Refinance & Mortgage Brokers

From the Times of London:

Millions of homeowners who use mortgage brokers are being denied access to the best deals, after a decision by some of the UK‘s biggest lenders to offer their top rates only to customers who approach them directly.

The number of mortgage advisers has fallen from about 30,000 to 26,000, according to the Association of Mortgage Intermediaries. Almost three quarters of the £15 billion in mortgages in the UK are sold through brokers, according to the Council of Mortgage Lenders (CML).

New research by Moneyfacts.co.uk conducted for The Times shows that, of the top 20 best-buy two-year deals on the market, only two are available through mortgage brokers.

The proportion of mortgage deals available through brokers has fallen by almost half in the past three months, Moneyfacts said, from 32 per cent to 17 per cent of the market.

The percentage of deals available from lenders directly over the same period has doubled, from 27 per cent to 54 per cent.

HSBC, NatWest and Royal Bank of Scotland are among the biggest lenders denying their best-buy mortgage deals to customers who arrange loans through brokers.

This has put tremendous pressure on lenders that offer the best deals on the market, as borrowers clamour for the good rates that remain.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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