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HiFX launches overseas offering
9 February 2008
HiFX has launched a fee-free overseas mortgage offering after admitting that the current market was in need of ‘cleaning up.’
The overseas broker insisted it had launched its offering so that consumers could turn to it for advice without being charged a fee.
Jane Ayliff, head of international mortgages at HiFX Mortgage Services, confirmed that some brokers operating in the market charged a fee before any work was undertaken for the client.
In addition, due to differing laws, Ayliff added that clients could pay thousands of pounds only to find that their dream overseas property was out of reach.
She said: “The overseas mortgage market is complex and we know that just as borrowers have traditionally struggled to find a regulated broker, they have often been dissatisfied with the service provided by many of the overseas players.
“Our aim is to challenge those overseas brokers who charge large fees and poor service to clean up their act.”
David Hollingworth, mortgage specialist at London & Country said that his firm referred all overseas clients to a specialist, but suggested that the overseas market could be affected by the credit crunch.
He said: “A lot depends on market confidence. It is another stream of income so I can see brokers becoming involved in it, but it all depends on demand.”