UK&#39s &#39all-in-one&#39 market still lags Australia

The UK market in all-in-one mortgages is still a long way off the pace being set in Australia, says current account mortgage provider VirginOne.

Moreover, the UK stands little chance of catching up unless mortgage intermediaries change attitude.

Anthony Richardson, national partnership manager at VirginOne, told Mortgage Strategy: “The first products of this type appeared in Australia in the late 1980s, with larger lenders entering in the mid-1990s.

“In Australia, the last distribution channel to take off was the intermediary, and we are in the same position now.”

He adds: “The Australian mortgage market writes 15% of business on current account mortgages. The UK is going that way in choice of products, but brokers need to bury myths that these are niche products only for the wealthy.”

Richardson also says brokers should “take their blinkers off” and start promoting all-in-one products not merely as a mortgage but as a broader financial planning tool.