In a new twist of our ongoing credit crisis UK high st banks have been shown to be keeping customers in the dark about exactly what mortgage products they offer.
Financial website Moneyfacts.co.uk has conducted research that shows that up to 66% of mortgage products are not made available via brokers or IFAs. Most people looking to arrange a mortgage or refinance their existing property would be probably be expected to contact a mortgage broker.
Many homeowners have long standing relationships with brokers they have successfully used in the past and would expect their broker to be able to keep abreast of key information about new products. However, in a bid to control even more of their lending and to increase profits (no mortgage broker means no fees for the lender to pay out for bringing in new business) banks are now restricting their lending to customers who turn up to their branches.
With the increase of branch closures around the country and the banks keeping their deals to themselves the net result is that the banks’ owners (oops I mean customers – we may may own many but we have no control over them) are being kept in the dark about the options.
Consumer choice? Not really.
If you can’t remortgage or get a new mortgage to pay your arrears and avoid repossession, or just want a fast solution to selling your home, call me on 01462 889316 or fill in this form.
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