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Cat gets the bird for mortgages and Isas not as popular as Peps

Cat-standard mortgages have been voted a complete flop by IFAs in the

State of the IFA Nation poll of Money Marketing readers.

Ninety-two per cent of advisers said Cat-standard mortgages had not succeeded.

Isas have also been given the thumbs down, with 72 per cent of

res-pondents saying Isas have not been as successful as Peps.

IFAs are predicting a fall in the number of mortgage products on the

market as lenders offer the same deal to new and existing customers.

The research shows that 57 per cent of IFAs believe the range of

mortgage products will fall as a result of moves to give existing

customers better deals.

Seventy-four per cent expect more mid-sized lenders to follow in the

footsteps of players such as Bradford & Bingley and become mortgage

brokers.

Demand for all-in-one mortgage accounts is high, with 71 per cent

saying clients are looking for these types of loans.

But nearly three-quarters (74 per cent) expect the number of IFAs

conducting mortgage busi-ness to fall when mort- gages become

regulated by the FSA.

Charcol senior technical manager Ray Boulger says: “Cat-standard

mortgages have been a flop. Nationwide have been the only provider to

make their whole range Cat-standard. Others have withdrawn theirs and

others do not market them because they are not competitive.

“Not many people need or want all the features that the Cat-standard

mortgages are required to give.”

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