Which? gets FSA approval for mortgage advice service

Which? has been given Financial Services Authority approval to launch a mortgage advice service for Which? members and their family and friends.

Which? will be launching the service later this month and says it follows feedback from its members who said they were unsure of where to find an impartial and trusted source of mortgage advice.

The Which? Mortgage Advisers will be telephone-based and offer whole-of-market mortgage advice, including direct deals.

The advice will be free for Which? members and advisers will be paid a salary but will not get any product commission.

Which? says this will ensure its advisers will not have any incentive to pick one deal above another.

It has employed a small number of mortgage brokers ready for the launch later this month and the service will be advertised in its monthly magazine.

Consumers can become members of Which? by subscribing to its magazine.

Chris Gardner, commercial director at Which?, says: “Buying a house is the largest financial commitment that most people will make and choosing the right mortgage is an important and complicated decision.

“Our members tell us that they find it difficult to know where they can turn to get trustworthy advice from someone who will give them the full picture. We believe that this service will give our members access to the advice they want.”