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Increasing number of mortgage packages reach UK market
2 August 2010
A survey by Moneysupermarket.com states that 90% of mortgage products are currently available direct from lenders, rather than mortgage brokers.
Kevin Mountford, head of banking at moneysupermarket.com, states: “Due to the lack of supply and high demand, lenders can take full advantage of the current situation rather than having to push their products through brokers.”
Traditionally the consumers have relied on mortgage brokers to find them the best product; however this recent study demonstrates that people can miss out on a variety of mortgage deals if they use a broker.
The range of products available may be limited and it is suggested that those who do not bother to look independently will lose out. Consumers are growing increasingly more knowledgeable when it comes to their finances, understanding that it is vital to shop around for the best products.
Robin King, movewithus director, commented: “The return of a wider selection of mortgage products to the property market is a positive sign, as more and more buyers will be able to afford their next home. We would encourage movers to shop around when it comes to choosing their next mortgage package, as it is vital to select a mortgage that does not cause too much unnecessary financial pressure.”
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