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Ensure your mortgage advice is unbiased

Date: Wed, 27 Apr 2005

Prospective house buyers are being warned to ensure that they are receiving unbiased mortgage advice when dealing with an independent financial advisor (IFA)

Research by IFA Promotion found that many people do not realise that some so-called independent advisors may actual offer "tied" advice for other financial products such as insurance.

The study discovered 78 per cent of borrowers take out one or more insurance or investment products alongside their new mortgage commitments. Around 52 per cent of borrowers take out life insurance with their mortgage, and 31 per cent take another form of financial protection product.

"Arranging a mortgage is the single biggest financial commitment many of us make, and therefore the biggest trigger to consider other financial products," said the chief executive of IFA Promotion, David Elms.

"We're urging borrowers to see a mortgage IFA who will offer the gold standard: independent advice across product areas."

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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.