Consumers increasingly seeking advice

The survey of mortgage professionals found that 89 per cent believe that consumers go for the overall suitabilty of a mortgage, rather than the rate or the lender. The survey found that consumers are more likely to be influenced by the right ‘mix’ of penalties and lock in periods.

Luke March, chief executive of the MCCB, said: "The feedback from the industry is that most customers want quality mortgage advice that guides them towards suitable products. The results highlight the importance of advice to customers and further strengthen the need for mortgage advisers to be professionally qualified – which is a requirement under our rules at 31 December 2002.

"The responses gathered from mortgage industry professionals at our roadshows demonstrate, in a period of unprecedented competition in the mortgage industry, a more knowledgeable consumer, looking for the right kind of loan overall and a good and sustainable mortgage rate."