Mortgage News

Mortgage intermediaries 'a good source of advice' - 28/11/2007

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Mortgage intermediaries are a good source of advice on loans for house purchase, it has been stated.

According to mortgage lender Birmingham Midshires, people should look to the professional sphere for comprehensive advice, rather than turning solely to advisers recommended by friends and family.

New research from the company shows that 63 per cent of people will trust a financial adviser recommended by friends and family, while 44 per cent of those polled cited government regulation as a deciding factor in the extent to which they trust fiscal recommendations.

Some 38 per cent of respondents said that they would be swayed by the duration of an independent financial adviser's experience, while 37 per cent would be assured by professional recommendations and 26 per cent convinced by qualifications, according to the study.

"While it is good to get a steer from friends or family as to where to go for financial advice, their financial needs may have been very different. A regulated mortgage intermediary, for example, will have a range of mortgages to choose from and can ensure they find one that meets the exact needs of their client," said managing director of mortgages with Birmingham Midshires Tim Hague.

Price comparison website Moneyfacts.co.uk has this week warned borrowers to look at arrangement fees as well as rates when selecting a mortgage deal.

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