Designed for borrowers looking to borrow £500,000 or more, largemortgageloans.co.uk includes products from Abbey, Cheltenham & Gloucester and Clydesdale Bank, among others.
Following Portman Building Society research, which revealed over 60,000 properties in Britain are now worth over £1 million, Paul Welch, managing director at Clegg Gifford Private Clients, said the need for a specialist intermediary service for clients looking to borrow large amounts was growing.
He said: “The decision to launch largemortgageloans.co.uk was a natural progression for us. If you do not work in the mortgage market, who is there to speak to? Local banks, which are probably not very local anymore, or people can read national newspaper reviews. Largemortgageloans tells consumers simply what we deal with and with low fees of £195 to cover our costs, it makes an extremely attractive offering compared to other brokers that may charge up to 1 per cent of the loan amount. With average house prices creeping up, borrowing requirements clearly need to reflect change and complement the needs and wants of the end target market.”
Welch added further changes to the market might further affect the housebuying process. “The longer term fallout interests me, wondering how IHT, inheritance laws and stamp duty may be affected by increasing home prices,” he added.
However Hugh Nichols, partner at Badbury Berkeley Mortgage Services, cast doubts on the broker service. He said: “Brokers should be comfortable doing small and large loans, so I can’t really see this kind of service of being a massive benefit.”
