Being a mortgage advisor |

Mortgage Brokers (

Being a mortgage advisor
Is not just picking a mortgage because the rate is the best one. We have to take into account many factors. Mortgage lenders have different criteria such as loan to value, maximum age at the end of the term, different fees and affordability. For example, It is sometimes better to pay a larger mortgage arrangement fee and get a better interest rate.

Year on Year Summary
We keep a close eye on the mortgage market and like to compare mortgage lending statistics year on year to enable us as mortgage advisors to monitor trends and to ensure we are able to give the best mortgage advice to our clients.

The majority of regulated mortgage lenders have been under a legal obligation to file a Mortgage Lending and Administration Return each quarter (MLAR). This came into effect in early 2007.

The details Mortgage companies must submit include all outstanding loan balances, what new loans are in their pipeline, whether these are to be secured lending products or unsecured, the income multiples they allow and the loan to value ratio. A record is also kept of whether the lending is to people with previous bad credit.

At the end of quarter two for 2012 lending remained consistent with 2011. Around two thirds of all new mortgages are for purchases and the remaining third for re-mortgages. It is clear from this that many households are staying with their existing mortgage provider after any fixed or discounted rate deals expire as the variable rate they are on is less than they would pay looking for a remortgage.

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