The Bank of England's Monetary Policy Committee today announced it has voted to keep interest rates on hold this month. This comes as no surprise, with Savills Private Finance (SPF) expecting further reductions in coming months.

With fewer mortgages available as a result of the credit crunch, it is more important than ever to seek the advice of a professionally qualified independent mortgage broker.

Lenders may appear to be offering some attractive deals if you go direct to them but it is important to compare these with what else is available in the market. Dealing direct with the lender means you may be restricted to a limited range of products from one bank or building society.

The other advantage of using a broker is that they handle your application from start to finish. As well as establishing the right mortgage for your circumstances, the broker helps with the application, can often instruct the valuation and liaises with the lender, saving you time and hassle.

Another advantage in these more difficult times is that brokers often get a heads-up from a lender as to when a deal is being withdrawn. This can make the difference between getting your application in on time and qualifying for the rate you want, or missing out.

(May 2008)