Mortgage loan customers could save money by getting advice


Wed 21st May, 17:42:02 BST

Homeowners struggling to meet their monthly repayments could save nearly £1,000 a year by taking out a mortgage through an intermediary, new figures have revealed.

Research conducted by financial analyst NMG on behalf of the Association of Mortgage Intermediaries (AMI) suggests that people who purchase their mortgage via an adviser save £962 per annum, on average, with the intermediary ensuring they are on the best possible deal for their circumstances.

"Intermediaries are able to identify the most suitable product for the consumer at a competitive price. Analysis of consumer attitudes shows they value this advice much higher than that provided by lenders," said Chris Cummings, director general of the AMI.

He went on to note that intermediaries could save consumers up to £1,830 a year on the mortgage compared with going direct to the lenders.

With some 1.36 million intermediary mortgage sales in 2006/07, the research indicated that the savings achieved by advisors for their clients is as much as £1.2 billion a year.

Meanwhile, the Council of Mortgage Lenders has published new figures which revealed that gross lending reached £25.3 billion in April 2008, up five per cent on March, but an eight per cent year-on-year decline.
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