Wednesday, March 23rd, 2016
Recent reports seem to indicate that, following significant changes instigated by the industry regulator, many more consumers are taking mortgage advice from a professional broker.
In fact, reports suggest that mortgage brokers ended 2015 with approximately 70 percent of the overall market share, which represents an increase of over 5 percent over the prior year and of over 20 percent since the onset of the so called “credit crunch”.
Should this continue throughout 2016 (as many are predicting) then this could mean that the majority of those seeking mortgage advice will then decide to deal exclusively through a specialist broker. Whilst these increases cannot continue indefinitely, there is significant confidence that mortgage brokers are likely to have as much as 80 percent share of the available market by 2020.
This trend has not gone unnoticed by those lenders who previously did not make many of their mortgages available to brokers. Consequently, with many lenders now investing as much time and money in their mortgage broker channels as they are in their “direct to consumer” channels, it is highly likely that those lenders will open up many more of these products to mortgage broker channels in the near future,.
There are likely to be a variety of reasons for more and more people choosing to take mortgage advice from a broker rather than go direct to their bank or a mortgage lender, so what are they?
Firstly, when providing advice on which mortgage is the most suitable to meet the needs and requirements of the individual customer, many mortgage brokers (such as Caboodle Finance of Sutton Coldfield, Birmingham) will have access to around 40-50 lenders across the market.
Secondly, given the breadth of lenders they have access to, many more of the best mortgage deals will only be available to these specialist brokers.
Finally, the very best brokers will not only provide great mortgage advice but will also be very happy to liaise on behalf of their customer with any of the other parties (e.g. solicitors, estate agents and property surveyors) that may be involved in a transaction.
So, if you are in need of great mortgage advice, call Birmingham’s Caboodle Finance today on 0121 308 9114 or click HERE to contact us by email and we will be delighted to help.
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114