Wednesday, September 10th, 2014
While mortgage brokers such as Caboodle Finance in Sutton Coldfield, Birmingham are unaffected, the implementation of the Mortgage Market Review (MMR) and the changes and modifications to mortgage regulations contained within it have caused extensive problems for many high street mortgage lenders.
These regulatory changes impact on the mortgage advice that high street lenders are now required to provide to customers, something that they weren’t previously required to do. Unlike a mortgage broker, many of Sutton Coldfield’s high street lenders previously only offered clients options from within their own product range so that consumers either had to choose from that limited pool of mortgage products or decide to begin the process all over again with another lender.
Mortgage advisers at banks and building societies in Birmingham must now undertake a full ‘fact find’ with all prospective clients in order to be able to recommend a suitable mortgage option. This additional requirement has served to slow the whole process considerably, with customers experiencing lengthy delays to the extent that scheduling an in-office appointment with some mortgage lenders can mean a further delay of up to six weeks, with telephone interviews (when offered) taking up to three hours to complete.
For most people, especially those looking to purchase a property, these delays are unacceptable, so what is the alternative? The answer may be to use a professional mortgage broker like Sutton Coldfield’s own Caboodle Finance who will not only provide the advice, recommendations and guidance that their clients expect, but also one that has access to a much more extensive panel of mortgage lenders. This type of mortgage broker is not limited to a specific range of products offered by a single lender, so that a client will generally obtain a more competitive deal and also locate a mortgage that will better fit their needs and requirements.
The backlog and prolonged wait times associated with high street mortgage lenders are likely to continue for some time as they adjust to the new regulatory requirements. Even after they become adept at administering the new requirements, the fact remains that their mortgage advisors will only ever be able to provide tied products from that lending institution and deny prospective clients access to the full range of lending opportunities available elsewhere.
Caboodle Financial Services Limited (“Caboodle Finance”) aim to offer prospective clients an in-person or over the phone appointment within a few days of first contact. In addition, they have access to a very comprehensive range of mortgage lenders and offer a more personalised mortgage service, they oversee the mortgage application from start to finish, liaising with all the third parties involved to ensure, wherever possible, the best possible outcome.
Mortgage brokers, Caboodle Finance, based in the Birmingham town of Sutton Coldfield, can be contacted on 0121 308 9114
Caboodle Financial Services Ltd
240B Lichfield Road
Sutton Coldfield B74 2UD
Telephone: 0121 308 9114