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Mortgage brokers are becoming more advisory, says research
http://www.themortgageprovideronline.com/articles/514/1/Mortgage-brokers-are-becoming-more-advisory-says-research/Page1.html
James Berry

 
By James Berry
Published on 05/19/2008
 
New Research from Alliance & Leicester suggest that mortgage brokers are perceiving a change in way their interact with clients.

Mortgage brokers role is becoming more advisory, says new research
New research from Alliance & Leicester suggests that mortgage brokers are seeing themselves as advisers, now more than ever.

76% of mortgage brokers surveyed, feel that their role is becoming more advisory, with 47% saying that they now have to provide more insight and strategy than 6 months previously.

The research suggested that the principal reason for this is uncertainty in the housing market, with 48% of brokers saying that this was a cause. Economic factors were also deemed a contributory factor, with 22% brokers saying so.

Mortgage director at A&L, Raj Uppal, said: "Borrowers are becoming increasingly aware of the importance of making the right mortgage choice and that they can take advantage of brokers' wealth of knowledge to ensure this. Instead of simply using a broker to source products, borrowers are now making the most of their advisory services to learn about affordability and extend their product understanding."

"The high profile news coverage about economic issues, the economy in general and the housing market mean broker's advice and expertise will play an important role in helping their clients find the right product. Mortgages have hit the main news agenda in recent months and this has perhaps led to more people questioning brokers about the different aspects involved in taking on a mortgage," he added.