Best mortgage deals found with independent advice

22-May-2008

The most "suitable and price-competitive" products can be found by seeking independent mortgage advice, according to new research.

Chris Cummings, director general of the Association of Mortgage Intermediaries (AMI), said the latest report from financial services research company NMG provided evidence that the government should encourage more first-time buyers to seek mortgage advice.

"Advisers know their clients and use this insight and their knowledge of the market to identify the most suitable and most price-competitive products," he remarked.

Mr Cummings added: "In these difficult times it is more important than ever for consumers to access good financial advice – [they] should not miss out on the benefits of using a mortgage adviser."

In its analysis, NMG found that people could save up to £1,830 per year by seeking mortgage advice instead of going direct to lenders.

More than half of individuals polled who had arranged a mortgage through an adviser said they were kept informed on the progress of their mortgage application, while just a third of those who arranged it through a bank, building society or lender directly expressed the same.

Earlier this week, financial giant Alliance and Leicester suggested that more people are making use first mortgage advice in the face of media coverage of economic issues.

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