PJ Independent Mortgage Brokers are concerned about how little people seem to know about mortgages in general and the level of commitment they are entering in to probably the biggest financial commitment of their lives.
Pierre-Jean Stracuzzi, Director of the company, said: The UK mortgage market is the most diverse in the world and yet consumers will often fail to shop around or take proper financial advice from a regulated broker.
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PJ Independent Mortgage Brokers also point to a recent Which? report that highlighted how regulation is failing to address consumer apathy towards certain key elements of the mortgage process.
The report suggests that some consumers may not be getting all the information they are entitled to, such as the Key Facts Document, indicating that some mortgage brokers are not playing by the rules.
Stracuzzi said: Consumers need to be aware of the mortgage process, what information they are entitled to and what it means. For example, most people do not know what the overall rate for comparison for a given APR actually means for them and how to use that to compare with other mortgage products.
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