http://www.debts.org/ en info@debts.org Copyright 2008 2008-12-31T15:44:00+00:00 http://www.debts.org/index.php/index/brokers/ http://www.debts.org/index.php/index/brokers/#When:19:08:00Z Mortgage brokers, good or bad? Leave your opinion on our ForumThis page answers some common questions on mortgage brokers and explains the pros and cons of using a mortgage broker. A good mortgage broker has the potential to save you a lot of time and money. Instead of visiting the numerous mortgage lenders in the high street, flicking through the yellow pages or searching online, a mortgage broker should be a ‘one stop shop’. More.... In addition to sound professional advice on what mortgage plan is best for you, the mortgage broker will also search a database of lenders to find you the best mortgage quote available. Has the credit crunch affected brokers? Unfortunately yes. Brokers have been hit almost as hard as consumers due to the current financial climate. Many banks and building societies have stopped using intermediaries in a bid to save money. Whenever a broker sells you a mortgage, they receives a commission from the lender. Taking away the broker means the lender keeps the cash. While not all banks have stopped using brokers completely, many have limited the amount of mortgage products a broker can sell on their behalf. This means that brokers’ hands are tied and their ability to cherrypick the best mortgage deals for first time buyers has been seriously limited. Is the broker tied to any lenders? It is important to ask your mortgage broker if they work with any lenders, as this will have a bearing on the quote you receive. A fully independent broker will be at liberty to search for mortgage products from any given lender. If the broker is tied to any lenders, then access to mortgage lenders will be restricted and as result so will your mortgage options. Advantages of a mortgage broker Before the credit crunch, aside from saving you time and money, a good broker could offer you the best mortgage deals.  A mortgage broker with a lot of business will be privy to some mortgage products that may be otherwise unavailable. Also, if independent, they will receive commission from whichever lender your mortgage application is with, meaning the broker can offer exclusive advice based on your situation. A bank or building society will of course discuss your circumstances regarding a mortgage plan, but are naturally restricted to their own products. NOTE: The job of a mortage broker has been made a whole lot harder because of the ever decreasing amount of mortgages they can access. During the credit crunch many consumers are finding the best deals by going direct to their high street provider. See our Moneysupermarket comparison tables above for the best mortgages on offer. Psst...please let us know if this information is helpful by posting a message on our Forum Return to Debts homepage. Mortgage Brokers and Quotes 2007-11-06T19:08:00+00:00