How to find the Right Mortgage?
By: Francis Ghiloni

You might be asking yourself that question and be thinking that the answer is “go see a broker”. Well that might not be the best thing to do if the findings of a study by the Financial Services Authority (the FSA) are to be believed. The FSA is the regulator responsible for ensuring that the mortgage market is operated fairly.

On 4 July 2007 the Financial Services Authorities published their findings from a study of practices in part of the mortgage market. For mortgage brokers, or intermediaries, it did not make good reading. The FSA’s key findings were:
• In a third of the files reviewed there was an inadequate assessment of consumers‘ ability to afford the mortgage.
• In almost half of the files there was an inadequate assessment of customers‘ suitability (e.g. needs and circumstances) for the mortgage.
• In over half of the files customers had self certified their income but it was not clear in many cases why they had been advised to do this.
• Significant numbers of consumers were advised to re-mortgage, thereby incurring early repayment charges, without the adviser being able to demonstrate that this was beneficial to the customer.

So what can you do if you are concerned about these findings?
In many cases you can find the right mortgage yourself. Use a mortgage comparison site that is independent of all lenders; one that compares all the mortgages across the market; one that enables you to see the true cost of the mortgage, not just eye-catching rates; and one that helps you apply directly to the lender for the mortgage of your choice.
Francis Ghiloni www.mform.co.uk

Article Source: http://www.ArticleJoe.com

Francis Ghiloni works as the Marketing Director at mform.co.uk. mform.co.uk allows you to www.mform.co.uk“>compare mortgages and www.mform.co.uk/mform/mform?contentKey=mortgageinformation/buyertypes/ReMortgaging.xml“>remortgages from every lender in the UK. mform is independent, free to use and enables you to apply for a mortgage from the whole UK market.

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