‘More borrowers seeking help’

An increasing number of British borrowers are seeking help from intermediary advisors before taking on a loan, according to a new set of figures.

The Association of Mortgage Intermediaries (AMI) has revealed that over the past 12 months 80 per cent of first-time buyers around the country sought advice from intermediaries prior to taking on a property-related debt management burden.

In fact, both the remortgaging and the first-time buyer markets picked up by around ten per cent over the course of the past year as far as its members are concerned.

According to the association, the trend that its latest data demonstrates is reflective of the increasing tendency among borrowers to seek information and appropriate debt advice before going into the red.

“During this difficult period consumers need advice more than ever,” said Chris Cummings, director general of AMI.

Meanwhile, Citizens Advice has launched a review process aimed at helping its staff provide a more effective service to consumers with debt management problems in England and Wales.