News

Jul 18

Don’t miss out on Money Saving Mortgage Deals – Use a Mortgage Broker!

Mortgage lender Santander recently starting quoting a ‘shelf life’ on their new mortgage deals.

Within the last few weeks, two fixed rate deals were launched by the lender, available only through brokers. One was a five-year fixed rate at 4.99%. It was free from fees and offered up to 85 per cent loan-to-value. The other was a two-year fixed rate at an astonishingly low 2.89%. It was aimed at borrowers with a minimum 40 per cent deposit and carried a £995 fee. The deals were available for seven days only.By placing time limits on their deals, mortgage providers can control the amount of lending on that particular loan, preventing them from being overrun with applications and going over-capacity.Santanderfeels the time limit makes things fairer for borrowers.

Are you a Lucky Borrower? Don’t Leave it to Chance…

And how lucky the borrower who gets their hands on a limited period deal that could save them hundreds of pounds over the course of a year and make a real difference to their disposable income. That borrower though would have to be a real market-watcher if they were going to cash in on a blink-and-you’ll-miss-it deal. And they will never even see the ones that are broker exclusives, like theSantanderproducts.

That’s why it’s so important to engage the services of an independent whole of market mortgage broker when looking to borrow.

Keep your Finger on the Borrowing Pulse with a Mortgage Broker

A mortgage broker is notified as soon as a new deal is launched, and they’ll know exactly how long it will be around for. If they feel you need to move quickly, they will tell you so you don’t waste valuable time haggling over a selling price. What you save on the mortgage could well make the negotiations futile anyway.

A mortgage broker will also know how your chances fair with certain lenders and won’t waste time putting you forward for products you’ll be unlikely to be approved for.

Make sure your Broker is Whole of Market

Question your chosen mortgage broker as to their coverage of the market though; make sure they are whole of market rather than panel-tied, then you can be sure you will have access to every deal, from every lender, without limits. And if you are a first time buyer, check the broker’s experience in this sector; an experienced mortgage broker will usually be able to source good value low-deposit deals; deals that you will rarely see elsewhere.

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.