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Independent advice sought by UK mortgage holders

Date: Tue, 25 Oct 2005

Many potential UK mortgage holders are looking for independent investment and protection advice when buying a property.

Research from IFA Promotion discovered that nearly two thirds of non-property owners believe it is beneficial to receive independent advice when arranging their first mortgage. However, less than one in five of current UK mortgage holders actually discussed their options with an IFA prior to buying.

"More than three quarters of mortgage borrowers take out at least one protection or investment product alongside their mortgage," said Karen Barrett of IFA Promotion.

"However, our research shows that whilst most people instinctively know that independent advice is important for these purchases too, in practice, this is not what they are taking," he added.

Instead, many people tend to consult their bank or building society for advice on such products, even though just 18 per cent of non-UK mortgage holders actually believe they have a clear understanding of the market.


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