Mortgage lenders are relaxing their grip on the purse strings, as competition to have the best deals has been hotting up. As well as cutting rates and arrangement fees, some lenders are increasing the maximum loan to value on their best deals in an effort to appeal to more borrowers.
Many lenders are looking to brokers for help in increasing their mortgage business, and from giant PLC’s to small mutual’s they are offering market leading deals only through brokers, and are designing exclusive products for individual firms.
Whole of market mortgage brokers offer a greater variety of choice than any one or group of lenders, and the presence of exclusive deals, which can better those offered by the lender directly, furthers their appeal.
We have always maintained that borrowers should not be swayed by the interest rate alone and this still holds true, but with over 150 broker only schemes available, and L&C having access to 30 exclusive deals, it’s definitely good news for borrower choice.