/24-7PressRelease/ - LONDON, UK, May 05, 2007 - According to a recent survey conducted by the Association of Finance Brokers (AFB), many mortgage intermediaries are advising on secured loans too.
According to Robert Sinclair, the director of the AFB, "In recent years mortgage brokers have been saying that they want or intend to become more involved in offering secured loans... Mortgage brokers are increasingly using secured loans as an appropriate part of their advice to customers".
The survey also revealed that nearly half of such companies have only one specialised advisor and that they place their secured loan business between two and five different lenders.
Pleased with this development - Mr. Sinclair said, "It is also good to see that in many companies this is seen as a specialist area and they are encouraging specific individuals to focus on this sector".
"It is encouraging to see that most have advised in this area in the last month, so are active in the market-using of a wide range of lenders... We know this is driven by the circumstances of the borrower and ensuring the best deal for them", he added.
However, the study also reveals that the majority offer either monthly premium payment protection insurance, or a choice of monthly or single premium, but 20% do not offer PPI at all.
Besides, only one out of 10 brokers are associated with the Finance Industry Standards Association (FISA) - the voluntary self-regulatory body operating in the secured loans market, with membership comprising of both lenders and brokers.
Expressing concern about the quality of advice, Mr. Sinclair commented very few of the mortgage brokers have taken up FISA membership. In fact, most mortgage intermediaries are not as comfortable with single premium PPI unlike specialist secured loan brokers.
The director of AFB concluded by saying, "We will continue to monitor how this sector develops and offer guidance and support to members of the AFB."
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