People looking to take out a mortgage have been advised to get professional advice before taking on the debt.
The Association of Mortgage Intermediaries (AMI) claims that mortgage borrowers will be able to benefit from intermediaries’ ability to identify the most suitable product for their needs.
This advice comes after independent research by NMG found that mortgage borrowers who purchased their loan through an adviser saved an average £962 a year.
AMI director general Chris Cummings said that during times of financial strain it is more important than ever that borrowers make use of solid financial advice.
He said: “Advisers know their clients and use this insight and their knowledge of the market to identify the most suitable and most price competitive products for the client.”
Statistics from the Council of Mortgage Lenders show that in the first three months of 2008, 82.5 per cent of first-time buyers relied on an intermediary to find them the best mortgage deal.