Mortgage advisers slammed by Which?

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Mortgage advisers slammed by Which?

Wed 23rd Jul 2008

Mortgage advisers are failing to give proper advice to customers, research by consumer group Which? has found.

Undercover researchers visited 50 banks, independent advisers and estate agents, posing as mortgage customers.

Four gave advice to Which?'s required standard, while 35 did not check that customers could afford to repay the mortgage.

Two thirds of advisers tried to sell insurance at the same time, with one using Kylie Minogue's breast cancer as a reason to buy critical illness cover.

Martyn Hocking, money editor of Which?, said too many advisers adopted a "one size fits all" approach.

The Association of Mortgage Intermediaries (AMI) welcomed Which?'s support for independent advice and stressed the difference between the actions of independent advisers and those who sell products.

Chris Cummings, director general of the AMI, said that independent mortgage advisers "provide advice that is wholly focused on the individual consumer's needs", while banks and building societies "may offer only generic information".

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