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3. Specialist Mortgage Lending Companies Specialist lenders lend to a particular type of niche market. Many of these specialise in providing mortgages for people in special circumstances who would not normally be offered a loan by their bank or building society. This includes people with adverse credit, self-employed, part-time employed and those purchasing overseas properties. Many mainstream lenders have established specialist subsidiaries for non-standard mortgages such as these. You may have to deal with them over phone, by mail or over internet as most of them do not have a wide network of branches across country.
4. Insurance Companies Some insurance companies offer mortgages and other financial products together with their range of insurance products. They may sometimes offer certain deals in association with other financial institutions such as banks but they do not specialise in this area and they may not necessarily offer best rates.
5. Intermediaries and Mortgage Brokers Instead of going directly to lender for a mortgage, you can approach an advisor or broker to search market for best mortgage deal for you. Some intermediaries are tied to particular lenders and they may only offer products from their lender. Others are independent so they have a much wider market to choose from. A credit broker is a firm or person who introduces you to a lender for purpose of borrowing money. The task of credit broker is to obtain loan you require on terms that are acceptable to you.
Whatever you decide, it’s important to understand how mortgages are regulated and sold in United Kingdom. Buying with advice puts you in a stronger position to complain and get compensation if you later discover that mortgage is unsuitable. You can read some more articles about mortgages at: http://www.commercial-mortgage-guide.org.uk/mortgages/
© Copyright 2005, Bwalya Mwaba writes for the The Commercial Mortgage Guide. Visit our website for mortgage related news, articles, tools and more: http://www.commercial-mortgage-guide.org.uk/. This article may be reprinted as long as all the above links are active and clickable.