UK homeowners missing out on great mortgage advice

Sunday, June 30th, 2019

A recent survey conducted by Legal & General (“L&G”) has revealed that around 30% of borrowers who went direct to a lender for their mortgage didn’t know or perhaps did not fully understand how a professional mortgage adviser could help them with their search for a mortgage.

Don’t Miss Out on a Better Deal

In our view here at Caboodle Finance, by restricting their search to just a few lenders, thousands of borrowers will have potentially missed out on getting a better mortgage deal.

When asked why they did not use a mortgage broker, it seems that many respondents were under the impression that the role of a broker was simply to support the lender and were not aware that by using one would have had given them access to a much wider range of lenders and their offerings.

Many of the borrowers who participated in the survey also commented that they went direct to a lender because they believed it would be easier or alternatively, they were under the impressions that lenders would automatically give them their best deal anyway. 

Know the Value of Great Mortgage Advice

All of this seems to suggest that the mortgage industry needs to better explain the inherent value that great mortgage advice can provide to prospective borrowers.

The L&G survey also went on to say that over ninety-eight percent of borrowers who used a mortgage adviser commented that the support and professional advice they had received was ‘valuable’ and certainly worth any fee they had to pay. Furthermore, ninety-five percent would happily recommend using a mortgage adviser to their family and friends.

Mortgage Advice from Caboodle Finance

The team here at Caboodle Finance always do their utmost to ensure that our clients always receive the very best mortgage advice and consequently get access to the products that match their circumstances. 

To understand more about how our friendly approach could help you, please call Caboodle Finance of Sutton Coldfield, Birmingham on 0121 308 9114 for a no obligation confidential discussion with one of our specialist mortgage advisers or, alternatively, just click HERE to contact us online via our website and one of our experts will be in touch.

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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.

© 2017 Caboodle Financial Services Ltd