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Moneyfacts finds consumers cynical about mortgage advice

Moneyfacts.co.uk has revealed that consumers know very little about mortgage details and are cynical about the benefits advice will offer.

The Moneyfacts Mortgage Market overview, a poll of the websites 90,000 monthly users, offers an insight into their users opinions and requirements relating to financial services.

The findings demonstrate that almost 90 per cent of consumers know what their mortgage repayments are but only 30 per cent do not know what interest rate they are paying. Forty per cent of respondents plan to move house in 2005.

Results told that almost 50 per cent of consumers would not use an IFA when choosing a mortgage and did not believe that new mortgage regulation would be beneficial to them.

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