Which? launches Mortgage Advice Service
17 November 2010
Which? is today (Wednesday 17th November) launching a new mortgage advice service for Which? members and their family and friends, following FSA approval two weeks ago.
Which? Mortgage Advisers* is a telephone-based service from a team of qualified mortgage advisers. The service will look at every mortgage from every available lender, including those mortgages that are only available directly from some banks and buildings societies to the customer.
Our members rely on Which? for information that helps them choose financial products but have told us that they want us to go one step further and give them personal mortgage advice. So we have introduced Which? Mortgage Advisers to help our members find the mortgage that is right for them. The service will be fully regulated by the Financial Services Authority (FSA).
Which? Mortgage Advisers’ employees are paid a salary and will not get any personal commission. They are measured against the quality of their advice and the level of customer satisfaction they deliver.
Some lenders will pay Which? Mortgage Advisers a commission for recommending one of their mortgages. This commission will fund the service, and any profits will go towards the campaigning work that Which? does on behalf of UK consumers. Commission will in no way influence the mortgage recommendation that our advisers provide and on many occasions, we’ll receive no commission at all. We don’t charge a fee for our advice however if a customer would feel more comfortable paying us a fee, then we offer that option**.
Which? commercial director, Chris Gardner says:
“People are faced with many sources of information and advice when it comes to buying a house or looking to remortgage. We’ve listened to our member requests and have launched an impartial advice service that will ensure they get the mortgage that is right for them, whichever lender it comes from.
“Our advice will be tailored to each customer and take into account their individual circumstances, borrowing needs and their plans for the future. Choosing the right mortgage can be a difficult decision so we’re offering advice from someone people can trust and who gives them the full picture.”
Notes to Editor
*Which? Mortgage Advisers is a trading name of PP Financial Services Limited, part of the Which? Group. PP Financial Services Ltd, Registered Office: 2 Marylebone Road, London NW1 4DF.
Registered in England and Wales No. 7239342. PP Financial Services Ltd is authorised and regulated by the Financial Services Authority (No. 527029). Telephone calls may be recorded and/or monitored.
**Should a customer wish to pay us a fee, we will charge a fee of 0.5% of the loan, payable on completion and if we receive any commission for the transaction we will refund this to the customer.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For more information about the new Which? Mortgage Advisers service, please visit the website www.whichmortgageadvisers.co.uk (site will go live on Wednesday 17th November)
