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Obtaining the Correct Advice from a Buy to Let Specialist Mortgage Broker can Save You Money
I recently came across a scenario where a client was looking for a bridging loan in order to purchase a property and carry out a light refurbishment to then refinance. I immediately assessed the case, and provided a quote.
The response I had back from the client was ‘Are you sure this is correct?’
I checked over the quote, which was correct and asked why the client had concerns.
Why had I been Challenged?
The reason I had been challenged came to light when the client sent me some terms another broker had provided.
To my surprise, the terms he had been provided had a much higher interest rate and larger fees.
The interest rate I had provided was 0.94% per month (11.28% per annum). The interest rate the client had been quoted by another broker was 1.25% per month (15% per annum).
With the interest alone, the quote I had provided the client was 3.72% cheaper and also facilitated a larger loan size for the client.
When working out the total fees, the quote I had provided the client worked out at approximately £6,475 cheaper over 12 months which is a huge saving for a relatively small loan size. This is due to the other quote including an exit fee as well as a large broker fee (which we do not charge).
Our fee for 99% of cases is just £395 which is invoiced to you once we have received the binding mortgage offer from the lender.
How can Advocate Finance help?
We are a team of Buy to Let Specialist Mortgage Brokers with many years experience.
The mortgage market is more complex than ever right now, which is why it is important to work with brokers who specialise in the field to ensure you are provided with the best solutions for your specific requirements.
Rest assured, here at Advocate Finance we are working with professional landlords and developers day in, day out which ensures you are provided with the best advice.
We provide a FREE assessment on all our services.
Please contact me directly for more information, or use the Get in Touch With Us Today feature at the bottom of this page.
