Shaken consumers keep faith with independent advice

The banking crisis has damaged borrowers’ confidence in their ability to get the right mortgage but they still have faith in independent financial advice, research carried out on behalf of Kensington shows.

Nearly half of respondents – 44% – say they have less confidence in their own ability to get the right mortgage product for their needs as a result of the crisis.

A further 27% say they have the same amount of confidence and 2% say they have more confidence than they did prior to the downturn.

But consumers are still reassured by independent advice, with 45% saying they feel an independent adviser would be best placed to find them the right mortgage – nearly twice as many as a bank or building society, which was the next most popular option among respondents.

The research was carried out by YouGov on behalf of Kensington in March.

Charles Morley, head of sales and product development at Kensing-ton, says: “Borrowers still recognise the power of advice and brokers have the chance to rebuild trust by finding products with the criteria to suit their clients’ circumstances.”