Increasing number of first time buyers look to brokers for assistance

Officials have claimed in a recent report that an increasing number of first time buyers are now looking to mortgage brokers for advice and assistance in finding a mortgage. It is thought that this is something to do with the tighter credit conditions stemming from the global credit crunch, and with the increased difficulties that many first time buyers are experiencing when it comes to getting a mortgage many are hoping that an experienced broker can help them to find the right mortgage. Read more

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No fees please

A new range of mortgages have been launched by a leading building society which come with absolutely no fees.

Yorkshire Building Society has announced the new range with the aim of simplifying the mortgage market for borrowers.

The firm is promoting its range as having no product fees, no legal fees, no standard valuation fee, no money transfer fee and no higher lending charge for re-mortgages.

The leading product in the range is a five-year fixed-rate mortgage at 5.89 per cent but the building society has a large number of deals on offer.

“There has been an inexorable rise in product fees in recent months, as lenders compete to get in to Best-Buy tables with headline rates,” said Yorkshire’s product development manager David Heshon.

“It has become increasingly difficult for customers to work out what the best deal is.

“With this new range of products what you see is what you get – a straightforward rate, with no additional up-front costs,” he added.

Borrowers, particularly those who are venturing into the property market for the first time, are finding it increasingly difficult to find a mortgage that best suits their needs so shopping around for deals such as this can be extremely beneficial.

Tags: fee, borrowers, UK mortgage terminology, Valuation, money transfer, valuation fee, product fees, recent months