Mortgage brokers 'becoming more advisory'
Published on : 19/05/2008
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Mortgage brokers in the UK are taking a more advisory role and are set to continue to do so in the near future, according to research.
The study by Alliance & Leicester found that 76 per cent of brokers feel they are heading in such a direction, while 47 per cent have said they are providing more advice to consumers than they did around six months ago.
Over 60 per cent of the firms have hoped their actions will help them secure longer relations with their clients.
Raj Uppal, director of mortgages at Alliance & Leicester, said: "Borrowers are becoming increasingly aware of the importance of making the right mortgage choice and that they can take advantage of brokers' wealth of knowledge to ensure this.
He added that consumers are now using brokers to "learn about affordability and extend their product understanding".
The head of mortgages for Moneyfacts, Darren Cook, recently stated that mortgage borrowers do not look at incentives and perks when looking at products.
