The 2008 economic recession not only hit the UK but the entire global market harder than expected.
Input and output within the manufacturing industries saw a vast slump, growth across the board hit a brick wall and redundancies soon became the norm in order for businesses to make ends meet.
Unfortunately the commercial sector was not alone in suffering; for the first time buyer mortgage hunting became increasingly difficult as banks tightened their reigns and house prices suffered painful dips as the recession made purchasing a home; mission impossible.
Financial experts have declared that the crisis is by far the worst that Great Britain has seen in over fifty years and unfortunately, five years later it is evident that the painful rut that the economy has become so trapped in; is as difficult as ever to climb out off.
Early this year however, shocking revelations soon came to light that indicated just why and how Britain and the world had become encumbered by a financial depression.
The Libor rates is the average interbank interest rates system and is a base rate by which any and all financial lending must be measured however, in the earlier part of 2012; it soon came to light that the world's biggest banks had been manipulating the system greatly in order to benefit their own personal profits.
To date the scandal has costs the world trillions and forced the resignation of the heads of Barclays bank.
The revelations ignited an immense fear amongst the public and further diminished any trust the banking sector may have previously possessed.
As a result of the decline in banking lending and of course this decline in trust; borrowers across the board have now sought to seek alternative means of lending and those facing increasing difficulty in getting a mortgage have rapidly shifted their loyalties.
A mortgage broker is now deemed to be the ideal solution to a range of financial issues and needs and as an independent financial service; can provide the borrower with ideal financial aid and support without the fear and hassle now eminent within banking lending.
By acting as an intermediary; a broker is a middle man, so to speak, and will work side by side to assess your current financial situation and will ensure that whatever solution is agreed; your financial safety and security remains a priority and are protected in the event of a further slump.
The real beauty of the finance broker is that they do not receive any payment until you have received the right financial loan which is why borrowers can feel at ease knowing that personal profits are not a driving factor.
Experienced independent mortgage brokers will possess years of expertise and as a result will hold a respectable portfolio of lenders that they can seek to obtain financial aid from and what's more is that should a bank have previously declined any lending hopes; the right broker will still go out of their way to assist your financial needs.
There is no doubt a fear surrounding mortgage lending and a worry across the faces of all home and business owners however all is not lost.
By seeking the aid and assistance of an independent broker; there now lies a greater opportunity to secure any and all financial requirements.