Find a good mortgage broker

a friend of mine has just had a slight balls up with a mortgage on a property he was buying. he was buying below market value and hence needed to arrange an immediate remortgage to release his funds for more investment. he used a random mortgage broker who to me sounds completely rubbish. the broker lined him up with a Birmingham midshires product which sounded good enough to him at the time.

my friend needed to release 85% of the property valuation, NOT the purchase price. This would have been possible with Birmingham midshires 12 MONTHS AGO but since then Birmingham midshires have changed their policy and they only allow remortgages up to 85% of the purchase price within 6 months or purchasing.

Anyone who has been buying BMV or any decent mortgage broker would have known that. I think my friend went for a local free mortgage broker to save money. I feel it may have been a false economy for my friend as he has now had to shell out for the valuation of about £400. He has now purchased the property with cash and his money is locked in the property.

note. this is a random image i pulled off google images and is NOT my mortgage broker.

I must really stress that a good mortgage broker is key in the property game. a good mortgage broker who knows what he is doing and understands your business and your market is worth his/her weight in gold. some mortgage brokers will charge 1% of the loan amount for their services. my brokers charge £200 for their services and I find their fees are worth every penny.

what i did forget to mention is that my broker is also a packager which means that he has much more control over the process then a normal broker.