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Mortgage market has become more complicated
Wed, 28 Jul 2010
The UK mortgage market has become "more complicated" since the recession and led Britons to seek advice from brokers, it has been claimed.

Andy Pratt, chief operating officer at Alexander Hall, explained that consumers should not think that the reduced number of products and lenders mean that identifying the correct mortgage deal has become easier.

"On the surface, you can look at the mortgage market with less lenders around and you can think to yourself as a customer that it is quite a simple thing now to be able to go and decide what is the right mortgage for you," he commented.

The reality, though, is that it is actually more complicated because the "likelihood of acceptance on the criteria is tougher".

Mr Pratt added that there is increased "quality and consistency" in the advice given by brokers due to the reduced number of employees in the industry.

Unbiased.co.uk, the professional advice website, claimed recently that despite continuing worries over the state of the economy, there are signs of recovery in the UK mortgage market.

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