Mortgage Advice is NOT a ‘Dark Art’!

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.

Don’t be limited to just one mortgage provider’s products

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.

Get more independent mortgage advice

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.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. CONSOLIDATING DEBTS MAY INCREASE THE TERM AND TOTAL AMOUNT PAYABLE.

Your initial consultation is free and you are under no obligation to proceed with a mortgage we recommend. There will be a fee for mortgage advice. The exact fee will depend on your circumstances and may be reduced depending on the loan amount and any commission we receive from the lender. It is estimated that the fee will be £595, but it may range from £495 to 1% of the amount you borrow. The fee is only payable on completion and can normally be added to the mortgage. This will be discussed and agreed with you before you make an application. Please ask for a personalised illustration.

Secured loan rates from 3.95% APRC, although we have plans available up to 29.9% APRC which allow us to assist customers with the most severe credit problems. The overall cost for comparison is 7.65% APRC. For secured loans a broker fee up to 10% of the loan amount borrowed may be payable on successful completion. A lender fee may also apply. The actual APRC available will depend on your circumstances. All loans are subject to status. Please ask for a personalised illustration.

The guidance and/or advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK.

Caboodle Financial Services Ltd, registered in England at SQ2 House, 240b Lichfield Road, Four Oaks, Sutton Coldfield, West Midlands B74 2UD (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of Pink Home Loans, Pink Home loans is a trading style of Advance Mortgage Funding Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 305008) for mortgage and non-investment insurance advice.
The Financial Conduct Authority does not regulate some forms of Buy to Let.

© 2017 Caboodle Financial Services Ltd