As a result of the credit crunch, now nearly 10 years ago, the number of mortgage lenders in the UK shrank dramatically. Over the last couple of years however we have seen the re-emergence of new banks and other sources of mortgage funding becoming available. These lenders are all looking to win business from the traditional banks and this has helped to drive down costs.
As a result we have seen borrowers benefit from what is now a highly competitive mortgage marketplace. We currently have the lowest mortgage interest rates in living history and now may well be a good time to conduct a mortgage review to see how much you can save on your mortgage payments by just shopping around.
All mortgage applications now need to be supported by a qualified adviser, which means that direct to lender discussions are ending up with long winded telephone interviews or in-branch mortgage appointments being rationed so you cannot speak to anyone for weeks. My thoughts are that if you are going to invest your time and effort in taking advice, it makes sense to take it from a firm that has access to products from all lenders rather than just those from a single lender.
With many of the most competitive products currently coming from smaller building societies and other lenders that are often not on our high streets, it pays to use an independent mortgage broker to help source the most suitable product for you. Not only will they source the most suitable rate, they will help to make sure that you are fully aware of the product terms so there are no surprises for you at a later date.
Kirsty Mathis is a Mortgage Specialist with Chilvester Financial who are Independent Financial Advisers with offices in Marlborough and Calne. Kirsty can be contacted on 01672 500600 or via firstname.lastname@example.org.