UK Money News
23rd January 2008
Mortgage buyers 'must be made aware of options'
It is vital that consumers looking to compare mortgages are aware of the details of options recommended to them, it has been claimed.
Independent personal finance advice service Bestinvest states that the sheer number of options available for buyers means that it is important to make sure they understand any help with money put before them.
Peter O'Donovan, mortgage manager for Bestinvest, said: "It's really important to make sure the customer understands exactly why you're recommending a particular product, or why you think that they should look at certain variations."
He was responding to the recently implemented Treating Customers Fairly initiative from the Financial Services Authority.
The scheme is intended to oblige personal finance providers to be clear and fair in their dealings with members of the public.
Meanwhile, the Council of Mortgage Lenders has stated that the credit crunch has resulted in a tightening of the lending criteria adopted by many institutions.
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