AMI praises independent advisors

Posted: 24 Jul 2008 13:28:12 GMT

Responding to a recent Which? study that found a general failure of mortgage advisors to provide adequate advice, the Association of Mortgage Intermediaries (AMI) has said the report did not differentiate between independent advisers and those who sell products.

AMI advisors highlighted the fact that of the four mortgage advisers that passed the Which? test, three were independent.

Commenting on the findings, Chris Cummings, director general of the AMI, said: "We are grateful that within the report Which? highlighted for consumers the difference between sales and advice. Consumers must be made aware what they are receiving. Independent mortgage advisers provide advice that is wholly focussed on the individual consumer's needs."

Which? did suggest that consumers always speak to an independent mortgage adviser and industry figures have shown that the number of first-time buyers who consult an intermediary has increased.

There were 82.5 per cent of borrowers who used an adviser in the first quarter of 2008, which was an increase of ten per cent on the same period last year.

© Houseladder Ltd