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Open Financial Advice
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What Does A Mortgage Broker Do?
Our role is ensuring that any lending is obtained at the best possible rate for a client’s specific financial position. We do that through a deep understanding of what all lenders will do from across the mortgage market.
All banks and building societies operate completely differently. Each is more or less accepting of certain types of incomes, employment types and financial circumstances – with criteria that really does come down to the minutia.
Open Pricing
We believe in offering a low cost, exceptional service with a fully transparent pricing structure. You won’t find any hidden fees with Open Financial Advice, and we’re prepared to beat any fee quotation from another firm to win your business.
Open when you need us
Until 9pm Monday to Thursday
Until 5pm on Friday
It’s not always easy to talk about sensitive financial matters during office hours. We cater to this specifically by being open later in the evening than other advice firms.
Open Advice
We offer a fully comprehensive range of services. We’re here to advise you in a holistic way to help you meet your goals now and in the future. We’ll build a strategy to reach your best possible financial position. That is our commitment to you.
Whole Of Market Advice
Our advisers have access to the whole of the market for Mortgages and a large market share of providers for Financial Security. This, together with their experience and knowledge of the market, allows us to tailor and recommend the best suited financial option for you and your specific requirements.
Personal Financial Advisor in Canary Wharf
Frequently Asked Questions
Questions about our Products and Services? Well, we’ve got answers.
Feel free to review our Fees & Payments page. We do charge direct fees, but only if providing a single advice process on it’s own. If we are completing at least two advice processes at the same time then we’re prepared to waive our fee for you to offer best possible value to our clients. Please note that Investments and Pensions are advised upon slightly differently, and we are renumerated in management of funds by the fund itself rather than by financial security provider or mortgage lender on your behalf. Feel free to call us on your enquiry today!
We aim to be as amenable to our clients and their schedules as we can. Officially we are closed during the weekend but if there is no other possible time for us to be able to discuss your case and enquiry then we may be able to make an exception on a case-by-case basis.
Feel free to call us on your enquiry today!
If there is no plan in place and no new product to pick up from the expiry date of your current interest rate, the mortgage moves over to the lender’s Standard Variable Rate (SVR). This is typically a much higher rate of interest than any alternative available product that can be selected and there’s usually not a reason to be on the variable for any meaningful period of time.
Ensuring your finances and mortgage are well managed is precisely what we are here to do for you. In using Open Financial Advice for your mortgage, we’ll contact you naturally as your mortgage rate is heading into the remortgage and product transfer window. This is in order to ensure that you’re fully protected against the upcoming variable in obtaining the lowest interest rate possible, and for this to go into effect at the right time, immediately following the end of your current rate.
There are two main parts of a property purchase that work together:
Mortgage Process:
– Initial advice and providing of a free Mortgage/Agreement in Principle.
– Your property search, your offering on a property and an offer being accepted.
– Submission of your mortgage application following further advice based on the specific property and agreed offer in place.
– Mortgage Lender assessment of your application including reviewing documentation and conducting a valuation.
– Mortgage Offer granted.
Legal (Conveyancing) Process – This can commence before or after mortgage offer:
– Memorandum of sale is provided to both the property vendor’s and buyer’s solicitors to create contact between the two firms.
– Questionnaire pack is set to the buyer to complete on their position and requirements.
– Draft Contract pack is sent from the vendor’s solicitor to the buyer’s solicitor, this details the main legal positioning of the property that is pertinent to the buyer and the future of the ownership of the property.
– Searches (local authority, water and drainage, environmental) and Enquiries (buyer’s solicitor queries for clarification, requests of missing documents, warranties or guarantees, lease and management company information) are raised.
– Buyer is reported to fully by their conveyancer upon their findings and legal position to purchase.
– Exchange of contracts can be completed and completion date can be set.
– Drawdown of mortgage funds, deposit transfer and completion.
Processes can differ based on the property, lender, or the legal findings and we’ll be able to advise you in navigating this together.
Your specific situation and needs will determine how we give our advice so speak to us today on any property purchase queries.
Buy to let works differently to residential mortgaging as this is generally based on the market rental that the property itself could achieve as confirmed by a surveyor, as opposed to earned income in the case of residential lending. Each buy to let lender has different rental calculations to enable differing levels of mortgage borrowing and set criteria around income, property type and location. Some buy to let lenders also offer limited company products which may be a boon for higher earners.
Buy to let is assessed on a case by case basis as it is property and client dependent. Here at Open Financial Advice we’re available to discuss any new or existing buy to let mortgage with you.
In almost all cases, yes, and we can discuss your specific position with you to show you what we can do for you. Advice through Open Financial Advice is focused entirely on what is best for our clients. We generate income solely in the event that we can make recommendations to you specifically for your financial benefit and gain – If we can make no improvement, we will relay this back to you directly.
In allowing us to assist you with your finances, you can avoid mistakes, have clarity in making your decisions, think ahead to the future, save interest, fees, or charges on full ranges of financial products. In general, using an adviser can pay for itself many times over1 in assisting you through the long term.
Absolutely – most of the time this is quite straight forward and reasons for switching may be due to seeking out lower costs, better service or a broader range of services in total. There may be funds or products that are best remaining in their existing situation and should this be the case we will inform you of this.
Feel free to call us on your enquiry today!
Risk is the agreement that your capital must be in a position of variability in order to aim for capital growth. Funds each have different risk statuses and deliver results in line with risk expectation. Our risk classifications are as follows from Lower Risk to Higher Risk:
– Conservative
– Balanced
– Moderate
– Dynamic
– Adventurous
Depending on your age, goals, investment term or other direct requirements, one of the above risk strategies will be best suited to you.
For long term investment goals, higher risk is the most likely to generate higher growth as this is diversely invested with a large percentage within equities (stocks/shares) as this asset has historically produced better returns than any other asset class. As a result, this route is best poised to deliver returns and gains for your capital. Longer term and higher risk will require an aptitude for loss potential as funds may need to weather turbulent years and negative economic events for periods of time within the long-term goal period.
For shorter term goals, for example reaching a shorter period of time remaining before your goal, or perhaps retirement, lower risk may be suggested as more suitable. By comparison to higher risk funds, there is a lower percentage within equities and a larger percentage invested within fixed income instruments which are offered to deliver a set return. Fixed income instruments are considerably less impacted by turbulent year volatility in comparison to shares. This means that preparing the funds for use in the near future, or in a short term investment window, these can have growth potential (though at a lower rate) and your capital is well protected against potential negative economic events.
Your specific situation and needs will determine how we give our advice so speak to us today on any Investment or Pension queries.
A remortgage is moving from one lender to another with the existing mortgage being replaced by a new mortgage and product, as opposed to a product transfer or rate switch which is moving a mortgage onto a new rate with the existing lender.
A remortgage does require documentation assessment for affordability and a survey to be carried out by the lender whereas a product transfer does not. There is also a short legal process in order to pay back the existing lender with the new remortgage funds provided by the new lender and to register this with land registry. A capital raising remortgage is where the remortgage borrowing is more than the existing borrowing, creating a surplus payable to you. Typically a remortgage product is able to include a free valuation and free conveyancing.
Your specific situation and needs will determine how we give our advice so speak to us today on any remortgage queries.
Financial security is the agreement to pay a premium for the deliverance of a financial contract to support your remaining family or you directly in the event of a death, critical illness, long term illness or short-term illness. This contract is rolling, so there is no issue with needing to change your plan at any time subject to being in good health at that time.
For a financial security plan to be recommended by us as advisers, it needs to meet certain benchmarks and requirements for your benefit. One of these is claims paid historically and each of our providers has paid out a minimum 98% of their life claims in each of the last five years. Here are some of the most common plans and how they work:
– Life Cover and Critical Illness plans pay out a lump sum in the event of the policy conditions, death or specific illness being met.
– Family Income Benefit pays out a set annual amount (payable monthly) in the event of a death or critical illness.
– Income Protection pays out a monthly amount in the event of being unable to work for any medical reason post your period of employee sick pay.
Speak to Open Financial Advice today on financial security queries – we may well also be able to find a cheaper plan than any existing plan.