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More consumers seeking mortgage advice from brokers

13 June 2008 / by Rachael Stiles
Mortgage customers are increasingly turning to brokers for advice as they become more concerned about the mortgage market and how to determine which loan is best for them in an ever-changing climate.

As mortgage lenders continue to raise rates, despite the Bank of England either maintaining or cutting the base rate for the last 12 months, consumers are anxious about which type of mortgage they should choose.

At the Association of Mortgage Intermediaries (AMI) annual dinner last night, director Chris Cummings and chairman Rt Hon John Gummer MP called for the mortgage industry to collaborate their efforts and put customers first, pledging to promote the value of getting mortgage advice to consumers.

AMI has found that in the first quarter of 2008, more than 80 per cent of first time buyer mortgage customers used an intermediary to help them find the right deal – an increase of 10 per cent on the same period last year.

"Our members provide mortgage advice that is wholly focussed on the individual consumer's needs." Mr Cummings said. "This means finding suitable products and providing high levels of customer service. Our recent research shows that 8 in 10 consumers chose to use an intermediary for mortgage advice and only 2 in 10 selected them because of cost.

"During this difficult period consumers need advice more than ever. That is why we will now begin a concerted campaign to demonstrate to consumers the value of mortgage advice. We look forward to the support of the entire industry for this important initiative."

© Fair Investment Company Ltd