Clients Being Refused Option Of Secured Loans

Mon, 14 Apr 2008

Loans provider Loanoptions.co.uk has urged brokers to consider advising clients to look at the option of a secured loan as the remortgage options in the UK mortgage market become more complex.

The national secured loans packager believes that many clients are still not being offered the option of a secured loan when they need to consolidate or buy goods and services .

Managing Director Andy Moody stressed that "clients deserve to have all the options made available to them", but unfortunately a considerable number of intermediaries continue to only recommend remortgages to clients, reducing customer choice in a marketplace where alternative sources are continuing to disappear.

"Secured loans have not been on the agenda as far as advice is concerned for a number of advisers, probably for historical reasons that no longer apply," he commented.

"The fact is though that some clients are probably being told that there is nothing that can be done to help and that is a real shame because the secured loans route can provide the best solution ."

"Also from a compliance point of view, in many cases the secured loan option is the best advice for helping people to consolidate other debt who would suffer financially by leaving their current mortgage lender," he added.
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