The Mortgage Store Chorley

A lot more than you might think! The very first thing I do is arrange an appointment with you. That’s either in person or via a video call, to get to know you better and get a full understanding of your circumstances.

We look at financial, medical and other details to provide advice and recommendations. That usually takes about an hour and you can ask as many questions as you want. It’s completely free.

Then I go away with all that information and do my initial research. Using my industry knowledge and the tools I have available I pair you up with a lender that’s likely to accept you. I match your circumstances with what they’re looking for – your credit history, how long you’ve been in your job, and where your income and expenditure figures suggest they’d be prepared to lend you the amount you want.

Every lender’s got their own unique set of criteria and affordability calculations. So if you’ve tried to get a mortgage before and were rejected, it doesn’t necessarily mean another lender can’t consider you. Once I’ve found the most suitable mortgage for you I’ll go through a personalised illustration with you to make sure you understand it and you’re happy with it.

I then submit the mortgage application and liaise with the lender to hopefully get you a mortgage offer. It doesn’t end there – I now need to arrange the relevant insurances for you as well. Insurance is a very personal thing. There’s no one size fits all approach, but having arranged a significant debt for you we absolutely have to look at protecting you, your home and lifestyle.

For example, how would you cope if you couldn’t work for a year due to illness or injury, if one of your children became sick, or if your partner passed away? They aren’t questions we like to think about. But it is fundamental to have that conversation and put a plan in place to protect you should horrible things like that happen.

I also work with all the other people involved, such as your estate agent, your solicitor, to make it as quick and as smooth a process as possible. I’m only satisfied when you get your keys, or your remortgage is complete, all your insurances are set up and you’re covered.

I do understand why people go to their bank. There’s still quite a bit of loyalty when it comes to mortgages – more so than with car insurance or utilities providers. Banks traditionally are seen as safe and secure.

But that said, they are very restrictive, in that they can only offer you their own products. If you don’t fit their lending guidelines or pass their affordability assessment, it makes no difference whether you bank with them or not – they can’t help you. And they can’t signpost you to someone else who can.

A mortgage broker like myself isn’t tied to a specific bank or building society. In fact, I’ve got access to dozens of lenders from high street banks to more specialist providers who only deal with brokers. I work on your behalf, I don’t work for them.

Each one has different rules for lending; a different set of boxes they need to tick in order to say yes. It’s my job to know and research that criteria so I can hopefully find a home for you with one of them.

At the very least, using a broker gives you peace of mind. I have to present you with the best possible deal for you and your circumstances, so you know you’ve got the best option available to you. I’m also available outside of normal bank working hours. I’m not committed to Monday to Friday 9 to 5 – I can arrange to meet with you at a time that suits you, including evenings and weekends.

I think mortgage brokers are teachers and counsellors as well as advisors. It’s my job to make sure you’re making an informed decision – and to do that I have to explain the world of mortgages and insurance in as simple terms as possible.

I know a lot of people think it’s boring. But it is actually quite complex and it’s likely to be the biggest step you’ll ever make. So it’s really important that you understand it.

At our initial appointment we’ll discuss what you want to do and I’ll talk you through the various steps involved. Whether you’re buying or remortgaging, whether it’s residential or Buy to Let, we start with getting a Decision in Principle. It’s also known as an Agreement in Principle or a Mortgage in Principle – they are all one and the same thing.

The Decision in Principle is an initial check done with a lender to see if they’d consider a full application from you. It typically involves a credit check with firms like Equifax or Experian, a check against that bank’s lending guidelines and an affordability check. If you pass – and hopefully you will – you’ll get written confirmation.

If you’re buying, it shows that you’re really serious. Some estate agents won’t let you book a viewing, never mind put an offer in, without having a Decision in Principle first.

Nothing is guaranteed – the bank still has to do further assessments before deciding whether or not they’ll lend you the money. But it’s a really good first hurdle to be over. Once you’ve had an offer accepted or you’re ready to proceed with your remortgage, I review the market again to get the right deal for you. We have a discussion about my recommendation and once you’re satisfied I submit the application on your behalf.

I also deal with third parties like estate agents and solicitors, Once the mortgage has been confirmed I look to arrange the relevant insurances for you. Some people think it’s an afterthought and that brokers are just trying to sell them something – but that’s not the case at all.

There has to be a genuine need for it. In the vast majority of cases that need will be there. In the current climate, not many couples are fortunate enough to be able to live off one salary – if one of those incomes stopped, what impact would that have on your family? Could you pay bills and ultimately stay in your home?

Despite what you might think, company sick pay doesn’t last forever and statutory sick pay from the government is nowhere near enough to live off, especially if you’re going to be off work for months or even years. As brokers, it’s possibly the most important part of our job to make sure you’re properly protected.

As soon as possible. If you’re buying, definitely before you start looking at properties. I’ll discuss your circumstances with you in depth – it could be that something you weren’t even aware of is preventing you from being able to get a mortgage.

Adverse credit history, for example, or being newly self-employed could make it a challenge. I’ll talk you through what can be done and how long it might take before you can apply with a reasonable chance of success.

It’s always best to know what your borrowing capacity is and how much the payments are likely to be – before you fall in love with a house you can’t afford.

I go through a full budget planner with you. We don’t just look at the mortgage and insurance costs. We look at likely costs for things like council tax, utilities, food, transport, childcare and so on – to build a complete picture of what living in that property will look like financially.

We check whether it’s going to be stretching things too far – because working just to pay your bills isn’t fun for anybody. I want you to be able to live and enjoy yourself as well.

If you already have a mortgage but you’re considering changing it, perhaps to borrow more for home improvements, for example, or simply if your existing deal is coming to an end, see me before you commit to anything. Please don’t have the builders knocking walls down already, let’s review the situation first.

If there are issues, we can work together to fix them and still have time to arrange a new product before your current one expires. Being on the lender’s standard variable rate is usually quite high in comparison to their other rates. Even if it’s just for a month or two it isn’t nice.

Rates may well have increased since you took out your last mortgage. You might need time to prepare for a higher monthly cost, so getting in there early, especially at the moment, is a huge benefit.

The Mortgage Store itself has years of experience and thousands of five star reviews from verified clients. It made it an easy decision for me to team up with them, which was in June 2023.

I previously worked for a small brokerage in nearby Adlington for just under five years. In that time I managed all kinds of cases, from First Time Buyers up to experienced portfolio landlords, so I like to think I’ve seen it all. But no doubt someone out there will surprise me!

I’ve lived in Chorley my entire life, so it’s safe to say I know the area really well. But, that said, I help people all over the country. Most of my business comes from happy clients referring me to friends and family who can be anywhere in the UK. If it’s too far to meet face to face I can do a video appointment instead.

I previously worked in retail, in customer-facing roles. So I recognise the importance of putting you as a client first. I like to build a relationship with you – it isn’t a one-off transaction, rather it’s an ongoing service where we can offer free annual reviews to update your records and make sure the products you have are still suitable for you.

You might say nothing’s changed, and you’re happy with everything which is absolutely fine. But keeping in touch is really important, especially when the economy’s in turmoil and mortgages are all over the news. I can hopefully provide a bit of reassurance.

There’s no one size fits all approach. No one’s got the exact same family, the same debts, and that’s where a broker can be really useful.

No, the initial consultation is absolutely free, and it’s invaluable. I don’t think it’s fair to charge anything when I haven’t even met you yet. I don’t know if I can help you or not.

I remember working with clients a couple of years ago who first saw me because they were looking at moving house in the not too distant future. But they didn’t really understand their credit reports or what they needed to do to get in the best possible position.

I must have seen them two or three times over the course of 12 months before I did any work that I charged for. Even then it was just a standard fee for arranging a new mortgage. So the year of advice that they received beforehand was completely free. But without that initial guidance and those free consultations they wouldn’t have been likely to proceed.

It’s more important to build a relationship of trust than to be charging by the hour. I know some people baulk at paying a mortgage advisor – there’s perhaps a perception that the mortgage is the one key part of the property buying process that you can sort yourself and save a few pennies.

But it can be incredibly time consuming and stressful, especially in the current market when rates are being pulled and changed every day. A mortgage advisor like myself provides a professional service, ensuring you’re getting the right deal for your circumstances at the time, making sure you, your family, your income and your home are all properly protected.

Plus I liaise with third parties and effectively shepherd things through to completion. You get my expertise at very little cost in comparison to other professional services – especially when I’m with you throughout the entire journey.

One final thing is that there’s no such thing as a stupid question. I’ve seen people who’ve been almost embarrassed at having a mortgage but not understanding it – or they’ve forgotten how the process works.

Most people deal with their mortgage maybe every two or every five years. I do it every day – so as long as you’re happy to engage with it, be honest and upfront with me, I’m more than happy to help you.

Now, more than ever, it’s really important to get to grips with your finances and I’m here to help you do that. There’s no judgement. Everything’s strictly confidential. And hopefully you’ll feel more confident afterwards.

Think carefully before securing other debts against your home.

You may have to pay an early repayment charge to your existing lender if you remortgage.

Your home may be repossessed if you do not keep up with your mortgage repayments.

The Financial Conduct Authority does not regulate most Buy to Let Mortgages.