How Can a Mortgage Broker in London Help You Fulfil Your Homeownership Dream?

Like most British citizens, your dream is probably to be a homeowner and have a permanent place to start a family. Owning your own home can have numerous advantages, some of which are financial and others purely subjective. The UK real estate market is booming, and the number of available homes is outstripping demand, which is why house and apartment prices are at an all-time high. Want to buy a property in 2023 in the capital of England? Then you’ll need the professional services of a mortgage broker in London.

A professional broker will be able to handle your case and will work with experts in the field to find the most suitable financial instruments for your needs. An experienced broker will offer financial consultancy services through which you will be able to choose the type of mortgage ideally suited to your income, they will be able to negotiate better rates and find exclusive offers, and they will be able to use their expertise to determine which UK government support schemes you qualify for.

An expert in tailored mortgage offers will analyse your financial situation, determine whether your employment history and annual income allow you to apply for a particular type of home loan, and find alternative economic solutions if you are self-employed or otherwise benefit from an unusual source of revenue. But you may want to find out more. So, in the next few minutes, we’ll look at the many advantages of contacting a mortgage broker and list some of the UK government schemes you may qualify for.

Why a Broker?

London is the largest city in the UK and the third biggest in Europe. Because it is an industrial, financial, and technological hub, the UK’s capital is also one of the world’s most competitive real estate bubbles, and house prices here are rising steadily every year. Why would you want to move here? Like most people, you’re probably looking for better work opportunities, improved education for your children, or top-notch healthcare. And from these points of view, the British metropolis can offer you everything you need.

However, London is one of the planet’s most expensive cities, and to buy a property here, you will most likely be required to take a long-term mortgage. The professional services of a mortgage broker in London could be a breath of fresh air, helping you save time and money. A broker will be able to analyse the UK market to determine the type of mortgage better suited to your financial situation, will have access to offers and discounts not found in the offices of nationally recognised banks, and their commission will often be paid by the lender itself, which is why the services of a broker are risk-free for your family.

A professional mortgage broker could work with regional lenders to get you pre-approved for a mortgage, negotiate more favourable monthly rates on your behalf, and handle the actual application process, which in some cases, can be time-consuming. A broker with expertise in the UK mortgage market will always be available to offer round-the-clock support for your application, will be able to find ways for you to become eligible for UK government schemes, and will be able to provide expert financial advice that you can use to make the best decisions for your family. And if you want to find out more, you can visit Londonmoneyman.

How Can a Mortgage Expert Help with the First Homes Scheme?

The first homes scheme is a program offered by the UK government for selected individuals, whereby you can get a newly built home at a discount of up to 30% of the property’s market value or even 50% in areas where property prices are very high. To be eligible, you and your partner must be first-time home buyers and purchase the property for the express purpose of living in it. Being a new scheme, the people who qualify for it need to be essential personnel such as police officers and teachers or veterans and workers in the British armed forces. And a professional broker could find out if you qualify for the scheme.

With the first homes scheme, you can purchase a newly built home at a substantial discount, the key being that when you want to sell it yourself, you can only do so to first-time home buyers, who will, in turn, benefit from a 30% discount on the market value of the property. To determine the house’s market value, you will have to call an independent appraiser, the costs of their services being covered by you. However, as house prices in the UK increase annually, even with a minimum 30% discount, it is possible to make a substantial profit on the sale.

What About the Right-to-Buy Program?

Have you been a council tenant for the last five years, and would you like to purchase the home you have been living in? Then you may qualify for the right-to-buy programme. As a mortgage expert would tell you, the right-to-buy programme is a housing scheme offered by the UK government where people who have been tenants in properties managed by housing associations and city councils can buy their accommodation at a significant discount. The maximum amount you can deduct from the market value of your home will depend on the number of years you have lived in it and the property type.

For houses, you’ll be eligible for a 35% discount after a minimum of five years of tenancy, and the amount will increase by 1% for each additional year, with the maximum discount capped at 70%. For flats, the discount you will receive after five years will be 50%, and after that, you will receive an extra 2% per year up to a maximum of 70%. A mortgage expert could work with you to find out if you are eligible for the right-to-buy scheme, deal with the paperwork necessary for the application, and negotiate on your behalf the terms of the mortgage you will need to take out to afford the discounted property.

It’s the Best Choice for Your Family

Using the professional services of a mortgage expert could be one of the most inspiring financial decisions you can make. A mortgage advisor will have access to the databases of the major lenders in the UK, will be able to negotiate better mortgage rates on your behalf, will be able to offer you financial advice, and will find out if you qualify for financial aid schemes offered by the UK government. But more than that, calling a mortgage expert can be synonymous with peace of mind and financial security.

You are busy, so you are probably not up to date with the latest UK finance schemes or know all the types of mortgages you can apply for. An expert could find out what conditions you need to meet to qualify for a particular home loan, negotiate a lower initial deposit for your mortgage, or help you with remortgage transactions or equity release loans. Calling in mortgage specialists could be crucial to maintaining your family’s well-being, and their expertise could be a tool you can use to your advantage.

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