13
Jun
Borrowers turn to mortgage intermediaries amid economic uncertainty
Borrowers are increasingly using mortgage intermediaries to help
them secure a deal, according to the Association of Mortgage
Intermediaries (AMI).
It claims that ten per cent more remortgaging customers and
first-time buyers used an intermediary in the first quarter of
2008, with 80 per cent of those climbing onto the property ladder
for the first time doing so.
Meanwhile, the organisation stated that most borrowers (80 per
cent) are primarily going to intermediaries for expert advice,
compared to 20 per cent who are seeking lower rates.
Referring to the credit crunch, director-general of AMI Chris
Cummings stated: "During this difficult period consumers need
advice more than ever."
"Our members provide mortgage advice that is wholly focussed on the
individual consumer's needs," he added.
Financial services research company NMG recently released a report
which suggested that seeking independent mortgage advice rather
than dealing with lenders directly could save borrowers up to
£1,830 a year.
