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Title: Choosing a Mortgage Lender
Author: Bwalya Mwaba
Article:
Just as there are many types of mortgages and mortgage deals to
choose from, there are also many sources where you can go to get
a mortgage. Your key choices are to use a mortgage broker, a
more general financial adviser, or shop around yourself and go
direct to the mortgage lender. For many people, choosing a
lender means finding a mortgage company offering the lowest APR
rate.
If you decide to use an adviser you can choose between a
specialist mortgage broker and a general financial adviser. A
general adviser will look at all your financial affairs if you
want, not just your mortgage. As opposed to lenders who can only
offer their own products, an adviser can look at the whole
market for you and consider mortgages from a number of lenders.
Advisers can also offer you advice and information tailored to
your needs. In the UK, All firms or Individuals arranging or
advising on mortgages must be authorised to do so by the
Financial Services Authority (FSA). If you are unhappy with
advice from an authorised firm you usually have the right to
complain and may be able to claim compensation.
As an alternative to using a financial adviser, you can arrange
a mortgage directly with a lender – like a building society,
bank or specialist mortgage company. A lender will only
recommend their own mortgage products although they may have
several you can choose from.
When choosing a lender, you should consider the competitiveness
of the lender's rates, their fees and penalties, their customer
service and their reputation. You'll also want a lender you can
trust, and someone you can work with effectively. Remember
you'll have to deal with this company for many years to come.
1. Building Societies Building societies are mortgage experts,
they offer specialist advice and they usually offer very
competitive rates. Many national ones have a branch in most
major towns and cities while the smaller ones tend to specialise
in catering for home buyers in particular areas. For example,
the Cambridge Building Society specializes in helping people who
live in Cambridgeshire.
2. High Street Banks Banks usually have years of lending
experience and they have more branches and greater coverage
across the United Kingdom. Their standard rates tend to be
higher than those of building societies but they often offer the
best introductory offers on mortgage deals. Some of the big
banks now have special arrangements with building societies
where the building society is the one that handles all the
mortgage business for the bank.
3. Specialist Mortgage Lending Companies Specialist lenders lend
to a particular type of niche market. Many of these specialise
in providing mortgages for people in special circumstances who
would not normally be offered a loan by their bank or building
society. This includes people with adverse credit, the
self-employed, part-time employed and those purchasing overseas
properties. Many mainstream lenders have established specialist
subsidiaries for non-standard mortgages such as these. You may
have to deal with them over the phone, by mail or over the
internet as most of them do not have a wide network of branches
across the country.
4. Insurance Companies Some insurance companies offer mortgages
and other financial products together with their range of
insurance products. They may sometimes offer certain deals in
association with other financial institutions such as banks but
they do not specialise in this area and they may not necessarily
offer the best rates.
5. Intermediaries and Mortgage Brokers Instead of going directly
to the lender for a mortgage, you can approach an advisor or
broker to search the market for the best mortgage deal for you.
Some intermediaries are tied to particular lenders and they may
only offer products from their lender. Others are independent so
they have a much wider market to choose from. A credit broker is
a firm or person who introduces you to a lender for the purpose
of borrowing money. The task of the credit broker is to obtain
the loan you require on terms that are acceptable to you.
Whatever you decide, it's important to understand how mortgages
are regulated and sold in the United Kingdom. Buying with advice
puts you in a stronger position to complain and get compensation
if you later discover that the mortgage is unsuitable. You can
read some more articles about <a
href="http://www.commercial-mortgage-guide.org.uk/mortgages/">mor
tgages</a> at: <a
href="http://www.commercial-mortgage-guide.org.uk/mortgages/">htt
p://www.commercial-mortgage-guide.org.uk/mortgages/</a>
About the author:
© Copyright 2005, Bwalya Mwaba writes for the <a
href="http://www.commercial-mortgage-guide.org.uk/">The
Commercial Mortgage Guide</a>. Visit our website for mortgage
related news, articles, tools and more: <a
href="http://www.commercial-mortgage-guide.org.uk/">
http://www.commercial-mortgage-guide.org.uk/</a>. This article
may be reprinted as long as all the above links are active and
clickable.
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