Those seeking mortgages in the Birmingham area have more choice in mortgages.
According to a financial analyst at Moneyfacts, Michelle Slade:
“Borrowers in the Midlands have wider access to a higher number of mortgage products than anyone else in the UK, with those living in the Leicestershire having the widest choice.”
This statement was made primarily because the Birmingham and Midlands area has a higher number and concentration of the smaller building societies, which have in the last few decades been swallowed up by larger banks and mortgage lenders. As a result, this was a question posed by a delegate on a CeMAP training course in the Birmingham and Midlands area.
These building societies, such as the Birmingham Midshires Building Society or West Bromwich Building Society, offer selected products purely for borrowers who live in that region, nearby counties and / or certain postcodes within a specificed region. Mortgage borrowers often need to hold an account with that building society too in order to qualify for a mortgage with the building society.
That could mean that mortgage advisors in the Birmingham area have more choice to offer their clients, and indeed may have more business. For those who are considering becoming a mortgage advisor in the area, it could be worthwhile attending a local CeMAP training course in Birmingham.