Wednesday, July 26th, 2017
It is often said that many people do not fully understand what being given “mortgage advice” really means.
This confusion has partly created by some high street banks whose version of “mortgage advice” has been to simply present their customers with nothing more than a menu of in-house mortgage products; hardly an independent or broadly impartial approach. In short, just because a ‘mortgage adviser’ at a bank tells somebody that this or that product is the best deal for them, it does not mean to say that there is nothing else on the market that may be better suited to their needs.
In fact, it is clear from some industry surveys that despite relatively recent regulatory changes, many are still perhaps unaware that they were offered the best or most suitable product from just one mortgage provider, as opposed to the alternative option of being guided by professional mortgage broker to view the potentially more suitable products from within a much more comprehensive panel of lenders that are available to that broker.
In addition to this, other respondents indicated that in the event they were offered a mortgage by the first lender they approached, they felt they did not want to repeat the process again. Others suggested that even though they had shopped around before approaching a lender directly, their search had not included many of the mortgage lenders on the market and, they had not received perhaps more independent mortgage advice regarding the suitability of that one lender above any other.
That said, mortgage brokers are still responsible for over 80% of all the mortgages completed in the UK, which means that even if they were not aware of the pitfalls of doing otherwise, those applicants have thankfully benefited from qualified mortgage advice.
Indeed, as more mortgage lenders enter the market and the products on offer and lending criteria applied in each case becomes ever more expansive, it is likely that an increasing number of people will feel they need to seek mortgage advice from a professional broker to ensure they get the best and of course most suitable mortgage available in all the circumstances.
If you want to see what our clients think of us and the first-class service they say we provide, please check out our many testimonials by clicking the link HERE. Then, if you too would like to experience our personalised approach to mortgage advice, please call one of the team here at Caboodle Finance of Sutton Coldfield, Birmingham today on 0121 308 9114 and we will be delighted to do our very best to help.
Caboodle Financial Services Ltd
240B Lichfield Road
Sutton Coldfield B74 2UD
Telephone: 0121 308 9114