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AMI says independent mortgage advice could save consumers GBP1,830 pa

New research by the Association of Mortgage Intermediaries, in partnership with independent financial services research company NMG, has revealed that mortgage intermediaries could save consumers up to GBP1,830 per year compared with going direct to lenders.

Research showed an average annual saving achieved from purchasing via an adviser to be GBP962 per annum. With just under 1.36 million intermediary mortgage sales in the 2006/07 financial year, the savings achieved by intermediaries for their clients is estimated to be between GBP1 billion and GBP1.2 billion per annum.

Chris Cummings, director general of the AMI, said: Intermediaries are able to identify the most suitable product for the consumer at a competitive price. Analysis of consumer attitudes shows they value this advice much higher than that provided by lenders.