A significant number of consumers turn to people recommended by family or friends for financial advice, a new survey has revealed.
Birmingham Midshires reports that 63 per cent would trust the advice of someone who came recommended this way, while 44 per cent said that government regulation would "give them peace of mind".
Tim Hague, managing director of mortgages at the firm, said that with so many mortgage products currently available on the market, seeking advice is "vital".
"A regulated mortgage intermediary, for example, will have a range of mortgages to choose from and can ensure they find one that meets the exact needs of their client," he advised.
In related news, Wendy van den Hende, chief executive of the PFEG, recently said that people should be taught about financial matters from an early age.
According to Ms Van den Hende, people need to develop a "knowledge base" that they can build upon later in life.
Consumers urged to seek mortgage advice
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Consumers urged to seek mortgage advice
Wed, 28 Nov 2007
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