As rates continue to reduce, competition has moved at a pace on the high street. Most of these lenders can offer attractive low rates with free valuations and free legal costs on remortgages. This is great if you fit the lender’s mould and meet their requirements. However, if you don’t meet their requirements or if you fail the lenders credit score, where do you go next?
The easy response is a mortgage broker who not only has access to the high street lenders but the whole of the mortgage market.
According to recent reports in the mortgage media, circa 72% of all mortgages are now arranged through a mortgage intermediary. A good mortgage broker will not only have access to and understand the high street offerings, they will also have access to smaller building societies and other lending institutions who can think ‘outside the box’, manually assess applications and lend when the high street lenders might not. This can include lending in to retirement/over age 70, lending to the complex self employed, ExPat mortgages, buy to lets, holiday homes, multiple properties on one title and so much more.
With technology taking over the world, and so many transactions taking place over the internet, it might be easy to be attracted to products online. There is so much information readily available and over 11,000 mortgage products to choose from, but these types of things can get lost in translation. Therefore seek advice. Yes, it may cost you a small fee to have someone research the market on your behalf and make recommendations, having assessed your short to long term needs and requirements. More importantly, it could save you thousands in the long run, over choosing the wrong products yourself. In addition, any professional will probably build a long term relationship with you and contact you at the time your current rate is coming up for renewal to ensure you have the best rate available. It’s good to talk..!