Experts are urging consumers to seek mortgage advice before it is too late, citing that foreclosures are increasing and property values are still on the decline. For those that do not seek mortgage advice in time, the results may be disastrous. Numerous mortgage advice programs are being sponsored by the government to assist consumers.
“There are less mortgages being written, and this position is likely to continue for at least the next twelve months. It is likely that mortgage intermediaries will need to widen their scope of financial advices in order to survive,” stated Darren Cook with Moneyfacts.
Richard Farr, Director of the Association of Mortgage Intermediaries, said: “Mortgage intermediaries are playing a vital role in the current market place as first time buyers struggle to find a mortgage deal. The CML figures demonstrate the demand for advice from consumers, and the ability of intermediaries to find a good deal even during difficult times.
“Consumers clearly value the advice they receive from mortgage brokers. It is important for government, regulators and the industry to recognise the value of intermediaries to consumers. Intermediaries are able to identify the most suitable product for the consumer at a competitive price and analysis of consumer attitudes show they value this advice much higher than that provided by the lenders. In these difficult times it is more important than ever for consumers to access good advice.”
Related reading: Mortgages Advice
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