Government 'cannot help mortgage brokers'

Date: Wednesday 17th September 2008

The government has failed to plan ahead in order to help commercial mortgage brokers, the Conservative party has claimed.

Shadow treasury minister Mark Hoban made the statement at a National Association of Commercial Financial Brokers (NACFB) round table event, the Financial Times reports.

Mr Hoban said that prime minister Gordon Brown "failed to prepare for a rainy day".

Adam Tyler, chief executive of the NACFB, said small and medium-sized enterprises (SMEs) are suffering as they cannot access finance.

Brokers, he said, are "vital" in keeping transactions going that keep SMEs active.

Finance website Fool.co.uk has advised using a mortgage broker.

Writer Donna Werbner said it saves having to do one's own research, as a good broker will study every deal available to find the best deal for a customer.

She also said a broker can offer advice and can offer help with application, noting they often have advance notice from lenders about deals about to be withdrawn.