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Mortgage Brokers Favoured For Remortgaging

May 31, 2008
Recent figures released by the Council of Mortgage Lenders reveal that home owners in the UK are more likely to seek advice from intermediaries when they remortgage their homes. The alternative is for borrowers to apply to refinance their homes directly with lenders however it seems the majority of property owners favour impartial advice from mortgage brokers instead.

During the first quarter of this year four in every five people who currently own their home sought remortgage advice from a mortgage intermediary and utilised their services for the application and processing of their home refinance. This figure is around ten percent higher than for the same period in the preceding year. This trend indicated that home owners are wary of the current economic climate and the credit market in particular.

Existing home owners seem reluctant to brave the tumultuous mortgage market on their own and are instead seeking expert advice from brokers who keep up to date with the current deals available on the market. This may be partly due to the fact that the home loan market has tightened in recent times due to the sub-prime mortgage debacle but it is probably also due to the excessive amount of negative press which is scaring people into thinking they cannot approach lenders directly. While mortgage brokers are an excellent source of information and advice there are other resources available today, such as financial comparison websites, which can help individuals research the market on their own.

In addition to existing home owners keeping brokers busy, first time buyers have also been utilising their services. The latest figures reveal that almost four in five first time buyers have approached a mortgage broker for advice on securing a home loan for their first property. This demographic traditionally seeks help from intermediaries however the latest figure is also up by ten percent over the number for the same period of the previous year.

These figures are a welcome relief for brokers who have been swamped with bad news for some time. Lenders have been pulling products from the market and reassessing their lending criterion which has had an adverse effect on the broking industry. Home owners have also been reporting that they are having difficulties finding products to refinance their existing mortgages, many of which are coming to the end of quite favourable discount periods. It is estimated that over one million homeowners are facing the prospect of paying the lenders' draconian Standard Variable Rates if they cannot secure a remortgage product this year.

However it seems that intermediaries are being kept as busy as ever as existing home owners and first time buyers seek expert advice in order to locate the best deal to suit their situation. If you are looking for remortgage advice be sure to contact a fully independent broker who is able to advise on the entire UK home loan market. This way you will ensure that you receive the most impartial advice possible and have the best chance of finding the most appropriate deal for your property.
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