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


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.

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Caboodle Financial Services Ltd, registered in England at Mere Green House, 46-48 Mere Green Road, Sutton Coldfield, West Midlands B75 5BT (number 08044670).
Caboodle Financial Services Ltd is an appointed representative of PRIMIS Mortgage Network (PRIMIS), a trading name of Advance Mortgage Funding Ltd which is authorised and regulated by the Financial Conduct Authority. PRIMIS is only responsible for the service and quality of advice provided to you in relation to mortgages, protection insurance and general insurance products. Any other product or service offered by Caboodle Financial Services Ltd may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some forms of Buy to Let.

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