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.
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:
Employment Status and
Loan to Value (mortgage amount vs property value).
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
Caboodle Financial Services Ltd
Mere Green House
46-48 Mere Green Road
West Midlands B75 5BT
Telephone: 0121 308 9114