It is reported daily in the media that there are turbulent times within the mortgage industry at present - problems in Amercia, the Credit Crunch and a slow housing market are all part of this.
Even though there have been three recent reductions in the Bank of England Base Rate...none of these reductions have given the homeowners the "cheaper interest rates" they were hoping for, in fact mortgage interest rates have generally increased as the year has gone on and on top of this, the lenders have begun to pick and choose who they will lend to.
Traditionally, your Mortgage Broker would have presented you the top mortgages that fit your criteria (which in most cases would be the best that were available anywhere on the market), and which ever lender's product you chose, that lender would pay the broker a fee to set it up and the Broker would not charge you.
