The Inside Edge
Precise Mortgages released a report this month that revealed the number of mortgages available to domestic customers rose to 2,784 in October. That’s a 10% increase on August.
A close study of the current mortgage market suggests that a higher proportion, 25% in fact, of those products are available through mortgage advisors compared to those on offer direct from lenders.
Surprisingly, only 44% of UK borrowers said they would use the services of a mortgage broker to secure their next mortgage deal although the majority of borrowers only want to make one mortgage attempt. We suspect that people are not going to mortgage brokers because they believe they will have to pay commission or that they won’t get access to the best deals.
It’s true that some mortgage brokers tied in with estate agents may have given the service a bad name. Some mortgage brokers have in the past received commission and incentives to recommend certain products over others. However if you choose an independent mortgage broker, they will give you a ‘whole of market’ analysis and recommend the very best mortgage product to suit your budget, your circumstances and the property you are buying. Many estate agents recommend working with their own in-house mortgage brokers and this service can prove invaluable.
Many people are also afraid to apply for a mortgage, believing that their credit score is too low to be accepted. If you are worried about your credit score the best thing you can do for your peace of mind and your buying power is to check it out. You can do this easily online by paying a small fee and doing so could give you peace of mind that your credit score is good or that you need to resolve discrepancies. Remember, if your credit score is bad and you keep making applications, you could be damaging it even further.
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