Mortgage market more complicated?

Posted: 28 Jul 2010 08:35:57 GMT

The recession has led more people to seek advice from brokers because the mortgage market is "more complicated".

>That is the view of the chief operating officer at Alexander Hall Andy Pratt, who said the fact less lenders and products are available does not mean getting the correct deal has become any easier.

"On the surface, you can look at the mortgage market with fewer lenders around and you can think to yourself as a customer that it is quite a simple thing now to be able to decide what the right mortgage is for you," he added.

However, Mr Pratt noted the reality is much more complicated as criteria are tougher, which means acceptance is too.

Furthermore, he explained plenty of individuals have been rejected by the likes of HSBC and so have sought financial advice.

The specialist's comments follow the release of figures from unbiased.co.uk, which revealed there has been a 24 per cent rise in the amount of consumers seeking guidance from a broker, compared to the same period in 2009.


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