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Mortgage advice is 'key' to finding the right deal

Mortgage advice is 'key' to finding the right deal

17 May 2010 / by Rachael Stiles

In the current market, which has damaged consumer confidence, getting mortgage advice is the key to finding the right one, says Kensington.

The mortgage intermediary says that consumers' confidence has taken a beating from the global financial crisis during the last few years, and many do not know which way to turn, but that they can take comfort in the fact that independent financial advice can help them to find the best mortgage for them.

Nearly half of respondents to Kensington's survey said that they feel less confident in their ability to find an appropriate mortgage for their needs, following the banking crisis, highlighting the need for sound financial advice.

Around a quarter of consumers said they have about the same amount of confidence, and only two per cent said that they feel more confident in making financial decisions since the economic downturn.

The research also revealed that consumers have most faith in getting mortgage advice from an independent adviser, with nearly twice as many people saying they would trust an IFA over a bank or building society.

Commenting, Charles Morley, head of sales and product development at Kensington, said that he was not surprised by the findings: "The landscape of our market has changed considerably over the last three years so it is not surprising that consumers, particularly those whose circumstances changed during the recession, are confused by the mortgage options that are available to them," he said.

"Fortunately borrowers still recognise the power of independent financial advice and intermediaries have the opportunity to help rebuild trust by finding products with the right criteria to suit their clients' circumstances."

© Fair Investment Company Ltd