The importance of mortgage
advice has never been greater and it is an interesting fact that, according to
the Council of Mortgage Lenders, 69% of all mortgages were written through
professional advisers during the second quarter of the year. This is a substantial
uplift on previous quarters and there are probably a number of reasons for this
including long delays we are advised are happening with some lenders
both in interview availability and processing times.
The professional
mortgage adviser reviews the whole market for you and can identify the
best lending options and then deal directly with the lenders central processing
units, speeding up the process from application to offer. That said, even in
this area we know of at least one lender that is eleven days behind on
post or electronic updates. A good adviser will listen to your specific needs
and timescales and ensure that they line you up with a lender who will match
both. So, if speed is crucial then you may need to consider working with a
lender where the rate may not be the keenest on the market but where you get
what you want. Your adviser will discuss this in detail with you before you
make any decision.
On a different subject, a
number of mortgage lenders are looking ruefully at their performance against
target for the current calendar year and casting sideways glances at their
competitors. At the start of the year, no one was really sure what the
effect of the 2014 Mortgage Market Review would have. A number of lenders are,
allegedly, well below target and we will probably see a price war in the next
few months as they look to gain ground before the year end
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