Mortgage market 'has become more complex'

By Jonathan Dawes, Wed 28 Jul 2010 - Published in Mortgages

The recession caused the UK's mortgage market to be more difficult for borrowers to navigate, an expert has pointed out.

Recent research from unbiased.co.uk found that there has been a 24 per cent increase in the number of people seeking advice from mortgage brokers, with the site receiving 45,000 enquiries in the first half of the year compared to 36,000 in 2009.

Andy Pratt, chief operating officer at mortgage broker Alexander Hall, said the market may appear to have become less complicated in the past year, due to a reduced number of lenders offering fewer products.

However, he noted that tougher lending criteria have made it harder for people to access mortgage finance and suggested that many are using brokers to help them identify suitable products.

"The devil is in the detail and mortgage brokers are able to talk the case through and underline that before it suddenly appears," Mr Pratt explained.

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