Concerned consumers turn to brokers for mortgage advice

Posted: 13 Jun 2008 13:22:05 GMT

As homeowners and first-time buyer's confidence is rocked by tales of a collapsing housing market an increasing number of borrowers are turning to mortgage intermediaries for advice.

As homeowners and first-time buyer's confidence is rocked by tales of a collapsing housing market an increasing number of borrowers are turning to mortgage intermediaries for advice.

The Association of Mortgage Intermediaries (AMI) has therefore decided that now is the time to promote the value of mortgage advice to consumers.

Last night (June 12th) at the AMI's Annual Dinner, director general Chris Cummings, and AMI chairman the Rt Hon John Gummer MP announced their intention to bring together the mortgage industry to "put the interests of consumers first".

Chris Cummings said: "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."

Mr Cummings explained that in the first quarter of 2008 over 80 per cent of first-time buyers used an intermediary.

According to the AMI's research, the primary reason for consumers using intermediaries was for advice and only 20 per cent of those questioned said they used an intermediary to save money.

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