suitable and cost-effective fit for your unique needs. Click here to book your free initial consultation. 

The amount you can borrow for a mortgage depends on several factors including your income, credit history, existing debts, and current financial commitments. There’s no one-size-fits-all! 

To get a more accurate estimate tailored to your specific circumstances, you can use our Affordability Calculator. This tool considers various factors to give you an idea of how much you might be able to borrow, without affecting your credit score. For a more detailed assessment and to explore your options, we recommend booking an appointment with one of our experienced advisers. 

There are several types of mortgages available to suit different financial needs and circumstances. Some of the most common types include: 

Fixed-Rate Mortgages:
The interest rate remains the same for a set period, typically 2, 3, 5, or 10 years. This offers stability as your monthly payments won’t change during the fixed term. 

Variable Rate Mortgages:

• Standard Variable Rate (SVR): The lender’s standard rate, which can go up or down, usually influenced by changes in the Bank of England base rate.
• Tracker Mortgages: Linked directly to the Bank of England base rate or another external rate, meaning your payments can go up or down.
• Discount Mortgages: Offers a discount off the lender’s SVR for a set period, meaning the rate can fluctuate. 

Interest-Only Mortgages: You only pay the interest each month, with the loan amount remaining the same. You’ll need a plan to repay the loan at the end of the term. 

Offset Mortgages: Links your savings and/or current account to your mortgage, so you only pay interest on the difference, potentially reducing the amount of interest you pay. 

Buy to Let Mortgages: Specifically for properties you intend to rent out. The amount you can borrow is partly based on the rental income you expect to receive. 

Government-backed Schemes: Such as Help to Buy, Shared Ownership, or Right to Buy, offering different ways to get onto the property ladder. 

Each type of mortgage has its pros and cons, and the most suitable choice depends on your individual financial situation and future plans. At Prism Mortgage & Protection Advice, we help you navigate these options and choose a mortgage that aligns with your requirements. Click here to book your free initial consultation. 

A Decision In Principle (DIP), also known as an Agreement In Principle (AIP) or a Mortgage In Principle (MIP), is a statement from a mortgage lender indicating how much they might be willing to lend you based on some preliminary information. It’s an early step in the mortgage application process and serves several purposes: 

• A DIP gives you an indication of whether a lender is likely to approve your mortgage application and the amount they may lend, based on initial assessments of your income, debts, and credit history.
• Having a DIP in hand can be useful when house hunting, as it shows estate agents and sellers that you are a serious buyer with a likelihood of securing a mortgage.
• It’s important to note that a DIP is not a formal mortgage offer and does not guarantee that you will be approved for a mortgage. The final mortgage offer may differ following a more detailed examination of your financial situation and a valuation of the property.
• Some lenders may perform a soft credit check (which doesn’t affect your credit score) for a DIP, while others may conduct a hard credit check (which could affect your credit score). 

At Prism Mortgage & Protection Advice, we tailor our advice based on your unique circumstances and will obtain a Decision In Principle for you as part of the mortgage application process. Click here to book your free initial consultation. 

The amount of deposit you need for a mortgage can vary significantly depending on several factors, including the type of property you’re buying, your financial circumstances, and the specific requirements of mortgage lenders. 

As a general rule:

• For most standard residential mortgages, including First Time Buyers, a minimum deposit of 5% of the property’s purchase price is typically required.
• If you’re looking at Buy-to-Let mortgages, the required deposit is usually higher, often around 25%.
• Having a larger deposit can potentially secure you a lower interest rate, as it reduces the risk for the lender. 

However, it’s important to note that every lender has different criteria, and some may have special offers or conditions that change these general guidelines. We recommend discussing your specific situation with one of our advisers at Prism Mortgage & Protection Advice. We can provide tailored advice based on your unique circumstances and help you understand the options available to you. Click here to book your free initial consultation. 

Yes, getting a mortgage with a history of credit issues is possible, though it may require a more specialized approach. While past credit problems can be a concern for some mainstream lenders, there are many who offer products specifically designed for individuals with varied credit histories. 

At Prism Mortgage & Protection Advice, we understand that financial situations can be complex. Our approach involves looking at your entire financial picture, not just your credit score. We have access to a range of lenders who specialise in providing mortgages to those who have faced credit challenges in the past. 

We recommend speaking with one of our experienced advisers who can assess your individual circumstances, guide you through what options may be available, and help find a mortgage solution that suits your needs. Remember, each case is unique, and we’re here to help navigate the process with you. Click here to book your free initial consultation. 

Booking an appointment with one of our experienced Mortgage Advisers at Prism Mortgage & Protection Advice is straightforward and convenient: 

• Online Booking: Click here to go to our booking page where you can select a date and time that suits your schedule. Our online booking system is quick and user-friendly.
• Phone Call: Prefer speaking to someone directly? Give us a call at 01792683583. We will assist you in scheduling an appointment at a time that works for you.
• Email Inquiry: You can also email us at hello@prismmortgages.co.uk with your request for an appointment. Please include your preferred dates and times, and we’ll get back to you with a confirmation. 

During the appointment, our adviser will discuss your mortgage needs, answer any questions you may have, and begin the process of finding the most suitable and cost-effective mortgage for you. We’re here to provide expert guidance every step of the way.