Mortgage News
Will the Which? advice service be good for the market?
Which? is to launch its own mortgage advice service following demand from its members who said they did not know where to turn to for trustworthy, impartial advice. Is this a rejection of the current market place or another mortgage advice service that should be welcomed?
Chris Gardner, director at Which? Mortgage Advisers
Our members rely on Which? for information that helps them choose financial products. But our members have told us that they want us to go one step further and give them personal mortgage advice, so we have introduced Which? Mortgage Advisers to help our members find the mortgage that is right for them.
We believe that our service should be welcomed because we offer another option for our members and their friends and family seeking mortgage advice.
Our qualified advisers listen to what our customers want and give them the full picture. We look at every mortgage from every lender available to us; including those that are only available directly from some banks and buildings societies. We want our customers to get the mortgage that is right for them, whichever lender it comes from.
As you would expect from the Which? group, all of our advice will encourage responsible borrowing. We will make sure that customers have a clear understanding of whether a mortgage is affordable and what the long- and short-term implications of selecting a particular mortgage are.
What mortgage and protection advisers should take from the FCA’s AI stance
Sponsored by Sesame Bankhall Group
Our advisers are paid a salary and do not get any personal commission. They will only be measured against the quality of their advice and the customer satisfaction they deliver. Some lenders will pay Which? Mortgage Advisers a commission for recommending one of their mortgages, but this will in no way influence our mortgage recommendation and in many cases we won’t receive a commission at all.
We will use the commissions to fund the service and any profits go towards the campaigning work that Which? does on behalf of UK consumers.
Also answering in this week’s Market Watch are:
Martin Reynolds, director of Agent Tracker
Charles Morley, head of sales and product development at Kensington