Mortgage advisors may be suggesting direct only deals
04-May-2010
Published by Helen Adams
An increased number of mortgage advisors could be putting forward the idea of a direct only mortgage to prospective home buyers.
Research by Defaqto - the independent financial studies company - shows the number of direct only home loans has more than doubled since April 2007.
The mortgages - when a person, such as a
first-time buyer, applies directly to a lender - can be suggested and charged for by mortgage advisors.
In the last three years, the number of such deals on the market has risen from 590 to 1,400, Defaqto notes.
Kevin Bray, the firm's insight analyst, says: "Our research shows that 12 of the top 20 best buy fixed rate mortgage products are only available directly from the provider."
News of the increased number of direct only mortgages follows good news for buyers last week, when it was suggested by Moneyfacts the requirement for a 25 per cent deposit is coming to an end.
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first time buyer could need as well as first time buyer news at FirstRungNow.com.
People could seek first-time buyer help to secure 90% mortgageMortgage comparison shows new deal is "very competitive" http://www.firstrungnow.com/news/deposit-requirements-1738.aspx
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