From May 1st Nationwide Building Society is capping its maximum loan to value to 90 per cent for intermediaries, and withdrawing its base mortgage rate for all new INTRODUCED business.
THIS IS REALLY BAD NEWS, AND WE CAN EXPECT TO SEE MORE OF IT.
Now they have less money to lend, Lenders no longer need Intermediaries to bring them business. We should expect to see more Lenders abandoning Independent Mortgage Advisers, because, when times re tough, it is much easier to offer second or third rate products directly to a public that is not Professionally advised.
The results of this are already being seen with Mortgage Providers and Packagers leaving the market, soon I fear sadly to be followed by many Mortgage Advisers. Until recently there were 45,000 Mortgage Advisers working with 15,000 Authorised firms - WATCH THIS SPACE.
Many of us here, are here largely because we took direct advice from Financial Product Providers, without the protection of Independent Professional Advice. Strange isn't it, THEIR ADVICE IS ALWAYS TO BUY THEIR PRODUCT.
I believe that a strong Independent sector in Financial Services is vital to the financial well being of the public. My own company's commitment to Independent advice is 100%
When the time comes that you need Mortgage advice, at all costs avoid the direct offerings of Lenders, use Independent "whole of market" Mortgage Advisers to help you get the best deal. They work in YOUR best interests, not the Lenders'. We have several who regularly post on here, let's support them.
In these difficult times, why not go even further, and recommend friends or family who need mortgage advice to contact them for help.
