Independent mortgage advice could save consumers £1,830 a year

The report, compiled by NMG, estimates intermediaries could save consumers up to £1,830 per year compared with going direct to lenders. This is the average difference between the cost of a Standard Variable Rate, most frequently offered by lenders, compared to a fixed rate. Savings achieved by intermediaries for their clients are estimated to be between £1bn and £1.2bn per annum in total. The intermediary sector was also identified as a key port of call for people experiencing financial difficulties. During the period 1 April 2006 to 31 September 2007, 83% of borrowers who had suffered ...