However, over the past couple of years the mortgage and financial markets have changed radically, with profound effects stemming from the global financial crisis and recession. This has had a huge impact on the way that people take out home loans and has had a particular effect on the number of people that go through a broker to get their home loan.

Recent research has shown that mortgage brokers in the UK are now often unable to access some of the best deals on the market, with many lenders reserving these deals for customers that go directly through them rather than through an intermediary.

The figures suggest that mortgage brokers are now accountable for only 10 percent of home loans, with the other 90 percent of the best mortgages only available directly through lenders. Prior to the global financial crisis mortgage brokers were accountable for around 70 percent of home loans that were sold, reflecting how the mortgage market has changed over the past couple of years.

One leading High Street bank, HSBC, stated: ‘The research shows just how much the mortgage market has changed over the last two years. With loans available from brokers failing to beat direct lenders’ lowest deals for over 90% of that time, customers can no longer rely on brokers to get them the best deal in town.’

An official involved in the research added: ‘Anyone using a mortgage broker needs to be aware that the range of products available may be limited.’

Small percentage of home loans arranged through brokers is a post from: Glitec

This gloomy financial climate has stemmed from the global credit crunch, which made its way to the UK last summer, and quickly began to wreak havoc in the UK’s financial markets. Consumers have found that the days of easy credit are long gone, and lenders are now being extremely selective about who they will lend to and how much new business they will take on. This whole situation means that many consumers could find that they are unable to get affordable finance from lenders, and could spend a great deal of time looking for a lender that will take on their business. Even if you do find a lender that looks suitable you may find that your application will still be turned down because of the tighter credit conditions, and this could result in your credit rating being damaged, which could make it even more difficult to get finance in the future.

One of the ways in which you could help to ease this problem, and save yourself time and money, is to go through a specialist broker dealing with the type of loan that you are looking for. You will find brokers that deal with secured and unsecured loans as well as those that specialise in dealing with mortgage loans. It is advisable to look for a reputable and experienced broker, as this means that the broker will have established good links with a range of reputable lenders, which in turn can increase your chances of finding an affordable loan or mortgage.

Going through each lender individually and trying to determine whether their loan products will be suitable can be a very time consuming and frustrating process, and one that could result in your getting one rejection after another, which in turn will see your credit rating take a battering. You can save yourself a great deal of time by going through a broker, as you will only have to provide your details once and he or she will then source a wide range of lenders in order to find a loan that suits your needs.

With the broker doing all of the legwork with you it is possible save yourself a great deal of time when looking for a loan or mortgage. One of the main advantages of this process is that the broker will know which lenders are still taking on new business and which ones cater for people in your circumstances. So, for example, if you have damaged credit the broker will only approach lenders that deal with those that have bad credit, saving you a lot of wasted time. You will also find that this saves you from making one application after another.

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Using a broker for your borrowing is a post from: Glitec