Since MMR the mortgage market review it had been harder to get a mortgage than it used to be. Going to a broker rather than direct to a lender has again become more popular. Indeed 75% of lenders only offer their buy to let mortgage deals through a broker, such as Embrace Financial Services. A full time mortgage broker will be up to date and familiar with all the different factors involved with being a BTL investor so it relay does make sense to go directly to a broker.
In recent times the changing face of mortgage lending has even been acknowledged by lenders who previously had nothing, to do with brokers. HSBC who had always dealt directly with mortgage customers even went into business with broker network Countrywide. TSB also went into partnership with London & Country with other lenders followed suit.
James Daley of website Fairer Finance says “Making the wrong choice about your mortgage can cost you hundreds – even thousands of pounds”. “And because mortgages are awash with additional fees and charges, it’s all too easy to get tripped up. That’s why it makes a lot of sense to go with a mortgage broker.”
The key thing about a “fully independent” broker is that they will have access to the greatest number of loans. Independent brokers will assess just about every mortgage out there, except those offered direct only. Most brokers also have access to “broker exclusive” deals, which may or may not be better than those offered directly by the lender.
There are some exceptions, lenders, such as Yorkshire building society (which also owns Chelsea, Norwich & Peterborough and Barnsley building societies) and the Co-op don’t deal with brokers, though both have separate broker-only mortgage divisions (Accord and Platform). But whatever you do make sure you look at the whole picture ideally through an independent broker when you are looking for your next buy to let mortgage deal. To find out more call Embrace Mortgage Services on 01392 453568.
Your property may be repossessed if you do not keep up repayments on your mortgage. Embrace Mortgage Services usually charge a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity