Mixed Opinions on Broker Supported Mortgages

by Mark Johnston

The internet portal, unbiased.co.uk is reporting a serge in borrowers looking to mortgage advisors for help.

Unbiased.co.uk provides local, professional advice, including independent financial advisers (IFA), mortgage, accounting and solicitor advice. The website is seeing almost a 25% rise in the first half of the year in their users looking for mortgage brokers who search the whole of the UK mortgage market when compared to a year earlier.

The independent website had over forty five thousand searches for mortgage brokers which may of them may have been as a result of a surge in first time buyers looking to get on the UK property market.

The CEO of the online company, Karen Barrett said: “Our latest statistics are a very clear sign that it is not just the market that is on the way to recovery but that consumers are back, actively seeking to explore their mortgage options.”

She went on to add: “We believe that the tumultuous period we have been through has led to more people seeking expert advice on their mortgages rather than going it alone, a very positive sign for consumers and mortgage advisers alike.”

This is in stark contrast to other industry watches such as who are seeing up to 90% of mortgage products being only available direct from lenders. Many believe that the credit crunch has change the UK mortgage landscape for good. In the past the best deals were only available via approved mortgage brokers where its now more common to find the cheapest deals when going to the provider direct.

Kevin Mountford head of banking at a leading price comparison website, comments: “Due to the lack of supply and high demand, lenders can take full advantage of the current situation rather than having to push their products through brokers, which they previously relied on.”

Mr Mountford went on to say: “anyone using a mortgage broker needs to be aware that the range of products offered may be limited.”

Mortgagerates.org.uk suggests that borrowers should always shop around and only use a broker as part of their tool kit for finding a good mortgage. The news pages of mortgagerates.org.uk should always be a good place to start.

Unbiased.co.uk report a change in the UK mortgage market and feels that many providers are slowly moving back into the riskier end of the market after learning some very expensive and painful mistakes. Higher loan to value (LTV) deals are already been seen and lenders are starting to compete on arrangement fees and headline rates.

Although, with this in mind, Mortgagerates.org.uk have already reported that mortgages are down and the overall trend is flat. Mortgagerate.org.uk have also highlights the potential that the UK mortgage market may struggle to rise credit as the Government initiatives come to and end and wholesale money markets tighten against the global squeeze on the financial industry.

Story link - Mixed Opinions on Broker Supported Mortgages

Related stories to : Mixed Opinions on Broker Supported Mortgages