Mortgage advice 'could save borrowers money'

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Consumers who decide to get advice on mortgages tend to save more money than those who do not, according to a new report.

The study carried out by NMG for the Association of Mortgage Intermediaries (AMI), shows that talking to experts and not going directly to a lender, people could save up to £1,830 a year.

Over half of adults who arranged their mortgage with an adviser also felt they were kept fully up-to-date on the progress of their application.

Chris Cummings, director general of the AMI, said that intermediaries are able to "identify the most suitable product for the consumer at a competitive price".

He added that the public "should not miss out on the benefits of using a mortgage adviser".

The release of the research follows a study from the AMI which revealed that first-time buyers are increasingly using intermediaries.

It is claimed that the number of such people that ask for assistance has risen by over 82 per cent in the first few months of 2008.

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