Advice 'can save mortgage borrowers money'

Mortgage borrowers could save a large amount of money by getting advice on products, according to new research.

The study by NMG for the Association of Mortgage Intermediaries (AMI) found that by not going direct to a lender and seeking impartial advice, consumers could save up to £1,830 a year.

Over half of adults who arranged their mortgage with an adviser also said that by talking to an intermediary, they were kept fully up-to-date with their application''s progress.

The director general of the AMI, Chris Cummings, said that advisers can "identify the most suitable product for the consumer at a competitive price".

"Consumers should not miss out on the benefits of using a mortgage adviser. We also call on the industry, regulator and the government to give their backing to the role of advice in the mortgage market at these difficult times for consumers," he added.

Previous research by the AMI found that first-time buyers in the UK are increasingly using intermediaries.

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