The days of whole-of-market range mortgage advice are over, said Kevin Mountford, spokesman at Moneysupermarket, who warned that consumers using mortgage brokers need to be aware that the product range may be limited.
Mountford said: “Traditionally, mortgage brokers have had the pick of the best deals on the market, with lenders often offering them better deals than they gave customers direct.
“However, the financial turmoil in the last couple of years has seen the mortgage market turned on its head. Owing to the lack of supply and high demand, lenders can take full advantage of the current situation, rather than having to push their products through brokers, which they previously relied on.”
Mountford added that people will always want advice from an intermediary, but consumers should be aware that mortgage advice should be part of the shopping around process, rather than the final word in mortgage products.
“Consumers who fail to shop around in this market will undoubtedly miss out on the best deals available.”
