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Getting hold of a mortgage that is right for you has never been a particularly easy task but now that the credit crunch is well and truly upon us it is an even more daunting prospect. Fortunately there are mortgagor brokers out there who can help us navigate through the current financial quicksands.
If you go to your bank or building society for a mortgage you will normally be faced with the products of one company and one company only. A mortgage broker on the other hand typically works with dozens, perhaps even hundreds of potential lenders and so can find the product which is the most ideal for your own particular situation. Let us look at a typical scenario; you apply for a mortgage to your local building society, they check your credit record, it doesn't quite match their lending criteria so they drop you like a hot potato and your application is rejected. Perhaps more worrying, the fact that it has been rejected is recorded on your credit record for any future potential lenders to see. If instead you approach a mortgage broker your credit record will again be examined but the difference this time is that the broker will be able to check it against the lending criteria of many potential lenders rather than just one, and so will be able to put your case forward to the lender which is most likely to accept your application. The advantageous to you are that you are far more likely to be offered a suitable mortgage, you are saved the time and expense of making multiple applications and your credit record is completely unaffected until the application is actually put forward.
Very many people in the UK now have a credit record which is less than perfect. This does not necessarily prevent them from obtaining a mortgage, although it can mean that a larger deposit may be necessary or a higher interest rate may be charged. A good mortgage broker could find the best possible offer for you and not only be in a position to potentially save you many thousands of pounds but could make all the difference between you being able to buy a house or not.
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