There are about 340 regulated mortgage lenders covering the UK and there were 6,565 mortgage deals on the market in May, 2024.
How are you going to find the best one for you?
25/30 years ago you would have taken advice from friends and family on who they had their mortgage with or you would have walked up and down the high street popping into the banks and building societies and getting advice on what each different branch had to offer.
However, banks and building societies have disappeared from our high streets at an alarming rate.
Here in Selby we are still lucky to have Halifax, HSBC, Yorkshire and Skipton Building Societies.
So what about the other 336 lenders?
You could take a road trip or you could use the internet. However, it will take considerable time or, you could go to an ‘independent’ (means they can discuss all the mortgages available), ‘whole of market’ ) means all the lenders – not just a select panel) mortgage adviser.
The extra added, unexpected benefit of going to a leading ‘independent’ is that they are sometimes provided with mortgage deals that are better rates than if you had gone direct to the lender themselves.
If you already have a mortgage and you are coming to the end of your tie-in period or, are ‘porting’ and topping up a mortgage to another property, you may think it is easier to stay with your current lender – especially if you feel you got a good deal when you took the mortgage out originally. The easy option is not always equivalent to the best option financially. If you don’t check out the current deals with all the lenders, you won’t know whether you could have obtained the best deal and you could be paying over the odds – for at least 2 years. What else could you spend that money on? - a night out once per month, once per week?
The good news is you don’t even have to do the hard work yourself. An independent, whole of market, mortgage adviser can do it for you. What’s more they can show you all the lenders with all the different rates and criteria on their computer screens all whilst you have a cuppa and a chat.
Our independent, whole of market, mortgage advisers don’t charge a broker fee, so if you want to talk about your mortgage – you aren’t under any obligation to use their services and, you are safe in the knowledge that if you do – you won’t be charged a broker fee, as they are paid by the mortgage lender and don’t charge you extra on top.
Tel: 01757 709955 if you would like to arrange an appointment.