News

Jul 25

8,698 new mortgage products in 3 months: Mortgage Advice for Borrowers never so important

Research by Defaqto has revealed that between April and June 2011, some 8,968 mortgages were either introduced onto the market or updated by lenders, and almost 600 products were taken off the market.

During these same three months, 186 totally new fixed rate mortgages came onto the market as did 80 new standard tracker rate products and 99 new buy to let loans.

So it has to be said, with so much change, how can consumers possibly keep up with the mortgage market without the help of a mortgage broker?

Changing Seasons

Say you start researching possible mortgages in the spring and you work out roughly which product you’ll go for, how much it will cost you in fees and what rate you’ll be paying. It takes you a good three or four months to find a suitable property. Now we’re nearly into autumn. That mortgage you had your eye on in the spring has been pulled. But on the plus side, there is a range of better deals recently introduced that might save you even more money.

The only realistic way to keep on top of the changes in the mortgage market, and make sure you’re getting the best deal possible, is to engage the services of a whole of market mortgage broker.

Mortgage Brokers get Daily Product Updates

Every day, mortgage brokers get notifications from lenders about their latest new products and find out about which deals they’ve pulled. Some new loans are launched and on offer for only a limited period, so it’s a case of blink and you might miss it, unless you have a broker on the case for you that is. And these brokers won’t just be seeing the offers from the major lenders, they’ll get wind of the deals being placed on the table by the smaller providers which can so often deliver longer term savings.

There is enough to do when searching for your first property, investing in a buy to let or moving home. So why not hand over the mortgage aspects to someone who day by day does nothing else other than keep on top of the home loan market? At least that way you’ll know you are getting the very best deal possible.

Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.

Bower Mortgage Company: FSA regulated UK-wide mortgage advice from friendly, qualified, experienced mortgage planning specialists. Quality, face to face advice and a strong focus on building long term customer relationships. For money saving mortgage and mortgage protection advice, contact Bower on 0800 411 8668; e-mail info@bowermortgagecompany.co.uk.