However, he warns that mortgage hunters must not simply rely on the information that the tables provide, as they cannot be sure they are receiving best advice for their individual circumstances.
According to Frankish, the FSA scheme will be applauded among reputable brokers, advisers and mortgagees because it offers the general public a valuable source of reliable, unbiased information. Commenting on it, he said: “Because the information offered by the FSA site includes data such as early redemption penalties, interest rates chargeable and valuation fees, it represents an ideal resource for consumers to narrow down their preliminary requirements. This means that, by the time they contact a broker, prospective buyers will have a more exact idea of the type of mortgage product they need.”
But, said Frankish, consumers should be aware that the FSA tables do not purport to replace the role of the mortgage broker. “It would be of huge concern to the industry as a whole if potential borrowers simply made their choice from the products shown in these tables. Because there are so many factors to consider when choosing a mortgage product, it is vitally important that even well-informed consumers take professional advice,” he said.
