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TCF a big incentive in still 'buoyant' mortgage market |
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 The Financial Services' Authority's Treating Customers Fairly (TCF) principles have enshrined good practice among brokers, according to one financial advisory firm.
Bestinvest's mortgage manager Peter O'Donnell explained that there are such a variety of products available on the market at present that it is vital for brokers to ensure borrowers understand why they are being advised to opt for one deal in particular.
He said that, save for an unscrupulous minority, brokers have always generally treated their customers fairly anyway, but that the publication of TCF has proved beneficial, ensuring that people retain their faith in mortgage advisers.
Recent figures from the Council of Mortgage Lenders have shown that gross lending for the last quarter of 2007 was down by 6.8 per cent year-on-year at £86.1 billion, while the £22.6 billion lent in December was down by 21 per cent from the same month in 2006.
Yet Mr O'Donnell insisted that the market remains fairly buoyant, with people still looking to remortgage and to buy new homes, while the increasing cost of doing both makes the services provided by brokers even more vital. Source: Moneysorter
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