Need for mortgage advice 'likely to increase'

The need of consumers for advice on mortgage issues is likely to increase in coming months, according to an independent financial advice body.

David Elms, the chief executive of IFA Promotions, has stated that as the market could currently be described as volatile, the situation means that advice is generally valued more.

Quoting figures, the expert explained that currently mortgages are currently only the third most likely issue for people to seek help, behind both pensions and investments.

He added: "If we are to learn anything from what happens on the investment side, it would seem reasonable to assume that mortgage advice is going to be valued more in current conditions."

According to recent figures published by Moneyfacts, the number of mortgage products available in the UK has dropped by around 50 per cent this year.

It was also found that at the beginning of 2008 there were 862 products available for first-time buyers, while now there are just 268.

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