More mortgage advice sought amid economic concerns

19-May-2008

More people are making use of brokers for first mortgage advice in the face of media coverage of economic issues, it has been suggested.

In new research carried out by financial giant Alliance and Leicester, it was revealed that nearly half of mortgage advisors believe they provide clients with more "insight and thought" now than they did six months ago, mainly because of lower confidence in the housing market and the economy.

"Mortgages have hit the main news agenda in recent months, and this has perhaps led to more people questioning brokers about the different aspects involved in taking on a mortgage," confirmed Raj Uppal, director of mortgages at the firm.

"Borrowers are becoming increasingly aware of the importance of making the right mortgage choice and that they can take advantage of brokers' wealth of knowledge to ensure this," he added.

Some of the topics regularly singled out for discussion by potential buyers at the moment, according to Mr Uppal, include mortgage comparison (between different lenders), the Bank of England base rate and deposit issues.

In related news, Moneyextra revealed last week that more first-time buyers are "pooling their resources" to secure a mortgage, with dual-income applications now accounting for a larger proportion of the first-time buyer market than ever before.

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