Mortgage brokers offer homeowner loan advice
Published On 18 April 2007
More mortgage brokers are ready to offer consumers advice on secured loans - sometimes called homeowner loans - according to new research.The Association of Finance Brokers (AFB) recently undertook a survey of its members which found that around half the mortgage brokers it questioned said that they also offered advice about homeowner loans.
However, half of the brokers firms who did offer advice on these sorts or products only had a single member of staff on hand to provide the information. A further 40 per cent had between two and ten staff members who offered advice on secured loans.
"In recent years mortgage brokers have been saying that they want, or intend, to become more involved in offering secured loans. This review shows it is now happening," explained Robert Sinclair, the director of the AFB.
"It is encouraging to see that most have advised in this area in the last month.
"We know this is driven by the circumstances of the borrower and ensuring the best deal for them."
The research also found that only about ten per cent of mortgage brokers are currently members of The Finance Industry Standards Association (FISA) - a voluntary self-regulatory body operating in the secured loans market.
"Very few of the mortgage brokers have taken up FISA membership, which does not seem to be a barrier to them writing business," Mr Sinclair concluded.
The total amount of secured lending on homes reached £1.09 trillion in February.
