Demand for whole of market mortgage advice

Today's continually changing mortgage market, has led to an increased need for whole of market mortgage advice for borrowers. According to research by Unbiased.co.uk, the professional advice website, almost one in four (23%) people state that today's ‘mortgage maze' means that they are less confident than 12 months ago in choosing a new mortgage deal without professional advice.

Unbiased.co.uk, which offers a ‘find a mortgage adviser' search, has seen a 1% rise in the number of searches during Q2 2009 compared to Q1 2009. While this looks like a small increase, the number of searches rose by a massive 133% when comparing Q1 2009 to Q4 2008. This means demand for whole of mortgage advice has remained at a very high level as people are faced with tighter lending conditions and are unsure about what are the best options for them.

With over one in four people (28%) stating they would never choose a new mortgage without advice, it is vital that consumers find the best mortgage advice to guide them through the maze.

David Elms, chief executive of Unbiased.co.uk comments, "In today's fast-changing mortgage market the need to seek personal, expert advice based on everyone's individual circumstances has become even more important. We are encouraged by the sustained increase in the number of people seeking whole of market mortgage advice to ensure they get the best mortgage deal for themselves.

Follow Unbiased.co.uk's five simple steps to finding the best mortgage advice for you:

1 Understand which type of financial adviser you are seeing - Only Independent Financial Advisers offering mortgage advice, independent mortgage advisers and whole of market mortgage brokers are able to offer advice on all mortgage options available on the market, with no tie-ins to any providers or panels of providers. The other two main types of mortgage advisers are tied advisers or multi-tied advisers, who may only be able to access products from one provider or a range of providers, giving you a more limited mortgage choice.

2 Recommendations from family or friends - Trusting someone to make the best mortgage deal for you is important and it is reassuring to know a mortgage adviser comes highly recommended by your friends or family.

3 Find the right adviser to match your needs - It is vital you carry out full research before meeting a mortgage adviser. Check they are in the right location for you and have the right type of mortgage qualifications. You can even choose to visit a male or a female mortgage adviser.

4 Ask questions - Like any service, it's important to contact a few mortgage advisers before choosing which one you like the best. Don't be afraid to ask them questions on their service and qualifications, and ask them to clarify anything you are unsure of.

5 Payment method - Regardless of the type of advice you take, there will be a cost for your adviser's expertise. This is paid in one of three main ways - by an agreed upfront fee, indirectly through commission or by a combination of fee and commission. Make sure you understand the details of your payment agreement before taking out advice.

David Elms, chief executive of Unbiased.co.uk continues, "It is important that prospective and existing borrowers alike are aware of the remit of options their adviser can offer them. A tied adviser will only be able to access a limited range of mortgage products, meaning they may not recommend the best product available in the market. Only advice from a whole of market mortgage adviser will ensure borrowers are able to make an informed decision on the full range of options available."