20 May

Mortgage brokers offering advice to borrowers

Mortgage brokers offering advice to borrowers

Brokers are increasingly performing an advisory function, according to new research from Alliance & Leicester mortgages.

It found that 76 per cent of brokers feel their role is becoming more advisory and will continue to do so for the next six months.

In addition, 47 per cent of brokers in the bank's survey believed that they now provide their clients with "more insight and thought" than they did six months ago.

Of those, 48 per cent cited lower confidence in the housing market as the main reason for that trend, while 22 per cent singled out the economy.

Commenting on the findings, 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."

The bank launched a new range of mortgages earlier this month, offering lower interest rates for customers requiring a loan-to-value ratio of 75 per cent and under.

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