According to experts, it has never been more important to seek mortgage advice, whether a consumer is buying for the first time or trying to refinance. Without proper mortgage advice, consumers may end up paying too much or may get stuck in foreclosure proceedings when it is too late to change the outcome. By seeking mortgage advice, this experts aver that disaster can be averted in most cases, and at the very least, money can be saved. Without it, the exact opposite may occur for many consumers.
“More people are struggling to meet their mortgage payments and it is vital that firms treat them fairly,” said Lesley Titcomb, of the FSA. “This means paying attention to their individual circumstances and not repossessing their homes when there may be an alternative solution. Repossession has to be the last resort.”
Andrew Strange, policy director for the Association of Mortgage Intermediaries, said: “Although the number of products available on the market has dropped, there are still a large number of mortgages to choose from. During difficult periods in the market, consumers need advice more than ever and the risk of making the wrong decision is wide reaching.”
Related reading: Mortgages Advice
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