Buying a property can be one of the biggest decisions you make
Bespoke Mortgage & Finance Centre are based in Peterborough and have a team of qualified advisers waiting to help you, get in touch today to see how we can help.
Welcome to Bespoke Mortgage & Finance Centre Ltd
Bespoke Mortgage & Finance Centre (BMFC) Ltd is a mortgage broker and financial advisers located in Peterborough, Cambridgeshire that helps clients across the UK. We provide high quality financial advice for mortgages including purchasing a home, first time buyer mortgages, remortgages and buy to let mortgages. We also provide financial advice for protection including life insurance, critical illness cover, income protection and family income benefit and financial advice for home insurance covering buildings insurance and content insurance.
If you’re looking for mortgage advice and financial advice in Peterborough, Cambridgeshire, get in touch with our team of qualified advisers.
Learn More About What We Do
Can you explain what a Mortgage Broker does?
My role is to help you to purchase your property, to walk you through the process of tailoring the mortgage, right the way through the process. From fact-finding, where we gather your personal and financial details, looking at the property, is there anything unique about the property which could affect which lenders we go to? And it’s really understanding you as a client where you are, and what your goals are in regards to the mortgage, be it a first time buyer or an investor.
Why is it a good idea to use a Mortgage Broker?
The main reason to use a broker is because they have a good understanding of the market, what lenders’ requirements are. By going directly to your bank for a mortgage, they may not understand you as a client properly and they will have a more limited number of products they can offer you.
If you’re self-employed, you may not understand the full benefits of dividends, why you take them. There could be retained profits in the business that can be used to enhance how much you can borrow.
So it’s really, the broker will dig into your income to understand where you are, what can be used, if you’re a contractor, if you’re a CIS worker, or if you’re a self-employed director. So he’s looking at you looking at your income as a whole entity.
Whereas, the lender may only take your salary into account, not taking full understanding of the retained profits and why you don’t take them, but he has an income that you can take.
How do lenders view your credit history?
Lenders will look at the available credits on your credit file, how much of that credit you’re using, and then look at your debt to income ratio, which can affect their lender offering.
Now some lenders do credit scoring, some lenders do credit searching, and that varies per lender. A mortgage broker will talk you through your credit file, if it needs tidying up and cleaning up to get you to where you need to be. The mortgage broker will work with you to get you to the goal of obtaining that property. This could be through advice on how payday loans and CCJs affect your credit score and how long you have to wait so they no longer have a negative impact.
When should I see a mortgage broker?
I would recommend you speak with a Broker very early on in the process. If you’re starting to look at properties, your first point of call should be to speak to a broker, have an initial discussion with them, explain to them where you are, what it is you’re looking to do. Most brokers will not charge a fee for an initial consultation, but it’ll get an understanding of where you are, and what support you need, going forward, and what you may have to do to enhance and improve your ability to get that mortgage.
We have clients whose circumstances are different. One of our clients, we worked with them for 18 months, helping them clean up their credit file. We did this through removing the use of payday loans and applying to have the CCJ removed from the public register/ credit file. We did this through a ‘certificate of cancellation’ from the County Court, providing them with proof of payment, so our client was ready to buy a property.
Most people come, I would say, two to three months before they’re looking to buy a property, to get an understanding of what the market is, what their requirements are, and also where they are income-wise.
It’s frustrating for customers, if they have found a property, fallen in love with it and then find they cannot actually afford it.
It could be, they’ve had a change in circumstances, in which we need to understand what impact that would have on them with paying the mortgage. Some lenders may require three months’ pay slips, or three months employment within that company.
Some lenders are happy to work on a signed contract of employment due to start within the next month. So it does vary per lender as to what they will and won’t accept.
What other services does a mortgage broker offer?
We help people find solicitors. So we have a panel of solicitors that we have access to, where we can get prices in. That generally comes in cheaper than estate agents.
We look at protection, to protect the mortgage against death, illness and loss of income, through to accidents and illness. We also look at buildings insurance.
So we look at offering customers a whole range of protection, with regards to that property, and also ensuring that whatever happens to them, through loss of income, through to illness, that the property is still protected. So it doesn’t affect the family life, so they can still stay where they are.
How long have you been in the industry?
I originally joined the financial services sector back in August 1988. I joined Barclays, and I spent a good 22 years at Barclays working on the international side, the premiere side, helping individuals regarding mortgages.
I set up my own company at the start of the credit crunch, which was a good time to set up, because lenders, while they were closing doors, customers were finding it hard to obtain finance. So they came to brokers. We were able to help them, because we understood the market, what lenders were offering, and where they could go for support.
So I have a good knowledge of underwriting, complex cases and complex property structures. So we work with a lot of customers, looking at their income, and looking at the right way to approach lenders to get the finances agreed on their properties.
Why is Peterborough such a popular place for people to invest in, buy property and live?
Peterborough is having a lot of money spent on infrastructure. Plans for a new university, have been approved. There’s lots of development in and around Peterborough, new builders.
There’s good shared ownership schemes for customers. But also, Peterborough is one of the few places in England where it still works to BTL. The property prices are slightly lower, which means that the rentals still work when lenders look at the affordability side, to lend to investors, even HMOs.
So Peterborough’s very much an up and coming. It’s a city, which has got a lot of investment, as a result there’s more people moving to Peterborough from St Neots and London. It has good train links to Cambridge and London, which makes it appealing. And as a result, we are seeing good growth in property values.
I know a lot of people that commute down to London from Peterborough, because it’s 40/50 minutes on the train, direct, one stop. It has really, really good access.
Any other advice if someone is looking to move, remortgage or buy a property?
Give your broker a call, speak to them, find out how they work. We offer a one-to-one service, so when we submit the application, we will look after you right the way through to completion.
We give you an update every week, with regards to what’s going on, we’ll speak to the solicitors. Any forms you have that you are not sure of, give us a call. Don’t be afraid to ask any questions, because it’s all about supporting you through the process.
We do applications every day. You purchase a property every now and then. So don’t be afraid to ask your broker any questions, regarding support or guidance. We are really there to help you.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
THE FCA DOES NOT REGULATE SOLICITORS