Professional Mortgage Brokers can access a more comprehensive mortgage market

Friday, April 22nd, 2016

Many observers would agree that in recent years the role played by mortgage brokers has helped shape the mortgage marketplace that we see today.

This, together with the fact that many more people who are searching for a mortgage are more likely to use a mortgage broker, has “encouraged” lenders such as HSBC and Tesco who were previously only “direct to consumer only” to offer their mortgage products through intermediary companies.

Finding the Most Appropriate Product with a Mortgage Broker

Of course, not all mortgage brokers (or intermediaries) will have access to the whole mortgage marketplace but a professional broker will have access to a comprehensive panel of somewhere in the region of 40-50 different lenders, banks and building societies. This breadth of choice means that these mortgage brokers are then able to provide advice on what is likely to be the most appropriate product on a client by client basis.

Unfortunately, many people searching for a mortgage have discovered that some of the advertised “headline grabbing interest rates” are unavailable when on closer inspection, the applicable lending criteria rule the majority out.

Alternatively, a professional mortgage broker such as Birmingham’s Caboodle Finance will focus their attention only on those mortgage lenders who will consider an application based on the key parameters supplied by any prospective client. These currently must encompass:

Affordability
Credit History
Employment Status and
Loan to Value (mortgage amount vs property value).

Mortgage Brokers do the hard work so you don’t have to

Once further filtering has been applied, a professional mortgage broker will then be in a position to recommend the best and/or the most suitable product from the then available lenders. Using a broker also limits the number of ‘credit searches’ undertaken, given that multiple applications by individuals directly to lenders result in a greater number being recorded, something which can be detrimental.

Although many brokers may charge a fee for their services, the value of that fee can be saved many times over and of course the mortgage broker also serves as a point of liaison for the lender, estate agents, solicitors and any other third parties involved in the process.

So, if you would like some help finding the right mortgage, or would just like to know more, call Caboodle Finance of Sutton Coldfield, Birmingham today on 0121 308 9114 or alternatively just click HERE to email us directly via our website

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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 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.

© 2019 Caboodle Financial Services Ltd