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&#39Explain savings in switching mortgages&#39

Only 20 per cent of borrowers believe changing their mortgage would make them better off, according to The Mortgage Operation.

But TMO says the maj ority of borrowers on variable-rate mortgages, who account for more than 60 per cent of all borrowers, could save money by changing mortgages.

The network says the survey demonstrates a high level of confusion surrounding mortgages and it is urging brokers to explain the savings clients could be missing by sticking with the same mortgage.

The NOP survey of 1,000 borrowers showed that many vastly underestimate the choice of products available, with 18 per cent believing there are fewer than 500 mortgages. Just 8 per cent knew there are more than 4,500 products.

Half of borrowers think changing jobs would have a positive impact on their fin ances, while 14 per cent believe a change of partner would boost their financial health.

TMO managing director Mark Charlesworth says: ” Borrowers can quite easily remortgage and save themselves hundreds of pounds a year. It is vital brokers re-educate their clients about the choices they have and ensure they have the capability to offer them this choice.”


Advisers back regulation of LTC in Age Concern survey

IFAs would support regulation of long-term care and equ ity-release products, acc ording to a survey by Age Con cern Financial Partnerships. The results foreshadow an expected Treasury decision by the end of the year to introduce regulation for the LTC market. AGFP surveyed 1,500 IFAs through its website and found the response was overwhelmingly […]

Providers may have to gamble on IPAs

Providers may have to gamble that the Labour Government is re-elec ted if they want to launch individual pension accounts bec ause laws bringing the plans into effect may not be passed until the summer. The Government unveiled the final format for the pension savings vehicle this week, saying it hopes for an April 2001 […]

Just what is an annuity?

Like most major gambling centres, Pension City UK is highly regulated and companies must play by the rules. When a new development is proposed, an immediate question is, is it legal? Companies stretch the rules to the limit to offer flexibility to clients and, if a particular game is not allowed under the rules, they […]

&#39Mergers on the way if lenders police the market&#39

Mortgage experts are predicting a wave of consolidation in the homeloan market if the FSA forces lenders to police the regulation of mortgage advice. Scottish Amicable nat ional mortgage manager John Malone says the mortgage market will follow the life industry and, within five years, there will just a handful of major lenders. Experts say […]


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