Homeowners ignore what they know is best

The majority of homeowners believe it is important to receive independent financial advice when arranging a mortgage, but only a small minority actually approach an IFA.

New research from IFA promotion shows that 64 per cent of homeowners appreciate the importance of approaching an IFA for advice, yet only 18 per cent do so.

The survey also reveals that 41 per cent of potential homeowners said they would consult their bank or building society for mortgage advice, and 43 per cent of current homeowners actually did.

In addition, 18 per cent of non-homeowners claim to have a clear understanding of the mortgage market, and 30 per cent of homeowners who remortgaged did do with the assistance of an IFA.

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

"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. Only a Mortgage IFA offers ?gold standard? independent advice across all related product areas."

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