Government 'cannot help mortgage brokers'

Date:Wednesday 17th September 2008
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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advice and can offer help with application, noting they often have advance notice from lenders about deals about to be withdrawn.