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In lieu of the current housing market, consumers are being encouraged to seek out professional mortgage advice as quickly as possible. Defaults are occurring more commonly and rates for mortgages are going up, necessitating the need to get the help of professional mortgage advice. Without, homeowners may not be able to save their homes.

Moneyfacts Mortgage Expert Darren Cook stated, “If the current economic climate persists, it is not unreasonable to predict that we may see a situation where a higher proportion of borrowers are on their lender’s SVR, rather than on an actual mortgage deal.With lenders such as ING Direct (UK) having an SVR as low as 5.64%, this isn’t bad news for all customers. If the Bank of England maintains its current base rate level, or indeed drops it further, the lender’s SVR rates will become increasingly attractive.”

Chris Cummings, Director General of AMI, said: “In the first quarter of this year, consumers have increasingly turned to our members to seek out professional mortgage advice. For example, over 80% of First Time Buyers used an intermediary - a 10% increase on the previous year. The re-mortgage markets also saw intermediary business up by 10%.

Related reading: Mortgages Advice