Homeowners not “shopping around” when it comes to mortgages…

Wednesday, August 29th, 2018

A recent report by Noddle (the credit report service offered by the British arm of the global company TransUnion) suggests that around a quarter of homeowners don’t shop around when it comes to finding a mortgage; they simply select the first one they are accepted for. *

It pays to do your research!

Jacqueline Dewey, managing director at Noddle, said: “The excitement of finding a house you’ve fallen in love with, combined with worries about being accepted for a mortgage, means it can be easy to rush a decision about a mortgage. But when we’re talking about thousands of pounds on the line it really does pay to do your research”. 

Mortgage brokers, value added service providers.

Many borrowers and first-time buyers that have never used a mortgage broker do not realise that a broker will not only search for the most suitable mortgage and then provide mortgage advice, they will also provide help and assistance throughout the whole mortgage process.

Credit rating concerns impact decision making.

Interestingly, a quarter of those UK homeowners polled said they took the first mortgage they were accepted for because they were worried that applying for other mortgages might damage their credit score and jeopardise getting one altogether. 

A professional mortgage broker can undertake all the research before any application is made, thus making sure that they are only ever submitted to those lenders they believe will accept their application minimising any likely credit rating impact.

Furthermore, despite house purchases (and of course remortgages) being amongst the largest commitments most people will ever take on, the poll suggested that even though over a third of homeowners said they have very little knowledge of how mortgages work, many spent less time searching for a mortgage than they do for an annual holiday. 

One in five unhappy with their mortgage choice.

Perhaps, then, it’s no surprise that 17% of those polled then went on to state that since taking out their mortgage, they are no longer happy with the one they selected.

So, is there a solution?

Well, we believe that there is! By using the services of a professional fee-based broker to access the best and most appropriate deal available in all the circumstances, an applicant could not only improve their overall cash flow but potentially improve their peace of mind too!

If you would like to know more about how we can help, call Caboodle Finance of Sutton Coldfield, Birmingham today on 0121 308 9114 to speak to one of our mortgage broking experts today or just click HERE to contact us by email and one of our team we will get back to you.

* Source – Noddle Brits spend more time looking for a holiday than a mortgage July 2018

Financial Reporter A quarter of homeowners select first available mortgage July 18