UK mortgage brokers are increasingly focusing on secured loans - meaning that consumers are more easily able to get good quality advice on when to take out such products.
This is one finding to emerge from a new study carried out by the Association of Finance Brokers (AFB). Its new survey of UK mortgage intermediaries revealed that around 50 per cent of respondents now advise on mortgages, with 56 per cent having advised on between one and ten secured loans in the past month.
Close to 20 per cent of intermediaries placed their business with ten or more lenders, in addition.
"In recent years mortgage brokers have been saying that they want, or intend, to become more involved in offering ," said Robert Sinclair, director of the AFB. "This review shows it is now happening."
"Mortgage brokers are increasingly using secured loans as an appropriate part of their advice to customers. It is also good to see that in many companies this is seen as a specialist area and they are encouraging specific individuals to focus on this sector. This should ensure that the customer receives good quality advice.
"It is encouraging to see that most have advised in this area in the last month, so are active in the market using of a wide range of lenders. We know this is driven by the circumstances of the borrower and ensuring the best deal for them."
Only 20 per cent of intermediaries did not offer Payment Protection Insurance (PPI) with the loans they advised upon – with the remaining 80 per cent offering PPI either as a monthly premium or a choice of a monthly or a single premium.
News Source:
http://www.netloans.co.uk/
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