Mortgage Brokers and the Impact of Brexit Uncertainty

Thursday, August 22nd, 2019

According to a recent survey undertaken by Legal Marketing Services Ltd (“LMS”; a principal provider of conveyancing services to the housing industry), the current uncertainty surrounding Brexit and the prevailing UK economic climate is one of the main reasons why mortgage brokers have recorded a significant increase in the number of borrowers seeking professional advice (particularly when remortgaging) as to which mortgage product best suits their needs.

More People Seeking Mortgage Advice

Figures from LMS suggest that in less than twelve months those given mortgage advice from a broker when remortgaging their property have risen from thirty-nine to almost sixty-seven percent. Furthermore, the figures from LMS suggest that for those surveyed, five-year (followed by two-year) fixed rates were the most popular recommended products.

Getting the Best Mortgage Deal in Uncertain Times

Given that economic uncertainty will continue to be at the forefront of many peoples’ thinking when it comes to major financial decisions, it is highly likely that this trend will continue for those looking to get the very best mortgage deal available based on their specific needs and requirements.

Explore Every Avenue

In the experience of the mortgage advisers at Caboodle Finance, most customers looking to remortgage their property want to make sure they have explored every avenue when looking to secure the best mortgage deal, hence the reason why utilising the services of a professional broker that can access a comprehensive panel of mortgage providers works really well.

Reviewing Your Mortgage Arrangements

Whilst many mortgage customers request that we review their mortgage arrangements every two or three years to make sure their deals remain competitive, more recently and as reported by LMS, we have noted a trend towards fixed rate products that are seen to offer more financial certainty in the short to medium term. That said, fixed rates may not be appropriate for everybody. 

A Client Centred Approach

We believe in taking a client centred, holistic approach in order to help determine which product or products may be most suitable in all the circumstances. Independent professional advice is a crucial component in any property investment scenario and that is where we believe we can add the greatest value. 

To make a confidential, no-obligation enquiry, please call one of our mortgage broking experts here at Caboodle Finance of Sutton Coldfield, Birmingham on 0121 308 9114 today or alternatively, just click HERE to contact us via the website.

We very much look forward to hearing from you.