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Which? customers can opt to pay for “free” service

by: Mortgage Solutions
  • 17/11/2010
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Which? has revealed customers using its mortgage advice service will have the option to pay a fee if they prefer.

Which? officially launched its mortgage advice service today, two weeks after gaining FSA approval.

While it will not charge customers a fee for the service, it said that those that “feel more comfortable paying us a fee” will have the option to do so.

This will be 0.5% of the loan, payable upon completion and, if Which? gets a commission for the transaction, it will refund the fee.

Which? announced its new mortgage advice service on 8 November. It will be available to Which? members and their family and friends, and will look at all mortgages from lenders, including direct-only deals.

Which? advisers will be paid a salary and commission will go to fund the advice service, with any surplus going into its general campaigning pot.

The consumer panel has insisted that commission will not influence its advisers recommendations.

Chris Gardner, commercial director at Which?, said: “People are faced with many sources of information and advice when it comes to buying a house or looking to remortgage. We’ve listened to our member requests and have launched an impartial advice service that will ensure they get the mortgage that is right for them, whichever lender it comes from.

“Our advice will be tailored to each customer and take into account their individual circumstances, borrowing needs and their plans for the future. Choosing the right mortgage can be a difficult decision so we’re offering advice from someone people can trust and who gives them the full picture.”

The service will only advise on mortgages and customers who require further products, such as general insurance, will be referred to IFA database unbiased.co.uk.

However, it has intimated that it will consider extending the advice service into other financial areas.

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