IFAP launched www.unbiased.co.uk five years ago for consumers to select an IFA by location, gender, expertise and qualification. The new online search facility has been set-up due to over 20 per cent of all searches being mortgage-related on its IFA website.
In 2004, £1,680 million was generated in new mortgage lending through IFAP’s ‘unbiased’ website.
Karen Barrett, marketing director of IFA Promotion, said: “Arranging a mortgage is one of the biggest single financial commitments any of us make and therefore one of the biggest triggers to consider other financial products.
We have therefore been working behind the scenes to build a confidential service that focuses specifically on mortgage IFAs who can offer whole of market advice to consumers, not only on all aspects of the mortgage remit but also on additional investment and insurance products which may be purchased at the same time.”
Recent research by the organisation revealed 78 per cent of borrowers take out one or more insurance or investment products alongside a mortgage (1.4 products on average).
In particular, over half (52 per cent) of borrowers take out life insurance with their mortgage and 31 per cent take another form of financial protection. 28 per cent of borrowers started an investment plan alongside their mortgage in the last five years, down from 69 per cent of those who got their mortgage a decade or more ago.
Andy Frankish, managing director of Mortgage Talk, said: “It’s a useful tool with good, easy to navigate links and the figure of £1,680 million is an impressive one. My only concern is if consumers haven’t heard of the proposition – search engines such as Google and AOL don’t seem to know the new site exists.”
