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Regulation passes consumers by says CML

Regulation has prompted little dramatic change in consumers perception of the mortgage industry according to the Council of Mortgage Lenders.

Consumers still feel that deciding which deal is best for them is the most difficult thing about choosing a mortgage.

Understanding the information given was still found difficult by the same proportion of respondents as the CMLs pre regulation survey.

The survey of 1.373 adults did find that key facts illustrations were helpful since their introduction in November 2004 but only 44 per cent of recent borrowers remembers receiving initial disclosure documents. Only 51 per cent of respondents said they remember any general product information, lower than the CML would have expected. This shows consumers still need to take an active interest in their financial affairs.

The CML says the average length of a mortgage interview now stands at 76 minutes, compared with a pre-regulation time of 49 minutes. Respondents feel the optimum time should be one hour.

Further research found that three-fifths of lenders had lost intermediary business as a result of not being on a particular panel although nearly half say this business was replaced from other sources.

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