The Money Advice Service (MAS) has said it received more requests for advice on the subject of mortgages than from any other product.
MAS’ new chief executive, Caroline Rookes, stated continuing changes to the mortgage market – including the prevalence of high interest loans – means the service foresees the continuation of this trend in the near future, according to Mortgage Solutions.
Ms Rookes, who was speaking at the Building Societies Association Conference, said MAS is considering changing the way it is funded, with the idea of charging customers per enquiry one of a number of options being looked at.
She said: “We don’t take the funding we take lightly. We want to use it to good effect. We have been working with building societies on the levy and we hope we’ve come up with a fairer way to charge.”
The mortgage market has been hit hard by continuing economic difficulties in the UK, with the public hesitant to invest the amount of money needed to put down a deposit for a home – despite house prices falling in most areas throughout the UK.