The Mortgage Code Com-pliance Board has found that consumers are gen-erally satisfied with the level and type of advice they are getting from mortgage firms.
The MCCB's research among 200 new mortgage borrowers found no evidence of lenders influencing customers to increase their borrowing.
Only 13 per cent borrowed more than they had intended, 61 per cent borrowed the amount they intended and 11 per cent borrowed less.
Overall, 93 per cent were satisfied with the mortgage process and the advice they were given.
When respondents were quoted an income multiple as a guide to the maximum mortgage they could borrow, 83 per cent were quoted a figure based on three times their income, 14 per cent on four times their inc-ome and 3 per cent on five times their income or more.
Chief executive Luke March says: “The research reflects overall sensible levels of borrowing and generally the provision of good-quality advice and information from firms.”
Which? principal res-earcher Mike Naylor says: “There is a difference bet-ween what a customer thinks they have got and what they have actually got.”