May 10
26
If you want to find cheap mortgages in Colchester fast, the advice is to seek the services of a broker. Until recently, the number of mortgages secured through a broker were increasingly small as borrowers were finding cheaper deals by approaching lenders directly. However, as more products come onto the market offering competitive rates, mortgage brokers are once again cashing in on the lending business.
According to a recent report lending via brokers accounted for 61% of all mortgages in the UK during the first quarter of 2010, up slightly from the previous quarter, with the majority of those borrowers being first time buyers. In fact, of all mortgages secured by first time buyers, 71% were obtained through a broker. The competition at the moment however is fierce, especially with lenders such as the Post Office and Nationwide Building Society offering cheap mortgages directly to Colchester borrowers.
This has reflected the importance of advice when securing a mortgage, and first time buyers have been weighing up the benefits of obtaining advice from a broker and taking the plunge with cheap mortgages direct from lenders. The general consensus appears to be that the advice is worth pricier monthly repayments, a trend backed by remortgagers too.
It is thought that as lending increases, the ability of banks and building societies to take on new customers directly will decrease, resulting in a further boost to the broker market as intermediaries secure cheap mortgages for clients. With greater competition on the horizon, it makes it more likely that Colchester brokers will be able to find cheaper mortgages for their clients.
