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Are Mortgage Advisers Giving Balanced Advice?

As we covered earlier this week there are concerns that mortgage advisers in the UK are under severe pressure to deliver the goods in the worst trading conditions for over a decade. After the announcement of the OFT investigation into the sector there has been a backlash from customers with many stepping forward to query recent advice. So what is really happening?

A recent undercover operation by Which? Money suggests that not all advisers are making their clients aware of the issues and risks associated with the mortgage industry. Of 50 who were tested it is claimed that 41 failed to give at least one piece of information which is required by law, with some fairing a lot worse than others.

While customers will not know the extent of the problems until it is too late, the publication of the investigation findings has the potential to hit the confidence which consumers have in the industry and those advising them. If we see business falling and confidence in the advice under pressure then it is literally a recipe for disaster.

There is the potential for the industry to become the next target for those who chase compensation claims which would detach the sector total from any confidence which the consumer may or may not have had.

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