Industry News
Quality of mortgage advice 'improving' July 28, 2010
The mortgage market has become "more complicated", but the quality and consistency of advice is improving, it has been suggested.
Andy Pratt, chief operating officer at mortgage broker Alexander Hall, said: "The quality is going up - there are [fewer] brokers than there were back in 2007, so what is left is naturally going to be of better quality."
He was responding to figures recently released by unbiased.co.uk showing a 24 per cent rise in those seeking guidance from mortgage brokers on its website.
The advice portal received over 45,000 enquiries in the first half of 2010, compared to just over 36,000 requests for the same period in 2009.
Mr Pratt reasoned that although the mortgage market may seem simpler on the surface due to the reduced number of lenders, it is actually more complicated for mortgage seekers because the likelihood of rejection is greater.
He added that mortgage brokers can spot reasons for home loan rejections before they appear, which is why more people are seeking advice straight off.
© Adfero Ltd
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