Mortgage Lenders Now Keener Than Ever To Do Business Through Brokers
Mortgage Lenders now keener than ever to do business through brokers…..
And that can only be good for borrowers….
For some years now more mortgage lending has been arranged through brokers than direct with banks and building societies. While there are some smaller mortgage lenders that only take business brokers, there are some mainstream banks and building societies that receive more than 85% of their lending through the mortgage broker channel. Many lenders have consistently offered mortgage products exclusive to brokers so whilst this is nothing new it demonstrates further the importance of brokers to lenders and therefore to borrowers alike. So if this is all old news what’s new?
Well, the love affair appears to be getting deeper. Most (apart from 2) have never paid a broker to keep the client with their current lender at product renewal, but in recent weeks this has all changed. Most (apart from a few) have announced in recent weeks that they are now doing so or will do so in the near future. This removes any incentive that (some) brokers had just to move the client from lender to lender just to earn a commission.
The advantages of using a mortgage broker would include finding the cheapest product, finding the lender that will lend to you and taking the stress away of processing the application. You can now add that a slick and impartial mortgage management service when your product is about to expire.
Assured Wealth And Estate Planning Mortgage Lenders Advice
Further changes are now being planned for people who own four or more Buy To Let properties in September this year. This could potentially affect the amount of mortgage borrowing even further, with people over the 4 or more Buy To Let property threshold subject to new regulations and underwriting standards. However, people still have the opportunity to secure mortgages for longer between now and September.
For more information on why mortgage lenders are now keener than ever to do business through brokers, contact our Warrington Mortgage Advisor, Wilmslow Mortgage Advisor, Altrincham Mortgage Advisor or Knutsford Mortgage Advisor team today for a FREE consultation.