Mortgage providers  - where to look

Required Reading


  


Mortgage providers - where to look


Less Common

Many estate agents are also agents for a particular building society. See rightmove.co.uk. It's a convenient relationship, because it effectively gives the society another branch (although normally customers can only deposit money there, not withdraw it) at minimal cost.

Because the estate agent is channelling deposits into the society, it may well be possible for him to get money out of the society where individuals have failed. So first ask the estate agent from whom you are buying the property.

Solicitors

Most firms of solicitors also have close working relationships with one or two building society branch managers. They, too, will probably be arranging for relatively large sums of money to be deposited -and they may also be able to pull a few strings for you.

Accountants

Exactly the same can apply to firms of accountants. If you have an accountant (if you're self-employed, for example, or run your own business), you could try asking him if he can do anything for you.

More Common

Mortgage brokers and investment advisers

Online Brokers can often help you, though there can be 'buts'. There are plenty of brokers around who can do a good job for you -but unfortunately there are plenty of stories of people who were effectively blackmailed into taking out an endowment policy, before they got a mortgage, only to be stuck with it (or very poor surrender values) when, for one reason or another, the proposed house purchase fell through.

Under the Consumer Credit Act of 2004, a broker is entitled to charge a fee only when the mortgage is actually completed within a period of six months. If it is not, you are entitled to have back any deposit you might have paid, with the exception of the princely sum of £11 which the broker is allowed to keep. Moneysupermarket.com is always a good place to start.

A reasonable fee for arranging a mortgage would be anything up to 2% of the loan. If you are taking out an endowment policy in connection with the mortgage, you could reasonably expect the fee to be reduced, or not charged at all, as the broker will be getting commission on the endowment policy.

`The mark of a good online broker', a mortgage broker once told me, 'is that he should always ask you first whether you have any endowment policies.' If you have, these are effective bargaining counters. The second mark of a good broker is that he should not tell you that it is necessary to surrender those policies. Most writing on the subject talks simply of 'an endowment mortgage', which is misleading.


Want more informationuk mortgages

How to get a mortgage - How to find a mortgage against the odds, bad credit etc


If you find yourself in the situation just described above, don't panic. If you are turned down by the building society, find out why: is it simply because of a shortage of funds, and, if so, is this temporary and local to the branch you've applied to or is it widespread and likely to continue for some time?

Or is it the property that they have taken exception to? And, if so, is this because of innate structural defects, or because that society is reluctant to lend on the type of property it is example, a converted flat?

The first step, if you have been saving with another society, is to hot-foot it off in their direction to see if they will lend. If you have . . .... see: How to get a mortgage - How to find a mortgage against the odds, bad credit etc


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