Already 60% of mortgages are brokered and thanks to new domestic loan rules that number is certain to growGone are the days when if you wanted a financial product as daunting – and expensive – as a mortgage you would pop into your local bank department for a cosy chat with the manager.
As recently as 2012,most mortgages were taken out directly from a bank or building society. Yet fast forward a couple of years and a combination of fewer bank and building society branches, a growing loss of faith in many banks’ ability to give sound advice and, or more recently,more complex rules around taking out a mortgage, mean just over 60% domestic loans are now taken out through a broker. Some industry experts are predicting this will be the preferred route for as many as three-quarters of borrowers in the next five years.
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Source: theguardian.com