Mortgage Broker Malmesbury

I wanted to create this page to introduce myself as your local Malmesbury mortgage broker. Hopefully you’ve found this page by searching on google? And if you have then I’ve done one thing right so far.

Please feel free to take a look around this page and find out a bit more about me. Hopefully there will be enough within this website to give you the confidence to pick up the phone and talk through your options. 

Russell Maggs - Mortgages for Doctors

Russell Maggs
Mortgage & Protection Adviser

Why trust Maggs Financial Services as your Malmesbury Mortgage Broker?

“I started as a mortgage broker in Bath in 2013 with one of the largest brokers in the country. I grew up in the nearby village of Hullavington & spent both Secondary School & Sixth form within Malmesbury and take great pride in helping local clients with their mortgage and protection portfolio.

“Starting my own firm has allowed me to focus a lot more time on my clients. And being able to market myself independently has allowed my personality to shine through alongside the quality of my work.

“Whether you’re buying your first home, forever home or simply need to re-mortgage; I hope you can find enough useful information within this website to allow you to make the next steps and get in touch.” 

Should I use a mortgage broker in Malmesbury?

There are several mortgage brokers based in and around Malmesbury. But due to the nature of the estate agents in town, most of these aren’t tied to the big banks and building societies. And there aren’t really any “large” firms.  

Most mortgage brokers in Malmesbury are like me. Self-employed and generating an income to support their families. 

So in my opinion, of course you should! 

Why don't I just get a mortgage from my bank?

Since HSBC & Barclays closed their branches in Malmesbury, you’ll have to travel if you want to see someone at your bank about a mortgage. 

Since the financial crash in 2008 there has been so much regulation introduced. Your local branch manager isn’t the one determining whether or not you’re good for the loan anymore. You will still need to fit the lending criteria today regardless of how long you’ve banked with them or how much is in your account.

Add into this the ever changing deals, criteria & borrowing capacity. There could be a lot of trial and error jumping from one bank to the next. In my first job advisers were given two years to become signed off as competent. This shows there is a lot more to getting the right mortgage deal than just numbers on a spreadsheet.

How much deposit do I need to buy a home in Malmesbury?

It is possible to buy a property in Malmesbury with as little as a 5% deposit. 

At the time of writing, the average price of a three bed house in Malmesbury on Rightmove is £337,000. Meaning you would need almost £17,000 in savings plus an extra lump sum to cover the stamp duty payable and your solicitors fees.

There are other schemes available to people with smaller deposit if there are close family members that are able to help with additional funds or providing their homes as additional security.

And how much do I need to earn?

It’s really not quite as simple as this anymore. Mortgage lenders have stopped using basic income multipliers in favour of a more detailed affordability assessment. There are plenty of factors that may affect the amount you can borrow  so it is always best to speak to a professional rather than rely on online calculators..

What if I already own my home in Malmesbury?

If you’re a home owner in Malmesbury you probably still need a mortgage broker. Mortgage brokers will help you find new deals when your “promo” rate ends. They can help you borrow more money for the home renovations you’ve been planning and can even help you transfer your current mortgage to a new property with the majority of mortgage lenders.