Buyers Cashing in On Specialist Advice

Last year, independent mortgage brokers
saw a 23 percent increase in revenue as more buyers chose to seek specialist
support in finding the best deal.

Through all
the financial turmoil of the past decade, the UK’s housing market has remained
largely healthy. In part that is down to the fact that whatever happens in the
world, people will always need places to live. However, it also proves the old
adage that there is no safer investment than in bricks and mortar, as more
people than ever have decided to become private landlords and dip a toe into
the buy to let market.

This is
particularly true in the thriving commuter belt locations around the south east.
But speak to any mortgage broker
in Chelmsford
and you will be told that the way people buy houses
today is quite different to the situation prior to the 2008 financial crisis.

Everyone wants the best deal

On the face
of it, it sounds obvious. A mortgage is one of the biggest financial
commitments you are ever likely to make, so it is natural that you will want to
shop around and evaluate all the options before signing on the dotted line. So
what has changed?

It is not so
much down to the attitudes of borrowers as it is of lenders. Back in 2005, you
could walk into whichever high street bank you use for your current account,
spend 20 minutes with a mortgage advisor and come away with what is probably
the best deal in town. Whether you went into Barclays, Lloyds or Santander
would have made very little difference.

Of course,
this was back in the days of higher interest rates and easy credit. The 2008
crisis might seem like a distant memory, but the financial services sector is
still living through its effects. Suddenly, if you walk into three high street
banks, you will be offered three very different deals. Make your fourth port of
call an independent mortgage broker, and you will see all three again, plus
several more options. Suddenly, the increased use of brokers seems far more
logical.

More complex borrower needs

In reality,
it is not just the financial service sector that is still bearing the scars of the
credit crunch
. Even the best of us suddenly found that those credit
and store cards came back to haunt us, and just like reputation in the world of
commerce, a credit score is something that can be damaged in an instant, but
takes years to fully recover.

Those who
were not caught out and came through the hard times with their savings intact
still faced challenges as to how to put those savings to good use. These were
the ones who were most likely to turn to the buy to let market.

What both
categories have in common is that their mortgage needs are not straightforward.
Specialist and complex mortgages, whether they are for people with poor credit
or those looking to buy to let, are the domain of the specialist brokers.

The economy might be on the up, but with global
trade tensions and Brexit getting ever closer, who knows what’s around the
corner? One thing is certain – whatever the financial landscape, and whether
your own fortunes are good, bad or indifferent, to get the best financial deal
on property, it pays to talk to an independent expert.