Bespoke Mortgages

Insider's View

20th November 2009

A Mortgage Broker is more important today than ever before

With some 40% of all mortgage offers now available direct from the lender, do we really need a mortgage broker to handle an application? 

In today’s tough lending market where virtually all the best deals are reserved for those with a deposit of 25% or more, affordability criteria are being tightened practically by the day and just one missed credit card payment can result in a mortgage application being questioned, arguably homebuyers need a broker more than ever before.

While some of the mortgage offered direct to homebuyers by the lenders are very competitive, 29% of those on offer – many ‘best buys’ – are reserved exclusively for brokers  – so you could be missing out if you don’t use a broker.

In addition, lenders have varying criteria of which the mortgage broker is aware and can steer applicants to a lender who will approve the loan.  Being turned down for a mortgage can be a big handicap when you apply to another lender.