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Friends the source of mortgage advice
Tue, 08 Aug 2006
Knowing where to seek advice on the most important financial decisions you will ever take can be difficult. When trying to choose a mortgage loan, many people turn to brokers or IFAs ( Independent Financial Advisers .) However, a new study by Alliance and Leicester Current Accounts reveals that a quarter of people in the UK rely on their friends for financial advice .

Commonly sought advice includes savings accounts (24 per cent) and mortgages (21 per cent.) 13 per cent of respondents in the study said that they had acted on financial guidance provided to them by a friend over the course of 12 months.

The current accounts manager at Alliance and Leicester, Helen Palmer, said: "Good news travels fast, and there is no better endorsement than that of a friend. Our 'Recommend a Friend' scheme encourages people to spread the word that shopping around for the most competitive current account is a worthwhile process."

Customers of Alliance and Leicester who recommend a friend who chooses a Premier or Premier Direct account could earn themselves and the friend £50.

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